Buyers market.... really? (Phoenix, Mesa, Scottsdale: environment, jumbo loan, refinance)

[altus2006]

Originally Posted by sheena

In my opinion the prices needed to drop. Did you see the crap that was selling for 400,000 during the boom? Just by looking at the MLS there's still a lot of square boxes on 4000 sqft lots priced at mid 200's that should be low 100's.

In complete agreement with you here, sheena.

altus2006

[ArizonaBear]

Well; my little 'canary in the coal mine' (2 bedroom single family house) in Zip 85257 (Scottsdale) just dipped below $125K according to realtor.com.

And; it would not entirely surprise me to see comparable places within the same Zip crash through the $100K barrier before things pick up again.

[altus2006]

Originally Posted by ArizonaBear

Well; my little 'canary in the coal mine' (2 bedroom single family house) in Zip 85257 (Scottsdale) just dipped below $125K according to realtor.com.

And; it would not entirely surprise me to see comparable places within the same Zip crash through the $100K barrier before things pick up again.

If you look at that area plus other zips in Scottsdale, you will see a lot of old junk houses needing tons of repairs still priced at ridiculous prices. I am with sheena, these prices need to drop.

The mortgage companies I have been following jumped from 6.25 yesterday to 6.65 today, so that trend will cause a halt to potential buying too.

altus2006

[bluepacific]

Originally Posted by sheena

In my opinion the prices needed to drop. Did you see the crap that was selling for 400,000 during the boom? Just by looking at the MLS there's still a lot of square boxes on 4000 sqft lots priced at mid 200's that should be low 100's.

I don't really know about Arizona , but in San Diego a couple of years ago, there was a small house on a tiny lot in Logan Heights, San Diego going for $500,000. It was a dump fixer/upper. The location is crime/gang infested and looks and feels very much like South central LA if you are not really familiar with Logan Heights. So I completely understand the over hyped greed factor that was the craze back then.

[amatrine]

I dont get how gang infested areas like that go for so much. How do the people in those neighborhoods afford it? If they are in poverty, and the property is worth 500k, why not sell and move elsewhere.

[markas214]

Originally Posted by altus2006

If you look at that area plus other zips in Scottsdale, you will see a lot of old junk houses needing tons of repairs still priced at ridiculous prices. I am with sheena, these prices need to drop.


altus2006

Agreed. The Scottsdale pricing is crazy. You can buy more in Northeast Phoenix for a hundred thousand less and still be in a great school district and convieniently located. Why buy a rundown 1400 ft/sq dump in Scottsdale for over $300-400k when you can get over 2000 ft/sq newer construction in Peoria, Phoenix,Gilbert, Chandler, Mesa or Glendale in a great neighborhood?

[ArizonaBear]

Originally Posted by markas214

Agreed. The Scottsdale pricing is crazy. You can buy more in Northeast Phoenix for a hundred thousand less and still be in a great school district and convieniently located. Why buy a rundown 1400 ft/sq dump in Scottsdale for over $300-400k when you can get over 2000 ft/sq newer construction in Peoria, Phoenix,Gilbert, Chandler, Mesa or Glendale in a great neighborhood?

Uh; I live in Scottsdale (85257) and many OK (if one likes 1960's decor----I do) single family homes that are ca. 1,400 SF are going $100K less than your figure.

Remember too I am centrally located: decent freeway connections, close to the airport, downtown Phx, Tempe (ASU), etc.

[markas214]

Originally Posted by ArizonaBear

Uh; I live in Scottsdale (85257) and many OK (if one likes 1960's decor----I do) single family homes that are ca. 1,400 SF are going $100K less than your figure.

Remember too I am centrally located: decent freeway connections, close to the airport, downtown Phx, Tempe (ASU), etc.

The ones I've seen below $300k are still over priced by $100k in my opinion. I look at what these places sold for in '03 before the speculative frenzy. That's the price point where I may jump in.

[ArizonaBear]

Originally Posted by markas214

The ones I've seen below $300k are still over priced by $100k in my opinion. I look at what these places sold for in '03 before the speculative frenzy. That's the price point where I may jump in.

The way the market is plummeting: the price point date you mentioned may come to pass------especially factoring in the 'hidden depreciation' caused by 3-4% inflation. Figure about a 10% loss in real value every 3 years if the 'dollar value' of a house remains static.

[Friend of Sonic]

I didn't figure it was prudent to make another topic that discusses the housing market, so I thought I'd ask her. I purchased a 1600 square foot home on Hawes and Guadalupe in Mesa, AZ. I paid 183k for it-- wasn't a foreclosure so everything is getting fixed up and the appraiser says that he expects the home to be valued a little more than 183k.
Does anyone think I made a mistake by not waiting on the market? I keep reading conflicting articles-- some say the market will start to turn a corner in a few months and others claim the market will drop another 20-30%.
There is time for me to back out, with the inspection period. Wednesday at midnight.