Help me make this very clear.... (Phoenix, Mesa: mortgage, jumbo loan, real estate)

[dc1225]

With regards to buyer's residential real estate market right now, it seems that Central/North Phx, Scottsdale and Paradise Valley area prices are still sky high(may have dropped a bit but not very much). Are they listing them high knowing that they have to negotiate down? Are the seller's in these markets actually negotiating down?

How is the Chander, Mesa and Gilbert area again?

it seems that the only real good deals are areas out bumblefuctegypt like Goodyear, Surprise, Anthem, Queen Creek.....

Am I pretty much right about this or am I missing something....


I've only been looking on craigslist though!

[sablebaby]

You're right about the great deals being out in BFE! I'm not sure how far north in Phx you're looking at but I've seen some big drops. I'm not seeing anything that is overpriced anywhere. I guess you'd need to follow the market consistently to know if it's high or low. I've seen $100k drops in some areas and others are close behind (not in BFE). Even some of the higher end areas like Scottsdale and PV are down a bit, not up by any means. They will hold onto their values much more than any other area and there's good reason for it - they're worth it.

You should check out realtor.com for more listings.

[ibarrio]

Your missing something...

Goodyear is closer to DT then Gilbert...about the same distance as Mesa...

Anyways, Deals can be found in all the cities you have mentioned...

There was an article recently in the AZ Republic that talked about the high end areas (Scottsdale, PV, etc)....they are down as well. But you cannot expect a 600-800K home to fall to 180k...can you? No...So yes, the prices have fallen...and are deals for people who can afford them...but to most they are still out of reach.

[dc1225]

Originally Posted by ibarrio

Your missing something...

Goodyear is closer to DT then Gilbert...about the same distance as Mesa...

Anyways, Deals can be found in all the cities you have mentioned...

There was an article recently in the AZ Republic that talked about the high end areas (Scottsdale, PV, etc)....they are down as well. But you cannot expect a 600-800K home to fall to 180k...can you? No...So yes, the prices have fallen...and are deals for people who can afford them...but to most they are still out of reach.

Ok, thanks for the info...No i do not expect 600k homes fall to 180k but was hoping 350k to fall to 250-280k but i just don't see it.

Do you know if the most of PV SCO area sellers are negotiating down much? I know that there aren't too many qualified buyers right now but also that if anyone can afford to not sell at this time, its these residents.

[dc1225]

Originally Posted by sablebaby

You're right about the great deals being out in BFE! I'm not sure how far north in Phx you're looking at but I've seen some big drops. I'm not seeing anything that is overpriced anywhere. I guess you'd need to follow the market consistently to know if it's high or low. I've seen $100k drops in some areas and others are close behind (not in BFE). Even some of the higher end areas like Scottsdale and PV are down a bit, not up by any means. They will hold onto their values much more than any other area and there's good reason for it - they're worth it.

You should check out realtor.com for more listings.

ok thanks...I've been looking at craigslist and man, them values you speak of sure are holding!!! I mean I did not see one listing where I said, DAAAAYUM, that's a steal! I came across plenty out in QC, Anthem, etc. etc. but Not one in PV Sco Area

[az4good]

I think it really depends on the seller. There are short sales in Scottsdale/PV which might get you a good deal. Also, and this is just a generalization, since there is more money in these areas some sellers are opting to rent out their homes and ride out the low point of the market and then re-list in a year or two. We were looking for a home to rent in N. Scottsdale and it seemed that that is what a lot of people were doing. They had the cash to move somewhere else and rather than take such a huge hit on their houses they were renting them out.

I don't think you're going to get a lot of great deals in Scottsdale/PV. Maybe if you were coveting a 1.2 million dollar home and now it's down to $900,000. People still really do have unrealistic expectations of what their house is worth. They think that if at one time their house was worth $450,000 then it is always going to be worth that.

[YAZ]

I've noticed a slight "uptick" in our area (North Central Phoenix), and I think that has a lot to do with REO's and some folks coming back down to earth regarding their asking prices.

For example, a home we were looking at sold for 230k back in 2005 got unloaded for 164k recently. We would have gladly purchased it for 170k.

Our problem is trying to sell our condo. It just ain't gonna move at our asking price right now. So, we'll stay for now & enjoy our nice low mortgage payment.

This is the second condo I've owned (first was in the Detroit area), and I didn't even get to list it, let alone put a sign up. That thing sold in less than a day. (2004)

But that was then & this is now.

If one of us should get transferred within the next year, we'll prob'ly just dump it for what we owe. Prepare yourselves, cuz I think this is gonna be a long ride. It'll be interesting, that's for sure.

[dc1225]

Originally Posted by az4good

I think it really depends on the seller. There are short sales in Scottsdale/PV which might get you a good deal. Also, and this is just a generalization, since there is more money in these areas some sellers are opting to rent out their homes and ride out the low point of the market and then re-list in a year or two. We were looking for a home to rent in N. Scottsdale and it seemed that that is what a lot of people were doing. They had the cash to move somewhere else and rather than take such a huge hit on their houses they were renting them out.

I don't think you're going to get a lot of great deals in Scottsdale/PV. Maybe if you were coveting a 1.2 million dollar home and now it's down to $900,000. People still really do have unrealistic expectations of what their house is worth. They think that if at one time their house was worth $450,000 then it is always going to be worth that.

I also think that because these same people usually have the money and luxury to be able to ride out the storm, well that is if they don't croak first! You can't take money and real estate w/ you to heaven or hell! for some reason, alot of people think so!(I know that they can leave it for their kids, etc..etc..)

[louie217]

Some houses are dropping quite a bit. Saw a TW Lewis home which sold for 1.060,000 in 2006 going for $500,000. 4400 sq ft. basement, etc, but you need a buyer who can come up w/ 100k down, and there aren't many around. Also jumbo loans are harder to qual for. If you go to the website Phoenixflippers.com you see a lot of homes that have taken a big hit. Talked w/ a T.W. Lewis rep the other day, and their homes that were 623k right off the bat he said take 20% off. This is w/o haggling. Figure he would go deeper if you really wanted it.

[ArizonaBear]

Scottsdale south of McDowell is crashing in value......there are several single family homes here going for under $200K.