U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Arizona > Prescott
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 07-03-2011, 02:53 AM
 
1,229 posts, read 2,042,456 times
Reputation: 602

Advertisements

Prescott-area home prices fall in May - The Prescott Daily Courier - Prescott, Arizona

I remember the Realtors saying that the bottom hit in 2009. Here we are 2 years later and the prices continue to fall. I am pretty confident that it will continue to fall until 2012. At which time it MIGHT stabilize.

Last edited by DellNec; 07-03-2011 at 03:23 AM..
Reply With Quote Quick reply to this message

 
Old 07-03-2011, 10:14 AM
 
Location: Prescott, AZ
1,591 posts, read 2,202,832 times
Reputation: 777
And?
This area is certainly not alone with declining home prices.
The fat lady has not sung yet and the country's problems are not over.
And most of us can and do read the paper.
Just more doom and gloom from the town's expert ont hes subject.
Reply With Quote Quick reply to this message
 
Old 07-03-2011, 03:52 PM
 
2,879 posts, read 4,131,329 times
Reputation: 1094
It's another city with a very large mismatch between wages and housing--it ain't rocket science.
Reply With Quote Quick reply to this message
 
Old 07-03-2011, 03:59 PM
 
1,229 posts, read 2,042,456 times
Reputation: 602
Quote:
Originally Posted by keninaz View Post
And?
This area is certainly not alone with declining home prices.
Actually, according to the same stat group, single-family home prices rose 0.8% in May in the U.S.

Prescott, Arizona is one of a few markets that continues to decline. Others have stabilized or even climbed slightly.

The other factor is that SoCal drove this RE market, the made the majority of RE purchases. Now that SoCal is in the toilet, it adversely affects us here in Prescott.
Reply With Quote Quick reply to this message
 
Old 07-03-2011, 05:28 PM
 
Location: Prescott, AZ
1,591 posts, read 2,202,832 times
Reputation: 777
I saw the same thing happening on Whidbey Island in WA where we lived in the 90s while my wife worked there.
CA people taking their monies in retirement and coming up to WA and OR buying large custom homes. Why not, they could afford it with the equity they made on the homes they sold in CA when they retired.
I see many very nice properties here and have often wondered how people pay for them or afforded them.
I just figured they had to be people that brought money here to retire and buy.
There simply are not jobs here to support many of the homes and prices even in today's lower market.
Reply With Quote Quick reply to this message
 
Old 07-03-2011, 09:20 PM
 
Location: Prescott, AZ
1,591 posts, read 2,202,832 times
Reputation: 777
Lived in Gig Harbor for a year until my wife's job transferred to Whidbey Island. Sure got less rain there than Gig Harbor.
This climate is very nice, 4 seasons and some snow but not enough for most people.
Reply With Quote Quick reply to this message
 
Old 07-03-2011, 10:36 PM
 
1,229 posts, read 2,042,456 times
Reputation: 602
Quote:
Originally Posted by soaper View Post
We are in Gig Harbor, Wa. The prices here seem to be stable. Not very many short sales or foreclosures. We just returned from Prescott and would like to be able to retire there. The values now seem very affordable. You live in a great area down there! I hope the prices don't bubble up there in the next two years.
I highly doubt the prices will climb. If anything, they might stop falling by 2012 and will probably sit dormant for a year or two before maybe increasing less than 1% in 2014. The U.S. RE market, especially in AZ, is all but collapsed.
Reply With Quote Quick reply to this message
 
Old 07-03-2011, 10:53 PM
 
Location: South Tempe, AZ
14,117 posts, read 17,518,385 times
Reputation: 6336
Quote:
Originally Posted by DellNec View Post
I highly doubt the prices will climb. If anything, they might stop falling by 2012 and will probably sit dormant for a year or two before maybe increasing less than 1% in 2014. The U.S. RE market, especially in AZ, is all but collapsed.
"All but collapsed"? A bit of an exaggeration. What I read in the Phoenix threads on that subject doesn't fit that pessimistic view.
__________________
Terms of Service / FAQ /Information for Realtors
Moderator for Arizona and Nevada forums
Reply With Quote Quick reply to this message
 
Old 07-04-2011, 02:28 AM
 
331 posts, read 580,027 times
Reputation: 318
Quote:
Originally Posted by DellNec View Post
I highly doubt the prices will climb. If anything, they might stop falling by 2012 and will probably sit dormant for a year or two before maybe increasing less than 1% in 2014. The U.S. RE market, especially in AZ, is all but collapsed.
I completely agree. Prices are not going up anytime soon. "All but collapsed" is a perfect assessment.
Reply With Quote Quick reply to this message
 
Old 07-04-2011, 02:41 AM
 
331 posts, read 580,027 times
Reputation: 318
Quote:
Originally Posted by observer53 View Post
"All but collapsed"? A bit of an exaggeration. What I read in the Phoenix threads on that subject doesn't fit that pessimistic view.
All but collapsed is not pessimistic at all. In fact, I would even say it is leaning towards optimistic. Lets face it, the AZ real estate market has collapsed. I bought my very first home outside of Phoenix in Dec. 2007 for 135K. At the peak in mid-2006, that same home would have cost me 220K. I thought I was getting a good deal. Nope, I wasn't. I was laid off, the value of my house dropped and my only option was to foreclose. The new owner now has it on the market for 85K. I don't expect it to sale anytime soon due to the large inventory in the community. From the peak, the value CRASHED 61%. How could you suggest that a drop of 61% in value is nothing other than a collapse?

Let us compare to the stock market. A generally accepted definition of a correction is a 10% drop, while a bear market represents a 20% drop. How could you say that something whose value decreases more than THREE TIMES what defines a bear market is anything but a collapse?
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2011 data
Loading data...

123
Hide US histogram

Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Arizona > Prescott
Similar Threads

All times are GMT -6. The time now is 01:07 AM.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top