Small Town Sticker Shock in AZ

[Havasu]

These house prices will fall about 40%-50% more. There just isnt enough people making the money needed to afford the prices and now the banks need 10-20% downpayment that narrows it down even more. It may take a year or two but it will come down even more. So hang on to your downpayment and buy when you think the time is right.

[ArizonaBear]

Originally Posted by norm

jbrewster,

What you have neglected to say is that the temperature there is over 100 all summer long and that there is very little rain.

Wash DC native who left the 4 season country for better weather.

There are plenty of people who like the seasons, I am not one of them.

[SOON2BNSURPRISE]

The prices are great as far as I can see. My builder reduced our home price by $30,000. and some have said it may happen again before we move in near the third quarter of 2008. We thought the prices were good at the $200,000 range. Now I am hoping this ride contiues on the downward slide. Finally a place that the working stiff can purchase a home. In my California neighborhood prices have also dropped. Last year homes were selling between $680,000 and up to $1,400,000. Now the range is more like $390,000 for an older condo to $1,100,000 for a 4,300 square foot executive home. Homes on my street sell for $700,000 after the current drop and it takes about 90 to 120 days to move the home. If I owned one I would stay, but since I don't we are moving to an area that is very affordable. The Valley of the Sun.

[SOON2BNSURPRISE]

Originally Posted by norm

jbrewster,

What you have neglected to say is that the temperature there is over 100 all summer long and that there is very little rain.

I love the sunshine and can survive the tripple digit heat. Why is it that for so many year all those people were heading to California for the sunhine, only to pass by Arizona with even more sunshine, and no foggy days. I live on the coast till the house is built, and we always seem to have fog. Its cold and wet. Can't wait to have the sunshine all the time. (That isn't the case either though, it was wet and cold last week in the Phoenix area. I was there.)

[wit-nit]

Just think those $250,000 to $300,000 homes 2-3 years ago were selling for @$125,000 to $150,000 when the investors, mostly from California , came in and drove up the prices. The next year or 2 prices will drop dramatically down to a reasonable price again.
Predictions are another 25-35% drop in the next 18 months. The only way to command high prices is to have high wages, which AZ is not famous for.

[ArizonaBear]

Originally Posted by nitram

Just think those $250,000 to $300,000 homes 2-3 years ago were selling for @$125,000 to $150,000 when the investors, mostly from California , came in and drove up the prices. The next year or 2 prices will drop dramatically down to a reasonable price again.
Predictions are another 25-35% drop in the next 18 months. The only way to command high prices is to have high wages, which AZ is not famous for.

I still maintain that we will see an average drop in prices of about 40% for their peak in 2005. Read that half of all sales at the 'trough' will be more than a 40% dip (Queen Creek, Maricopa, etc) and the other half will be lesser declines (Scottsdale, Tempe, Arcadia (Phoenix) and Paradise Valley).

[MaikeerinWA]

I just got back from a visit to my native AZ. I understand that Phelps Dodge will be opening a new Safford copper mine in mid-2008, which will bring a bunch of relatively high-paying jobs. Demand from construction workers has already driven housing through the roof, and even the motel vacancy rates are amazingly low in Safford.

The same thing is happening in Globe-Miami, thanks to a nearby mine under construction. High copper prices are good for Arizona, but the small towns are lacking in housing stock.

Originally Posted by Ponderosa

I am surprised Safford is that high, but yes, everything here has gone way up. Blame retirees, I guess, no one moves to Safford for the job opportunities. The good places are going fast.

[Robski]

Prices of homes are coming down everywere. We are trying ro relocate to this beautiful little town. We have bought land and will build in the near future. I love the warm dry weather in the summer, but there are still mounths that it really can get cold if you look at the weather fore cast. We are currently living and working in California close to silicon valley and let me tell you the home prices here are the highest you ever seen. Not even mentioned the prices of gas and utilities. Property taxes are equily high and than we are dealing with all the local taxes you can come up with. So as soon as we are able we are coming to this loving little town called Safford Az.

[mortimer]

norm warned:

> jbrewster,
>
> What you have neglected to say is that the temperature there
> is over 100 all summer long and that there is very little rain.

I can't in my wildest imagination figure out why anyone would need to say that in this forum.

[amatrine]

What do you guys think will happen to Arizona City ? Its outside casa grande, and casa is really growing. AZ City is the last place in this valley besides Florence where you can find a home reasonable in my opinion. We were going to move to Michigan, but now we are thinking of AZ city. Found some nice homes we looked at. It may not be for everyone there, but I like the remoteness off it, and being out of the city, but close to Casa. I woder how long it will stay that way though. I know they just voted down incoorperation again. Half the area are retirees. I wonder 10 years from now , would it be a good investment to buy now.