Phoenix MLS Predicting Lowest Median September Price in Nine Years (apartments, brokers)

[azriverfan.]

Originally Posted by Valley Native

It's because our economy isn't diversified or stable enough. Sure, back in the '90s and early 2000s when the housing market was booming and the overall economy was rolling along smoothly, Phoenix as a city was booming. However, whenever the economy takes a downfall (especially in the real estate sector), we really suffer. Phoenix can't keep relying on the same old indicators that worked well in the past. We can't expect to have a world class city with a highly competitive job market if we keep promoting things like sunshine and low cost housing as primary reasons to move here!

But the problem is people in Arizona want things they aren't willing to make sacrafices for so it's pointless. Case in point, we whine about our lack of a diversified economy and white collar jobs but then people don't want to remove the state income tax, something that attracts wealthy people and corporate executives. We also have arcane court practices. Robert Sarver was going to build a W Hotel in downtown Phoenix and the plans were nixed because some NIMBY historical preservationist group nixed it. The judge in that case was completely insane on his ruling. Donald Trump was going to build a tower in the Biltmore and another NIMBY group complained that it blocked their views of the mountains. Trump hasn't been mentioned since. Then in the early 2000's, our government stopped giving film studios tax breaks for filming movies here. Prior to that, we had a monopoly on studios filming outside California, New York and British Columbia. Then New Mexico and other states wisely jumped on that chance and took much of that business away until we realized how our stupid policies impacted us and tried to get that back. Then the state complains of physician shortages but then residency programs shut down due to a lack of funding from the state; we should have been creating more residency programs to serve our population but instead we shut down the limited ones we have because the state is too cheap to support the existing ones. Then add to the fact we are one of the only remaining states in the country that has no tort reform laws to prevent lawyers from filing frivolous lawsuits against physicians and then you wonder why no one can find a PCP or not wait 3 weeks until they see one. It's really up to us. We are not victims. If we want things, we can do something about it but people in Arizona need to realize you don't get things without sacrafice.

[cl723]

Bottom line is that nobody knows the future and nobody can predict anything about the housing market. $110,000 for a house is a good price. If nice homes in nice neighborhoods all over the country drop to $50,000, then we are all in trouble. The housing market is slow for various reasons. It`s not because prices are not afforable. They are very affordable.

[SOON2BNSURPRISE]

Looked on some sites and found homes down into the $30,000 range. I saw some nice homes in Buckeye and El Mirage in the $50,000 range. Saw a few in Surprise in the high $50,000 range, with many in the $60,000 to $80,000 range. With those prices I could afford to keep the place empty and live in it on weekends, or move my family to the area and keep my job in California. Can it go lower? I bet it can, but how low? Someone mentioned in this thread or another that the upper priced homes can still decline. Someone else mentioned that doing so brings down the lower priced homes even further. My thought it that when I can put 20% down on a home and it cost me less than $500 a month to buy it then that is an amazing deal.

[cl723]

I disagree about needing the tax credit. If you need the tax credit to buy a house then you shouldn`t be buying one at all.

[cl723]

The only thing that sells for 50,000 were I live is land or a double wide.

[Xica_da_Silva]

Originally Posted by azriverfan.

Then add to the fact we are one of the only remaining states in the country that has no tort reform laws to prevent lawyers from filing frivolous lawsuits against physicians and then you wonder why no one can find a PCP or not wait 3 weeks until they see one.

This is very interesting and surprising to me considering how conservative Arizona is(as well as its politicians). I was also surprised to not see more of a push for tort reform during the whole healthcare debate; it seemed like a missed opportunity for Republicans to move forward with a solid idea. Sometime I would love to hear your thoughts on why Republicans have seemingly given up on promoting this? Or have lacked traction in getting this done in AZ(especially since most of these retirees in Sun City, etc. are not liberals...far from it!)?

[Zippyman]

Originally Posted by Xica_da_Silva

Or have lacked traction in getting this done in AZ(especially since most of these retirees in Sun City, etc. are not liberals...far from it!)?

That is the root of the problem in a nutshell - Sun City doesn't want to pay taxes to support public schools, but they also like to complain about how poor the education system is.

They don't want to pay taxes to support "welfare", but they gladly accept social security (and get everything they "paid in" back in just 3 years).

They won't support nationalized healthcare - but - somehow, can't connect the dots to realize that they in fact, are using "socialized" medicine every time they use that medicaid/medicare card.

These folks complain wholeheartedly about a shortage of primary-care doctors, but allow the government to cut the funding necessary to "make our own" right here, in AZ.

You've got no right to complain about your primary doctor coming from India or Tibet if you refuse to adequately fund your college down the street.

The "starve the beast" crowd likes to whine about inefficiency and waste in the public schools - but, based on my own experiences never bothers to actually show up at a school board meeting unless it's to whine about a "dirty book" or condoms being handed out. 10 or 15 people showing up at a local school board meeting (outside of the board itself) is usually an army capable of taking full control, should they seek it.

I'd submit that the AARP-crowd is the worst kind of "liberal"... a blind one.

[Desertspiritsteve]

I'm struck with the empty big boxes I see everywhere. I went shopping in north Scottsdale a couple weekends ago and saw commercial space for rent everywhere and empty restaurants on Saturday at lunchtime. Someone is losing a awful lot of money on all this vacant commercial space. I'm still trying to get over the remodeling and closing of the Sam's Club at 20th. St. and Indian School recently. I don't see a recovery anytime soon. I wonder if there will be a spike in crime after unemployment benefits run out.

[Howard Roark]

No. If nice homes in nice neighborhoods all over the country drop to $50,000, we are in a world of good. I have cash and I rent. I'll gladly pay $50,000 for a house in a quiet and safe neighborhood and that means no houses have bars in the windows.

Originally Posted by cl723

Bottom line is that nobody knows the future and nobody can predict anything about the housing market. $110,000 for a house is a good price. If nice homes in nice neighborhoods all over the country drop to $50,000, then we are all in trouble. The housing market is slow for various reasons. It`s not because prices are not afforable. They are very affordable.

[Howard Roark]

This post attracts me. However I prefer a place closer to the airport, like in Arcadia. I mostly work outside of Arizona.

What bothers me is that if I buy a house for $30,000 and live in it on weekends. how many times per year will I get the house broken into?

Originally Posted by SOON2BNSURPRISE

Looked on some sites and found homes down into the $30,000 range. I saw some nice homes in Buckeye and El Mirage in the $50,000 range. Saw a few in Surprise in the high $50,000 range, with many in the $60,000 to $80,000 range. With those prices I could afford to keep the place empty and live in it on weekends, or move my family to the area and keep my job in California. Can it go lower? I bet it can, but how low? Someone mentioned in this thread or another that the upper priced homes can still decline. Someone else mentioned that doing so brings down the lower priced homes even further. My thought it that when I can put 20% down on a home and it cost me less than $500 a month to buy it then that is an amazing deal.