Is it True!? Surprise home prices (Phoenix, Tucson: bank owned, short sales, foreclosures)

[HarveytheRabbit]

I am looking on Zillow and found brand new houses that are like 3200 sq ft with granite and swimming pools in new subdivisions going for 210k, is this true, or are they all short sales and foreclosures that are listed at those prices but have not been approved by the banks to sell for way lower than their appraisal value.

1 Is this the same in all the towns around phx?
2 Where can you find the best priced mcmansions?
3 How long will this hold, will they be going back up soon?

-Basically, is this a scam? Im willing to take my wife and baby son and leave the rest of my family and friends in CA behind if it's true.

[Ponderosa]

Believe it! Most are going to be foreclosures or short sales with the games and issues that go along with that. Still, you should be able to get hold of one. It'll be good for at least several months I think, unless the economy suddenly takes off for the heavens - not likely. You can find these deals in most parts of the metro that grew rapidly in the early 2000s including Surprise, Maricopa, Queen Creek, Goodyear, Buckeye, parts of Gilbert, north Phoenix, Laveen, east Mesa; plenty of options. My guess is that Surprise would have the most as that area was the hottest one in that period. Surprise is a nice town to boot.

[roosevelt]

Think cash, getting a loan is very difficult. The banks do not care if you have a job, in this economy, you may not have a job next month.

[sh9730]

Roosevelt,

Just not true at the 210K level. FHA loans are still plentiful and easy to get.

[Jukesgrrl]

Look for new subdivisions where the developer is trying to sell out the last of his inventory. There's a gorgeous development near my home in Tucson where the houses were supposed to be sold for between $450,000 and $800,000. The last couple are now on the market for around $250,000 and there are still no takers. I'd imagine that scenario is playing out all over Phoenix.

I'd definitely get a good inspector to look at your purchase before you commit lest the builders cut corners as they were running out of cash.

And don't expect your neighbors to like you if you're living in the same house they are but they paid twice the money!

[Moveeast31]

Originally Posted by HarveytheRabbit

I am looking on Zillow and found brand new houses that are like 3200 sq ft with granite and swimming pools in new subdivisions going for 210k, is this true, or are they all short sales and foreclosures that are listed at those prices but have not been approved by the banks to sell for way lower than their appraisal value.

1 Is this the same in all the towns around phx?
2 Where can you find the best priced mcmansions?
3 How long will this hold, will they be going back up soon?

-Basically, is this a scam? Im willing to take my wife and baby son and leave the rest of my family and friends in CA behind if it's true.

It's true but not really all over the valley. Even as far back as 2000 when I first moved here you could find cheaper housing in the areas further out from the valley. We used to live in Mesa and Avondale but last year we moved to Buckeye because we found a gorgeous, and I mean gorgeous, house for $850 a month. Three houses down from the school, very nice neighborhood, it is however at the edge of nowhere so to speak. The mountain landscapes are so beautiful but I do miss having a movie theater that isn't a 25 minute drive lol! As far as them going back up any time soon...I don't think so. For awhile we were top in the county in foreclosures but I think we lost top ranking finally. It may take awhile but I truly think the valley will hit an upswing. When we moved out here in 2000 it was a real hot spot. Jobs galore, great new housing for very cheap and I really think that over time we will recover and be all that again.

[Moveeast31]

Originally Posted by Ponderosa

Believe it! Most are going to be foreclosures or short sales with the games and issues that go along with that. Still, you should be able to get hold of one. It'll be good for at least several months I think, unless the economy suddenly takes off for the heavens - not likely. You can find these deals in most parts of the metro that grew rapidly in the early 2000s including Surprise, Maricopa, Queen Creek, Goodyear, Buckeye, parts of Gilbert, north Phoenix, Laveen, east Mesa; plenty of options. My guess is that Surprise would have the most as that area was the hottest one in that period. Surprise is a nice town to boot.

Agreed, Surprise is nice. I used to want to move there but is it still predominantly older residents or has that changed? My parents bought this beautiful new construction Fulton home down the street from the new stadium as it was being built, before Westgate. Before the housing crash their house, which they bought for around $250, ended up being appraised at almost $500 due to the boom in the area. When everything went sour it really went sour. They wanted to sell and get something smaller but there were bigger houses in the same neighborhood that were bank owned going for far less and they couldn't compete. In the end they were upside down and had to short sale...too bad because their house was so nice!

[jimj]

As others have said, yes it's true.
You can also look out in Waddell or Queen Creek where you'll definately find what you want.

[MotleyCrew]

Originally Posted by Jukesgrrl

Look for new subdivisions where the developer is trying to sell out the last of his inventory. There's a gorgeous development near my home in Tucson where the houses were supposed to be sold for between $450,000 and $800,000. The last couple are now on the market for around $250,000 and there are still no takers. I'd imagine that scenario is playing out all over Phoenix.

I'd definitely get a good inspector to look at your purchase before you commit lest the builders cut corners as they were running out of cash.

And don't expect your neighbors to like you if you're living in the same house they are but they paid twice the money!

We like the new people on the block just fine.

[Ritchie_az]

Agreed, Surprise is nice. I used to want to move there but is it still predominantly older residents or has that changed?

Surprise is mostly young families, but with Sun City Grand, etc, there are plenty of "older residents" as well.

Surprise is a nice town to boot.

Yes, it is.