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Old 07-05-2011, 10:30 AM
 
Location: Phoenix, AZ
1,108 posts, read 3,325,862 times
Reputation: 1109

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Hard to say - depends how soon the foreclosure wave stabilizes.
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Old 07-05-2011, 10:34 AM
 
Location: Phoenix, AZ
1,108 posts, read 3,325,862 times
Reputation: 1109
Quote:
Originally Posted by ErikCortez View Post
Its gotta be the investors buying up stuff. So many people here I know cant find jobs.
Correct and investors taking advantage of fire sale prices do not point to recovery.
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Old 07-05-2011, 10:35 AM
 
16,431 posts, read 22,238,790 times
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Quote:
Originally Posted by _Charles_ View Post
Correct and investors taking advantage of fire sale prices do not point to recovery.
Especially with "fire sale prices" still dropping...
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Old 07-05-2011, 12:17 PM
 
190 posts, read 450,443 times
Reputation: 181
Well here's a post - probably means next to nothing - but I'll write anyway!

Dunno if intuition has a thing to do with anything whatsoever - but the glut of homes I've toured on the inexpensive end of things - to actually live in - just don't seem 'worth' the money again and again. I'm not cheap - I'll pay for a home within my budget range.... if it's cared for and not (in some cases) rotting from the outside in. It gets disheartening for an average 'joe' buyer trying to lay down a few feeble roots in a home when the houses are either a) robbed and torn apart b) poorly maintained c) priced as if they weren't dilapitated d) so incredibly outdated <--- which in fact if it goes on much longer they will be 'chic' in mid-century modern decor...& up goes the price again.

It's the price range of 100K to 150K that seem to be the worst.... Cheaper homes in the 70's and 80K's actually seemed better maintained. Whole neighborhoods with rotting wood facades, crumbling stucco, torn screens, a boarded window here and there and the ever attractive tin foiled windows, overgrown landscaping or worse dying citrus and pomegranite trees -- really found in neighborhoods where home values have tumbled..

Yet if you plunk down a bit of courage in that price range - you will either wait interminably for the short sale - in utter confusion because houses - this is for real - on the same street -- same model -- will go for up to 30K price variance! So you wonder was that an anomaly? That cheap one that just sold for 25K less than you bid? Then the model goes on sale for 20K over your price... This one street utter chaos to my untrained real estate brain. What's the bank gonna say? Well they run the show ... if they counter the offer - well another house checked off my list and the search continues...

Outbid by 'cash', 18 offers on one house, the banks being greedy -- plus all the things you real estate folks understand have lead to a frustrating search ... homes are nabbed right out from under you --- it's exhasperating minimally. But plenty of buyers it seems have a good eye for quality and maintenance -- and value -- a move in ready home seems to be gone instantaneously --- which leaves a glut of undesirables. In the Phoenix, Scottsdale and Fountain Hills area....where I am keeping my search...

It 'feels' like prices are/have fallen in the past 3 mos. - from when I began looking ... The people wishing the 150K are now 120K.... The 120's are now 109K... and on it goes... which I suppose is better for me - yes it is better if I land that "one" house... In the end I may look into just renting a house that one of y'all have fixed up ... cheaper and less headache lol! But true... The 'good' houses now are in a price range that I thought would be disaster..... it's very very interesting...

Anybody that now puts a home up for the ticket of 100 to 150k -- will get that price if it's maintained well in almost any neighborhood...& get it quickly. If you aren't patient or just not 'lucky' you just go lower in your price search to get that gem - not higher. But a lot of homes as I said are being sadly just let go in maintenance -- which you might not notice from the road driving by - but get up close and it's really disturbing...

All and all it hasn't been that enjoyable - the heartache of short sales, the foreclosures, the people just hanging on to a paycheck for food on the table - never mind a roof or landscaping or pool maintenance.... food and water comes first - I certainly and fully understand - what's so sad is the number of these .... it's huge imho... Home Depot and Lowe's must be making a killing....probably one of the few doing well in this craziness!
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Old 07-05-2011, 02:01 PM
 
29 posts, read 68,959 times
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SloCoChef, that was a very insightful post. I will be looking to buy in probably the 18mo timeframe. I am studying the market and what is available from afar, and it is difficult to make heads or tails of what is going on. Many very similar houses (same area, same sqft, same bdrms/ba, same amenities, age, etc.) with a listing price differential of almost $100k...?
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Old 07-05-2011, 02:46 PM
 
8,272 posts, read 11,036,419 times
Reputation: 8910
I have a vacant house across street from me. The original owners just walked away. Vacant for over a year now. There is a notice on one of the windows. The finance company (bank) went bankrupt. There is no For Sale sign. Just an empty house. So where is this house in the list of homes for sale? The owners just left. And the bank went bankrupt. Who is going to straighten out this mess?
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Old 07-05-2011, 03:53 PM
 
2,879 posts, read 7,791,886 times
Reputation: 1184
Quote:
Originally Posted by unit731 View Post
I have a vacant house across street from me. The original owners just walked away. Vacant for over a year now. There is a notice on one of the windows. The finance company (bank) went bankrupt. There is no For Sale sign. Just an empty house. So where is this house in the list of homes for sale? The owners just left. And the bank went bankrupt. Who is going to straighten out this mess?

Look at the Assessor data, and see who owns it. Might be a good one to buy the tax lien on.
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Old 07-05-2011, 04:52 PM
 
Location: Rural Michigan
6,341 posts, read 14,725,295 times
Reputation: 10550
Quote:
Originally Posted by unit731 View Post
I have a vacant house across street from me. The original owners just walked away. Vacant for over a year now. There is a notice on one of the windows. The finance company (bank) went bankrupt. There is no For Sale sign. Just an empty house. So where is this house in the list of homes for sale? The owners just left. And the bank went bankrupt. Who is going to straighten out this mess?
I bought a house from a bank that went bankrupt - the bank was taken over by the FDIC while we were in escrow - no big deal, still closed on time - no worries. The house isn't sitting vacant because the bank went bankrupt - more likely there's an owner somewhere trying for a mod, or it may be a pending short-sale. The wife and I have a short sale under contract that's been vacant since February & the listing agent pulled her sign in March... we're just waiting for the bank to do their thing & either accept or reject our offer.
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Old 07-05-2011, 05:51 PM
 
3 posts, read 4,787 times
Reputation: 10
Default sun city

I've been looking at ads for sun city real estate and astonished that some of the homes are selling for 1/2 to 1/3 of what they sold for 5 - 7 years ago - is the overall market in Phoenix area that bad? or is it peculiar to sun city?
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Old 07-05-2011, 07:04 PM
 
2,879 posts, read 7,791,886 times
Reputation: 1184
Vegas and Florida are just as bad, as are some areas of California. I've seen discounts as deep as 75% in Sun City.
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