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Old 07-17-2011, 08:16 PM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,794,859 times
Reputation: 3876

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Quote:
Originally Posted by Boompa View Post
So now they say they have a bid of $80K CASH for a house listed for $69K.
I told him to take it. This is insane
Good for you. There will be others.

Usually on the lender owned properties the banks will come back asking for everyone's highest and best and you have to fill out a multiple offer acknowledgment form.

I'm surprised that the agent disclosed the amount of the bid. They are required to keep everyone's bid price confidential, unless the seller gives permission in writing for the agent to disclose the price.
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Old 07-17-2011, 08:24 PM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,794,859 times
Reputation: 3876
Quote:
Originally Posted by Howard Roark View Post
In most developed countries, there is a birth dearth. In America, it's argued that there is no birth dearth. If you look at the demographics, however, the poorest people are multiplying fast, but the educated upper middle class people in their 20s are not reproducing so much. The demographics in the next ten to twenty years just won't be there to support today's home prices. I am referring to Phoenix of course. The low income people will continue to grow faster. This will increase a demand for lower priced homes, under $100,000 and cause upper end homes to languish.
That's an interesting prognosis.

During the last 30 days there were 4,566 homes (all types, mfg homes, condo's etc.m sold for $100k and under.

Today there are 6,151 homes under $100k left.

Of course there will be others added.

But, what happens when all the <$100k homes are sold?
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Old 07-18-2011, 03:35 PM
 
Location: Anchored in Phoenix
1,942 posts, read 4,575,429 times
Reputation: 1784
I am talking about a gradual change due to demographics. It is something you will see over the years. Of course in 2006 there were very few houses in the Phoenix area under $100,000 and then the numbers increased significantly for a few years after that!

Check back with me in ten years on this subject.

Quote:
Originally Posted by Captain Bill View Post
That's an interesting prognosis.

During the last 30 days there were 4,566 homes (all types, mfg homes, condo's etc.m sold for $100k and under.

Today there are 6,151 homes under $100k left.

Of course there will be others added.

But, what happens when all the <$100k homes are sold?
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Old 07-18-2011, 04:41 PM
 
Location: Rural Michigan
6,341 posts, read 14,710,858 times
Reputation: 10550
Quote:
Originally Posted by Captain Bill View Post
That's an interesting prognosis.

During the last 30 days there were 4,566 homes (all types, mfg homes, condo's etc.m sold for $100k and under.

Today there are 6,151 homes under $100k left.

Of course there will be others added.

But, what happens when all the <$100k homes are sold?
I can say with authority what happens when the $70k homes sell out in a neighborhood - then your only choices are to sit on the sidelines, or to buy one of the $80k homes...

Which look suspiciously like the $70k homes did a couple of months ago...
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Old 07-18-2011, 07:10 PM
 
9,820 posts, read 11,208,443 times
Reputation: 8513
Quote:
Originally Posted by Zippyman View Post
I can say with authority what happens when the $70k homes sell out in a neighborhood - then your only choices are to sit on the sidelines, or to buy one of the $80k homes...

Which look suspiciously like the $70k homes did a couple of months ago...

How can you say that?? That would mean prices are going up. According to a 30 year retired RE expert from Montana, Zillow and Trulia have graphs pointing down and into the toilet!
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Old 07-19-2011, 04:11 PM
 
Location: Oxygen Ln. AZ
9,319 posts, read 18,766,587 times
Reputation: 5764
Quote:
Originally Posted by Zippyman View Post
I can say with authority what happens when the $70k homes sell out in a neighborhood - then your only choices are to sit on the sidelines, or to buy one of the $80k homes...

Which look suspiciously like the $70k homes did a couple of months ago...
This is my laugh for the day. Thanks.
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Old 07-19-2011, 04:23 PM
 
Location: Phoenix, AZ
1,108 posts, read 3,324,401 times
Reputation: 1109
Anyone that thinks that Valley real estate prices are on the rise is smoking something other than cigarettes.
1. The foreclosure wave needs to stabilize. It has not.
2. The job picture needs to improve dramatically. It will but not for another 2+ years.

There are those who will play with numbers and draw imaginary scenarios - lol whatever it takes to feel good.
Reality is reality.
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Old 07-19-2011, 06:24 PM
 
9,820 posts, read 11,208,443 times
Reputation: 8513
Quote:
Originally Posted by _Charles_ View Post
Anyone that thinks that Valley real estate prices are on the rise is smoking something other than cigarettes.
.
I hate to sound like a broken record but read this report. http://www.altosresearch.com/custome...nal_Report.pdf

"Of the largest 34 markets reporting...... The largest inventory decrease was Phoenix" (-7.93%)"

And see PHOENIX, AZ Real Estate Market Report for July 17 2011 (this isn't a 3 month old report like C-S. It's 2 days old!)

Note: Phoenix prices have been rising since 3/1/11. Sorry Charles but you are ill informed. I am not saying that the prices won't dip again (I suspect they will). BUT, "you have to be smoking something" if you disagree with this graph. The prices in Phoenix HAVE been rising.


Now. You are spot on with this town (see http://www.altosresearch.com/researc...-estate-market ). It's still dropping. Compare the graphs Charles. Vegas down, Phoenix up! Don't believe me, believe the graphs!

Last edited by MN-Born-n-Raised; 07-19-2011 at 06:36 PM..
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Old 07-19-2011, 10:06 PM
 
391 posts, read 789,122 times
Reputation: 459
Quote:
Originally Posted by Captain Bill View Post
That's an interesting prognosis.

During the last 30 days there were 4,566 homes (all types, mfg homes, condo's etc.m sold for $100k and under.

Today there are 6,151 homes under $100k left.

Of course there will be others added.

But, what happens when all the <$100k homes are sold?
Maybe they wont' sell out for many years. The market is choked by slow bank processes (I tried to buy for 2 years so I have a bit of a clue, not much really but enough to have an opinion).

I have rental properties and the only money I made off them is from appreciation. Now there is no appreciation in Canada so I'm planning to get rid of them. Some investors may start dumping down there too. I have a property in PHoenix also but if it does not appreciate, I can live with it as its
where we vacation in winter.
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Old 07-20-2011, 05:36 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,794,859 times
Reputation: 3876
Quote:
Originally Posted by mjd2k View Post
Maybe they wont' sell out for many years. The market is choked by slow bank processes (I tried to buy for 2 years so I have a bit of a clue, not much really but enough to have an opinion).

I have rental properties and the only money I made off them is from appreciation. Now there is no appreciation in Canada so I'm planning to get rid of them. Some investors may start dumping down there too. I have a property in PHoenix also but if it does not appreciate, I can live with it as its
where we vacation in winter.
In my opinion this would not be the time to sell in AZ, unless it's a matter of necessity.

The investors I'm working with here are looking for cash flow and 10 year appreciation. Most are paying cash; some are using a mortgage.

They keep coming to invest at these prices, with rentals being filled very quickly. Since these investors are looking at cash flow and long range appreciation, I can't imagine them dumping anytime soon.
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