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Old 03-28-2012, 11:32 AM
 
Location: San Tan Valley, AZ
55 posts, read 110,148 times
Reputation: 103

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Quote:
Originally Posted by PoppySead View Post
I just bought a new build. I was also told that I was the last one buying it at that price. They just raised their prices because sales are so high they've sold out and are now looking for more land to start a new batch. What ever is happening it looks good from the ground.
Our builder (Fulton) said the same, and we did observe the starting prices on all of their models on the web site went up by around two percent about two months ago, which was great timing as it was right before our initial appraisal.

Also noticed that some of the specs in the community appear to be listed higher recently. There is a spec of the model we had built down the street from us, and the price has been raised by $5k since being put on the market, just around two weeks ago. Ironically, the cost per square foot is the same $91 that our final appraisal came in at.
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Old 03-28-2012, 11:38 AM
 
Location: Mesa, AZ
363 posts, read 930,968 times
Reputation: 237
Just checked Zillow and seems that our home price just dropped $2,000!!! LOL. My god, these people are idiots...
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Old 03-28-2012, 11:44 AM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,386,470 times
Reputation: 21892
How will the Bank of America program affect the market? They have a pilot program that will allow former owners to rent there homes for up to 5 years at or below the current rental market rate.

Grijalva Hails Bank of America Program to Keep Families Facing Foreclosure in Homes as Renters
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Old 03-28-2012, 11:50 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,794,859 times
Reputation: 3876
Quote:
Originally Posted by Ponderosa View Post
CEO of Toll Brothers was on TV yesterday. I was somewhat surprised by his overall very positive sentiments. While he was super bullish on NYC market, he mentioned Phoenix several times as an market in a solid recovery.
I would agree that we're in a recovery, and I'm optimistic. However, as we know, the severe shortage is in the low price ranges under $200k. While prices are beginning to trickle up, I don't think they've pushed up the $300k and up ranges.

I have a listing in the $400k range and we're getting showings, which indicates that we're priced in the ball park; but we haven't had an offer yet. Hopefully we will soon. I'll be listing a $500k home soon, so it'll be interesting to see how fast these sell as we continue into the buying season.
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Old 03-28-2012, 11:52 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,794,859 times
Reputation: 3876
Quote:
Originally Posted by matyoka View Post
Just checked Zillow and seems that our home price just dropped $2,000!!! LOL. My god, these people are idiots...
Don't you just love Zillows Zuseless Zestimates
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Old 03-28-2012, 12:22 PM
 
9,822 posts, read 11,208,443 times
Reputation: 8513
Quote:
Originally Posted by Captain Bill View Post
Don't you just love Zillows Zuseless Zestimates
Zillow thinks that my MN property lost 1800 sq foot. They are off by $160K.
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Old 03-28-2012, 12:25 PM
 
Location: Sonoran Desert
39,107 posts, read 51,328,001 times
Reputation: 28356
Quote:
Originally Posted by Captain Bill View Post
I would agree that we're in a recovery, and I'm optimistic. However, as we know, the severe shortage is in the low price ranges under $200k. While prices are beginning to trickle up, I don't think they've pushed up the $300k and up ranges.

I have a listing in the $400k range and we're getting showings, which indicates that we're priced in the ball park; but we haven't had an offer yet. Hopefully we will soon. I'll be listing a $500k home soon, so it'll be interesting to see how fast these sell as we continue into the buying season.
He was talking about Toll's sales/traffic, although that was not completely clear with respect to our area. Since they are in the 400K plus market, I was a little surprised to hear him say that. Maybe new builds are going to do better there than resales. I suppose relative to what it was, it looks good as well.
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Old 03-28-2012, 01:51 PM
 
10,719 posts, read 20,322,264 times
Reputation: 10021
Quote:
Originally Posted by Ponderosa View Post
Maybe new builds are going to do better there than resales. I suppose relative to what it was, it looks good as well.
That is already happening. All of these "semi-custom" new builds by various builders like Camelot, Pulte etc are selling like hot cakes. They are usually in the 400-600 range and they fly off the shelves. As soon as they mention those projects, people are already securing their lot and building. People prefer those over resales.
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Old 03-28-2012, 10:57 PM
 
255 posts, read 514,846 times
Reputation: 173
Quote:
Originally Posted by SOON2BNSURPRISE View Post
How will the Bank of America program affect the market? They have a pilot program that will allow former owners to rent there homes for up to 5 years at or below the current rental market rate.

Grijalva Hails Bank of America Program to Keep Families Facing Foreclosure in Homes as Renters
If the homes are not for sale, they do not affect the current housing market. They do have a negative effect on the rental market, if they rent them at or below rental market rate.

This news should allay some fears about this shadow inventory rushing the market - since it looks like the banks will instead try to rent those out instead.
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Old 03-28-2012, 11:09 PM
 
205 posts, read 297,112 times
Reputation: 106
This is an interesting point. These big institutions could saturate the rental market for sure. However, in the meantime active listings have now dropped below 14,000. Holy crapolly!! At a certain point when the prices become desirable the institutions will probably start selling their rental inventory..just not sure what that magic price is.
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