Houses for $60-$80k in San Tan Valley??? REALLY?!?!?! (Phoenix: landscaping, to buy)

[Captain Bill]

Originally Posted by ReadyFreddy

If I search a square around Gilbert, from QC to the 1-10, to south Scottsdale/202, I get 118 active listings that match your constraints. About 15 are marked "price reduced". I think you'll be ok.

And unfortunately for buyers, there are around 600 people chasing those 118 properties; or rather the ones that are priced at market.

Gilbert has 20 in the $110-150k range.

If they've been on the market for a few days, they are either overpriced, or something is wrong the the house, or it's a short sale and the agent is leaving it Active instead of AWC (which is not the way it should be done)

Those that are overpriced aren't getting offers, so they eventually begin reducing them. One house yesterday had a FSBO sign in the window; priced at $141k. It had been listed at $157k and the listing was cancelled. The comps in the community for that size house is around $80-90k.

I've made over 30 offers for three clients in that range within the past few weeks and have lost everyone of them with all of them above list price and some of them more than 10% over.

I just completed 3 more offers for one client today, and that is about the 15th offer. It is extremely difficult to buy a house in that range today.

[AZPam]

I am experiencing everything Capt Bill just said for my buyers also. We are back to the craziness of 2005 with the multiple offers and bidding wars. I was finally able to get an offer accepted for a buyer yesterday after writing for the 5th time. And that was only accepted because the seller answered our offer quickly otherwise I am sure there would have been multiple offers on the property.

[Zippyman]

Originally Posted by AZPam

I am experiencing everything Capt Bill just said for my buyers also. We are back to the craziness of 2005 with the multiple offers and bidding wars. I was finally able to get an offer accepted for a buyer yesterday after writing for the 5th time. And that was only accepted because the seller answered our offer quickly otherwise I am sure there would have been multiple offers on the property.

I ran an MLS search for a friend today who is looking to buy ASAP. He was looking last year half-heartedly, but just couldn't pull the trigger at the time. In a one-square mile radius of his target area, I found 16 active properties. 13 mobile homes, one condo, one short-sale that isn't allowing viewing or offers for another week, a flip at $109k, and a short-sale that lost a buyer yesterday, and will no doubt have another buyer on the hook tomorrow if they want one. I could have bought half-dozen comps for the $109k flip in the $60-$70k range last year.

My, what a difference a year makes.

[Captain Bill]

Originally Posted by Zippyman

I ran an MLS search for a friend today who is looking to buy ASAP. He was looking last year half-heartedly, but just couldn't pull the trigger at the time. In a one-square mile radius of his target area, I found 16 active properties. 13 mobile homes, one condo, one short-sale that isn't allowing viewing or offers for another week, a flip at $109k, and a short-sale that lost a buyer yesterday, and will no doubt have another buyer on the hook tomorrow if they want one. I could have bought half-dozen comps for the $109k flip in the $60-$70k range last year.

My, what a difference a year makes.

And there is nothing in sight to indicate that this will end any time soon; and it's more likely that the prices will keep trickling up to the next higher ranges.

If everyone just decides to stop buying because they can't find anything; that would probably end it. But I don't see that happening. When people compete, they compete to win, and that means increasing the bid amounts.

[jmferris]

Originally Posted by Captain Bill

If everyone just decides to stop buying because they can't find anything; that would probably end it. But I don't see that happening. When people compete, they compete to win, and that means increasing the bid amounts.

Definitely not any sort of real estate expert, but with the current buying trend, does it usually spur new construction, as well? We just took possession of our house last week in STV and out builder says that they seem to have seen a rapid uptick in new housing starts in the last month and a half, or so.

As a general aside, San Tan Valley made sense for us, since I telecommute and we have no explicit reason to really need to be closer in on the valley. Assuming that at least some of the transportation planning comes to fruition over the coming years, it would seem that it will be a little more accessible in the not too distant future, as well.

[themudpuppy]

Anyone know the price per square foot for a new build? Here in TN I can have a small house built for well under $100K. Wonder if that might be an option in AZ if I can't find an existing house.

[ReadyFreddy]

Well, that's good if the market's that active again (for us homeowners, that is). I guess the properties I'm watching are just all overpriced.

[gtbguy]

Originally Posted by Zippyman

I ran an MLS search for a friend today who is looking to buy ASAP. He was looking last year half-heartedly, but just couldn't pull the trigger at the time. In a one-square mile radius of his target area, I found 16 active properties. 13 mobile homes, one condo, one short-sale that isn't allowing viewing or offers for another week, a flip at $109k, and a short-sale that lost a buyer yesterday, and will no doubt have another buyer on the hook tomorrow if they want one. I could have bought half-dozen comps for the $109k flip in the $60-$70k range last year.

My, what a difference a year makes.

Your post is right on the money. A buyer can't find anything today in the $60K-$70K price point in the STV, you sure could a year or so ago.

[Pink Jazz]

Originally Posted by tnp

Anyone know the price per square foot for a new build? Here in TN I can have a small house built for well under $100K. Wonder if that might be an option in AZ if I can't find an existing house.

Looking at NewHomeSource.com, the only newbuild home communities in the Phoenix metro that are under $100K include the following:

• Centex Homes Vista De Montana - Buckeye, AZ
• Pulte Parkside at Anthem at Merrill Ranch - Florence, AZ
• Pulte Red Rock Village - Red Rock, AZ
• DR Horton Homestead - Maricopa, AZ
• Shea Homes Kensington at Watson Estates - Buckeye, AZ
• DR Horton Sonoran Vista - Buckeye, AZ

Unfortunately for you, none of these are in the location you desire.

[sh9730]

Andros,

And even those are mostly bait and switch for VERY small homes on VERY small lots in bad locations in the subdivision.

Oh, not that it changes the point of your post, but Red Rock is really a Tucson suburb....at the Pinal/Pima county line.