Phoenix Housing Prices Up - But Use Caution (Maricopa: real estate, rent)

[Burning Madolf]

Originally Posted by Potential_Landlord

No - Phoenix does not "stink" it is a "stinking deal". Guess that idiom does not exist? Hey, I'm a foreigner and English is my second language. What I wanted to say is compared internationally, Phoenix RE prices are super-cheap. No wonder that foreigners buy into it. I agree it's good. I also take Fox News as purely contrarian. When they say something is bad, it's usually good and vice-versa.

Now I get you.

[whodiman]

Originally Posted by Burning Madolf

Now I get you.

Or better yet " It's an F%$ken good deal". I think that will eliminate confusion in a hurry.

[sutyotsuk]

I see three SFR under 75K in the entire 8 ZIP Central Corridor.

[jimj]

Seems like things have slowed quite a bit out here in the 85355 zip code on existing houses.

[Captain Bill]

Sun City Land $1.25 Million per Acre

That's what it breaks down to be. A 2,607 sf mobile home pad for $75,000 in Sun City translates to $1.25 million per acre!!! More expensive than Paradise Valley

In the desert near Tonopah you can buy a 40 acre parcel priced from $999 per acre.

In Paradise Valley you'll pay $1.1 million per acre.

In Val Vista Lakes in Gilbert there are only a couple of vacant lots, but unfortunately the owners won't sell.

Regarding home sale prices, the one year increase from Dec 15 2011 to Dec 15, 2012 is 28.5%

I believe Las Vegas hit 25%.

It's too early to tell what 2013 will bring.

[HonestOne1]

Hey guys. If we start a new thread lets make sure we put a question in there. ??? <= see? Question marks.

The only way you are going to learn things is to ask questions.

[Ponderosa]

Originally Posted by HonestOne1

Hey guys. If we start a new thread lets make sure we put a question in there. ??? <= see? Question marks.

The only way you are going to learn things is to ask questions.

Why did you post this???

[HonestOne1]

Originally Posted by Ponderosa

Why did you post this???

<= see?? Question marks. Good question.

Because nobody on this forum has all of the answers and we can learn from each other. If you are going to start a new thread, post a question and learn something.

[Burning Madolf]

Originally Posted by HonestOne1

<= see?? Question marks. Good question.

Because nobody on this forum has all of the answers and we can learn from each other. If you are going to start a new thread, post a question and learn something.

So, are you hijacking every thread on City Data that didn't begin with a question?????
Are you trying out for a Moderator position????
Who died and left you boss????

[Captain Bill]

Yesterday, Mike Orr of the Cromford Report reported that the media is now talking about positive outlooks for the housing markets showing a sustained recovery. He quotes two articles, one by Fannie Mae and one by CEO of JPMorgan Chase.

I thought they were pretty good articles that were not overly bullish. One point buyers will like is that interest rates are expected to decline back to around the 3.7% mark.

As we know, Phoenix Metro began a recovery earlier than the rest of the country, around 15 months ago, and prices have increased 28.5% in the past 12 months. Mr. Orr states that the Phoenix market is less frenetic than it was, but his data shows that the outlook is still positive.

He maintains that higher prices will dampen buyer's enthusiasm, and I believe we have seen that during the slow season in Phoenix Metro. In 2005, the higher prices actually had the opposite effect because there were many speculators that jumped into the market to get rich flipping homes.

That probably will not happen now, because the earlier buyers were investors looking to buy near the bottom and hold long term, or add value by rehabbing trashed homes. However, if it does, then as Mr. Orr states, "that is your first clue that the market is entering a bubble phase"