Phoeniz RE Market is Heating Up (Phoenix, Peoria: sale, home builder, buyers)

[vince3vince]

Originally Posted by Wally Sconce

Another snob who brags about what he owns than criticizes others. Are you really that arrogant?

"guess i can tack on another $150,000 to my $300,000 profit so far ."

https://www.city-data.com/forum/phoen...l#post39163869

Yes, I've made a huge profit thanks to the real estate crisis- I don't determine what the market value is, it is what it is. Many other folks are just as lucky, or made out even better. Not being a snob, it SHOULD be talked about the magnanomous profit people have made thanks to the housing crisis so people THINK harder before forking over $250,000 more than what the person flipping it to them is demanding.

Your statement of calling others a SNOB and assuming they finance is just rude. The majority of people finance their house- and if you think you are better than someone because you don't- i guess that makes you the snob.

Originally Posted by Wally Sconce

SNOB.. my standards are owning three homes and living mortgage free. Go pay your mortgage and quit being such a snob. Your car payment is probably due as well.

[Wally Sconce]

Originally Posted by vince3vince

Yes, I've made a huge profit thanks to the real estate crisis- I don't determine what the market value is, it is what it is. Many other folks are just as lucky, or made out even better. Not being a snob, it SHOULD be talked about the magnanomous profit people have made thanks to the housing crisis so people THINK harder before forking over $250,000 more than what the person flipping it to them is demanding.

Your statement of calling others a SNOB and assuming they finance is just rude. The majority of people finance their house- and if you think you are better than someone because you don't- i guess that makes you the snob.

Your post calling me a snob than criticizing the content of my post is pure comedy. Somebody calls my taste "bland" "plain" or boring "needs to be gutted" deserves to be hit back. I guess he assumes I live in that house.

It took me 30 seconds to find one of your posts bragging about money. Should I post a few more?

[Potential_Landlord]

Let's not get stuck up on one single data point too much. Look at recent comps in your area- that will show the up trend. At least in my area it was quite slow until March. Then I see less for sale signs. Next a house in the neighbor cul-de-sac sells for way more than I thought. Next it's the same for following sales around. Since we bought prices are up by more than a third. I had never thought it was that much.

[AZPam]

I can tell you from personal, every day experience that it still depends on price range and area. Anything from $175,000 to $225,000 or so in the east valley that is in decent shape and decent area will be sold with multiple offers in a matter of days. Get over $250,000 and it starts to slow down a bit, but not a lot. Seems more like the $400,000 and up range is still taking awhile, maybe 30 days, if it's in good condition. What is sitting on the market are the homes that are just simply over priced.

Keep in mind, I am talking east valley only.

[wase4711]

we've seen several really nice houses in the north Phoenix/Peoria/Anthem areas in the 300-375k range that have been for sale for 60 days or longer, so to us, we feel that its still a buyer market in that range, and we will take our time and not rush into anything we dont feel 100% certain about..Are we making a mistake, or do others find the same to be true?

[Rico Valencia]

Originally Posted by asufan

I agree with this, the house is pretty "blah", but OK for someone's first home. The cabinets can maybe be re-painted, but the masses will not like the counter tops, appliances, flooring, plumbing and electrical fixtures, etc. The biggest marketability problem for that house however is the SPOOL. Don't ever put a spool in a yard, people do not want them. People either want a pool or yard space, not a spool (unless one needs it for therapy maybe). If they filled that thing in and planted grass over it, it would increase the marketability of the house and maybe increase the value as well.

I actually think the SPOOL is pretty cool but one thing I did notice is that there was absolutely no landscaping in the backyard and they had two story homes behind them. If there was a wild party going on in the SPOOL there would be absolutely no privacy. At the end of the day the home is in a highly desirable and sought after north Phoenix neighborhood which is why the asking price is close to 300k despite the ridiculously small lot size.

[Potential_Landlord]

Originally Posted by AZPam

I can tell you from personal, every day experience that it still depends on price range and area. Anything from $175,000 to $225,000 or so in the east valley that is in decent shape and decent area will be sold with multiple offers in a matter of days. Get over $250,000 and it starts to slow down a bit, but not a lot. Seems more like the $400,000 and up range is still taking awhile, maybe 30 days, if it's in good condition. What is sitting on the market are the homes that are just simply over priced.

Keep in mind, I am talking east valley only.

The crazy times where every property was snapped up regardless of anything are over and won't come back any time soon. It took the Nasdaq like 15 years to come back to old highs after the dotcom bust and still nobody invests blindly in unprofitable internet companies. So the way our RE market works currently is quite healthy IMO and I hope it stays that way for a long time. We need a long time of stability to ease first time buyers in who are very reluctant. So i'd rather have 10 years of 5% appreciation than one year of 20% and then twice -5% and so on.

[MN-Born-n-Raised]

Originally Posted by Wally Sconce

When listings like this 2523 West Old Paint Trail, Phoenix, AZ For Sale | Trulia.com go unsold for weeks and months and have actually dropped in price since last year I have my doubts.

Wally. I'm with you on living under my means. Being debt free and a little more on the basic side is how I roll. It's all how you want to define enjoyment. Some are not happy unless they have a certain caliber of decor and I am o.k. with that. Some could not stomach driving a 2012 Honda Accord like myself and buy the best they can afford including housing. Fine by me.

With that said, look at that kitchen light. That has 1990 vintage written all over it. If that kitchen is granite as you say, they picked the worse looking stuff around. YUCK! I see the back yard with zero contrast. Same color rocks, fire pit, BBQ, wall and rocks. The block wall doesn't have stucco so it has that prison look without any plants to accent and hide it. Even the fireplace is boring (think some sort of travertine or stone for an accent).

Go inside again. Look at that cheap staircase, all outdated white appliances, etc. The cultured marble look (which isn't a show stopper for most) equals cutting corners. What I see is a project with the lowest builder grade 1990 items in a 2003 built home. The raised arched maple cabinets also dates the house. It's going to need $25K minimum. If I owned that thing and was trying to sell it, I'd at least put in colorful plants, swap out the lights where needed, add stone accent around the fire pit and BBQ, put in new doors in the kitchen and new basic granite with a back splash. I'm not wasteful. But that 1990 look would drive me nuts. What's even more off is it has that look even being built in 2003.

Buyers can stomach a project or 3. But not 10 unless they are stealing it. That 4,000 square foot lot is the kiss of death to many buyers as well. The person who buys this is going to be a 2nd home buyer later in life where trends don't bother them. That might be you! When I bought my place, I hated the lights, some cultured marble, basic builder grade appliances, the ugly back yard, selection of plants, the non-painted stucco wall, no stone on the 14 foot floor to ceiling fireplace (only sheet rock), no wood floors in spots, etc. $40K later (with incredible deals) it's the way I want it. But I had to steal it in order to put in that effort. NOW it looks like a 2013ish home and I am happy. But it surely isn't highend but very nice to my standards.

So as others have said, this house is overpriced and needs at least some updating to make it more desirable to more people. So when DetroitN8V said a lot of it had to go, I agree with him and I'm positively more basic so that I can work 1/2 output for the rest of my life. As they say, your mileage may vary.

[jmw51882]

I agree with others that the lighting and plumbing fixtures look dated and cheap. The small lot wouldn't bother me but the pool is a money pit, and to call it large makes me question everything in the listing description. A basic search also reveals it was used as a rental. This is not only off putting to many potential buyers simply for maintenance and quality reasons, but also would make some walk away on principle. Why help make some investor that much richer when I could purchase an equivalent home from a owner and provide them some financial stability and security?

[DetroitN8V]

Originally Posted by jmw51882

I agree with others that the lighting and plumbing fixtures look dated and cheap. The small lot wouldn't bother me but the pool is a money pit, and to call it large makes me question everything in the listing description. A basic search also reveals it was used as a rental. This is not only off putting to many potential buyers simply for maintenance and quality reasons, but also would make some walk away on principle. Why help make some investor that much richer when I could purchase an equivalent home from a owner and provide them some financial stability and security?

Don't worry, Wally, er Kevin, paid $220k for it over 12 years ago. He would have made more in a CD.