Phoeniz RE Market is Heating Up (Phoenix, Scottsdale: house, buying, price)

[Wally Sconce]

Originally Posted by DetroitN8V

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

You still trollin this thread troll boy? As Vince3vince would say/brag..."I'm up 150% on my Phoenix property"

[stevek64]

Originally Posted by MN-Born-n-Raised

What I see is a project with the lowest builder grade 1990 items in a 2003 built home.

Do you ever get the funny feeling there's a warehouse somewhere the size of a small town that has the same 3 light fixtures and 2 cabinet colors/styles that 99.9% of the builders use? I'm thinking they have a 103 year supply too. Just sayin.....

[PHX Newbie]

There is a special corner of that warehouse for bad tile that went out of style ten years ago.

[MN-Born-n-Raised]

Originally Posted by stevek64

Do you ever get the funny feeling there's a warehouse somewhere the size of a small town that has the same 3 light fixtures and 2 cabinet colors/styles that 99.9% of the builders use? I'm thinking they have a 103 year supply too. Just sayin.....

I know you are joking but you got me thinking. Why wouldn't a starter home builder buy all kinds overstock that has been sitting in the back room? In 2003 when Wally's home that he has for sale was built, brass was clearly out of style. Yet they used that builder grade 1991 light that would not command $5 at a garage sale. I would expect something as basic as this Golden Lighting 8606-GM4 RBZ 4 Light Homestead Mini Chandelier | ATG Stores in a 2000 era builder grade home.

[Zippyman]

Was listening to the radio today & they had someone from W.P. Carey on - one thing I found interesting was that she said 77% of the sales in the Phoenix metro were in the sub $300k market, which is on fire - especially the sub $150k market). Over $300k, the market was described as "balanced".

I think many posters here are looking at a different "average" market.

[Potential_Landlord]

Originally Posted by Zippyman

Was listening to the radio today & they had someone from W.P. Carey on - one thing I found interesting was that she said 77% of the sales in the Phoenix metro were in the sub $300k market, which is on fire - especially the sub $150k market). Over $300k, the market was described as "balanced".

I think many posters here are looking at a different "average" market.

Yes and this is hopefully a sign that the first-time home buyers are finally coming out of the woodwork. You know we have this "shadow inventory" of first-time home buyers who have been held back by the Great Recession and who are extremely gun-shy after seeing what happened to their parents. They frequently still live with them anyways. Once they start coming out and buy we could see real fireworks. It is a big generation after all. As usual they tend to start buyung all at the same time and we could see a real inventory crisis of the opposite kind.
I also heard from a realtor that the move-up market (mid-market) is pretty hot right now too. Not sure if that's true or not.

[ijamez]

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.

I've now put offers in on two homes in Cave Creek in the last two weeks and the sellers (300-325k) are not willing to budge more than 5-10k...Although inventory is very low in CC for 4bd w/pool in that range, the few that do exist need work or just aren't my style...One house we're 5k apart and I just won't come up any more... Many of these houses have been on the market for 100+ days and the sellers seem to be waiting for this surge in values in that price range but i'm not seeing it...Now in N.Peoria, the 4bd 2.5+ ba w/pool are getting snatched up crazy fast in the 260-280 range...I just don't want to give up the CC uniqueness for the Peoria suburbia/sameness...

[Zippyman]

Originally Posted by ijamez

I've now put offers in on two homes in Cave Creek in the last two weeks and the sellers (300-325k) are not willing to budge more than 5-10k...Although inventory is very low in CC for 4bd w/pool in that range, the few that do exist need work or just aren't my style...One house we're 5k apart and I just won't come up any more... Many of these houses have been on the market for 100+ days and the sellers seem to be waiting for this surge in values in that price range but i'm not seeing it...Now in N.Peoria, the 4bd 2.5+ ba w/pool are getting snatched up crazy fast in the 260-280 range...I just don't want to give up the CC uniqueness for the Peoria suburbia/sameness...

Why would you expect more than a token price reduction in a "balanced" market during peak selling season?

[wase4711]

Originally Posted by Zippyman

Why would you expect more than a token price reduction in a "balanced" market during peak selling season?

good point..

what actually is "peak" selling season in Arizona? Is it the same as in Illinois, between April, and August? when do things start to slow down in AZ?
We want to move here sooner than later, but if we can save some $$ by waiting until September, I am ok with that too..

[ijamez]

Originally Posted by Zippyman

Why would you expect more than a token price reduction in a "balanced" market during peak selling season?

Well in this particular situation when you have a listing that says "motivated seller", one would expect an actual motivation to sell as opposed to a desire to sell at a price almost identical to the list price disguised as such...Good thing we're in no real rush but it should be interesting to see how the next 120 days plays out..