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Old 03-24-2008, 05:01 PM
 
Location: Long Beach, Ca
105 posts, read 292,073 times
Reputation: 28

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Hi everybody, I am new to the AZ board. I was considering a moving to either Charlotte NC or Phoenix AZ for 1 year now. I have decided on AZ. Last weekend my family and I took a trip to Phoenix, Glendale and Surprise to be exact. Wondering if anybody would like to share some opinions for those that live AZ. I seen so many nice house in the surprise area, and really like the Greer Ranch homes built by Hacienda. Some of you might know them, they are the Medallion and Renaissance Models. I seen one that was on short sale for $289K and one was selling by the builder last phase completed for $349K. First question which is a better buy from a short sale or from a builder if they come down to around $300K. Second is I ask a neighbor that was living next to the available property and he said that he bought his for $550K about 2 years ago. Now the question is how much more you think these homes will continue to drop. I just cant see these homes selling for less than $250K, they are almost 4000 sq ft of home and from what I heard hacienda build pretty nice home. Any thoughts or advise is much appreciated.
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Old 03-24-2008, 05:47 PM
 
Location: Out there somewhere...a traveling man.
43,551 posts, read 60,021,293 times
Reputation: 124289
Most professionals, and it seems that everybody is one, seem to feel that the bottom has been reached. In recent news reports here, the AZ Republic, it stated in some areas the prices are starting to go up.
So it's a crapshoot depending where you want to buy. I'd look for a foreclosure or a motivated seller that wants to get out and wheel and deal. Even though we're selling 6+ thousand homes per month, there are quite some deals out there.
Surprise is a good area with many good values.
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Old 03-24-2008, 08:14 PM
 
Location: Buckeye, AZ
132 posts, read 585,333 times
Reputation: 35
surprise is a great place to move but consider the nearest highways because there are none. I lived in surprise for 6 months and i always had to take local streets to get to work.
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Old 03-24-2008, 10:01 PM
 
Location: Gilbert, Az
69 posts, read 276,853 times
Reputation: 31
Be a bit skeptical of short-sale list prices...many agents list them artificially low knowing the lender will have to approve of any price before a contract can be accepted, Because of the lenghty review process and coordination/negotiation required to get the 1st and 2nd to agree on the terms of a sale, the agent can collect offers and use them as a negotiation ploy to pump the offer up from subsequent interested buyers and because an offer submitted is not a contract, the agent can leave it on active status!!!...pretty cool, huh?

As an example, I showed a home in a nice section of Chandler priced $15-$20k less than comparables in the neighborhood and of course, my buyer was interested and wanted to make an offer asap. I phoned the listing agent and guess what???...they already have TWO offers ABOVE the list price being "reviewed" by the lender. as Gomer used to say... "well, gollllllly!!!" It doesn't take a rocket scientist to figure out the play here...they are running a mini-auction scam hoping that by giving out a number just above the "latest offer", the buyer will bump his offer up to be sure they are in "1st place". This goes on and on for weeks until the offers slow down and then miraculously, the lender finally makes a decision :-)

Technically, there's nothing wrong with this action...but it does nothing to help out property values in a market that needs every bit of help it can get.
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Old 03-24-2008, 11:42 PM
 
Location: Cave Creek, AZ
41 posts, read 161,018 times
Reputation: 16
Yup, don't get your heart set on the short sale. The lenders turn the offers down a lot, after making you wait a month to hear from them and after you have offered full list price.

The builder may not negotiate on price much, but they might throw in a lot of incentives by way of upgrades, etc.
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Old 03-25-2008, 09:40 AM
 
59 posts, read 238,609 times
Reputation: 33
I can't imagine much lower. I am not a realtor, but as somebody who travels the country weekly, the bang for the buck that the Phoenix area gives one of the best. I have a 250g house and I pay less in property taxes than when I was living in the midwest in a 80g house, not to mention utilities are cheaper. It's sunny everyday, crime is low compared to any major city. It costs 250k + for a 40 y/o starter home in BFE Oregon!! If you have a high income and don't need a mansion Texas is probably the only deal better than AZ.
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Old 03-25-2008, 10:11 AM
 
Location: Oxygen Ln. AZ
9,319 posts, read 18,474,139 times
Reputation: 5761
I agree with the above post regarding short sales. My daughters roommate is looking to buy a home and he has run into several that he has made an offer on only to find that there are several offers on the table bidding up the price. It is still a rat race, just a really slow one.
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Old 03-25-2008, 02:23 PM
 
Location: Long Beach, Ca
105 posts, read 292,073 times
Reputation: 28
Thanks for the replys, I guess what I really what to know if anyone here thinks a home like I mention will sell for 100K less than the base price back in 2006. Originally the home was selling for 349K will no upgrades, well this home has some good upgrades and would probably sell for around 500 to 550k last year, now is listed at 349K and I can probably get it down to around 300K. Would this be a good buy if I'm planning on living there for awhile.
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Old 03-25-2008, 02:34 PM
 
609 posts, read 2,090,538 times
Reputation: 248
Phoenix area info:None of it seems like very good info to me. I would wait to buy until stings stabilize.

January Arizona Regional Multiple Listing Service Reports, which were released on February 15th, was 56,874-up 2,361 listings from the December reports.

January ARMLS Reports reported sales of 2,907, a decrease of 505 from December. On a seasonally adjusted basis sales were down 1,482 from January 2007.

Median Price released January ARMLS resale sales reports is $220,000, a decrease of $9,800 from the December reports.

The spec inventory count is 3,631 , 263 less than six months ago. The spec count appears to be stabilizing. This number is still over 50% greater than the previous record of 2,400 (prior to January 2006) by 1,231.
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Old 03-25-2008, 02:49 PM
 
682 posts, read 2,529,470 times
Reputation: 344
Very helpful information. Thanks.

altus2006
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