Housing Bubble? (Phoenix, Scottsdale, Miami: homes, property taxes, live)

[DKM]

If anything wfh has increased the demand for homes with an extra bedroom or office.

[Burkmere]

Originally Posted by DKM

If anything wfh has increased the demand for homes with an extra bedroom or office.

Ah, never thought of that!!

[grmi66]

Purely anecdotal on my part, but I used to live in one of the historic neighborhoods near downtown. I'm not a very social person and I ran into at least 5-6 people that worked in California and lived in our neighborhood. We were 10 minutes from the airport and easy access to flights to L.A., San Francisco or Silicon Valley.

Typical work scenario for one of my neighbors was work from home and fly into work twice a month for office meetings. Spend 1-2 nights at a friends or co-workers guest room and fly back to Phoenix.

One reason the neighbors use to call it "funny money" driving up the house prices in our neighborhood. Stuff that sold for $250,000 four years ago is now $500,000. A fixer upper starts at almost $300,000. The prices rose so fast it made you scratch your head. But still vastly cheaper than what an historic bungalow would set you back in California.

[yukon]

All I know is prices are too high for my income (and I make decent money) so I'm looking at relocating to San Antonio or El Paso/Las Cruces where housing is still affordable for those not wanting a quarter million+ dollar house or condo,

[49erfan916]

Originally Posted by yukon

All I know is prices are too high for my income (and I make decent money) so I'm looking at relocating to San Antonio or El Paso/Las Cruces where housing is still affordable for those not wanting a quarter million+ dollar house or condo,

I heard that san antoniois dope but how is el paso? Keep in mind that in texas, you will have much higher property taxes and i heard the salaries out there are lower than most cities', including Phoenix. On the plus side, there is no state income tax there.

[KurtAZ]

Originally Posted by Burkmere

Yep, that's why I'm wondering if the fact many people can work remotely now has any significant affect on Metro housing prices in more expensive areas. My guess is "not much."

I suppose if one still like small town or rural living and/or had relatives they wanted to move to be closer to in those areas, it would, of course, be cheaper for them. However, probably doesn't happen enough to affect Metro prices much.

Like I said...we looked at it. The In-Laws are are up in Rim Country and for a while there we were considering the much less expensive way of life. Our daughter would have loved a horse property, the housing was less expensive and, with the exception of weekends when all of Metro Phoenix decides to go camping, there are less people. Downsides is the schools are questionable, our son would have been absolutely miserable (he is much more of a city kid), there is really nothing to do for kids unless they are into the "Great Outdoors" (which is one of the reasons there are problems with the youth up there) and, working remotely, I wasn't going to be real comfortable with the single threaded Data connectivity issues up there.

So, after weighing pros and cons, we are in the Valley.

[jdahunt]

As Californians and other west coast high taxed people start to do their taxes this year some are going to be in for a huge surprise over the Trump tax cut law finally doing away with us subsidizing their SALT taxes all these years...now they only get to deduct up to $10,000......

Some are going to end up in Phoenix trying to get away from getting hit hard again next year....should supply a steady stream of buyers for the next 4-6 years....I'm sure Pelosi is going to try and do away with it but you can bet Trump will veto any such thing.

[Burkmere]

Originally Posted by jdahunt

As Californians and other west coast high taxed people start to do their taxes this year some are going to be in for a huge surprise over the Trump tax cut law finally doing away with us subsidizing their SALT taxes all these years...now they only get to deduct up to $10,000......

Some are going to end up in Phoenix trying to get away from getting hit hard again next year....should supply a steady stream of buyers for the next 4-6 years....I'm sure Pelosi is going to try and do away with it but you can bet Trump will veto any such thing.

Yes, you would think so. I'm in escrow on a two bedroom condo in Paradise Valley right now. Offer was accepted at 15 grand more than the last two bedroom that sold in my condo complex because this condo has a better location ( view of courtyard, corner unit, pool right off my balcony, etc.). That price is still lower than the peak sale price for this condo back in 2006. To be accurate, it's on the Paradise Valley/Scottsdale border and what I'd actually consider Central Scottsdale.

[49erfan916]

Originally Posted by jdahunt

As Californians and other west coast high taxed people start to do their taxes this year some are going to be in for a huge surprise over the Trump tax cut law finally doing away with us subsidizing their SALT taxes all these years...now they only get to deduct up to $10,000......

Some are going to end up in Phoenix trying to get away from getting hit hard again next year....should supply a steady stream of buyers for the next 4-6 years....I'm sure Pelosi is going to try and do away with it but you can bet Trump will veto any such thing.

My homies back home are getting SCREWED. Since I have a tax/financial background, I knew the damage I would face if I stayed in California. I sold my house and got the hell out.

[veritased]

Originally Posted by 49erfan916

My homies back home are getting SCREWED. Since I have a tax/financial background, I knew the damage I would face if I stayed in California. I sold my house and got the hell out.

Same. I have this feeling like I caught the last train out.