Has the bottom hit? (Phoenix, Scottsdale: mortgage, home sales, buying)

[LBear]

A lot of different opinions. Some here are quite cynical (names withheld) & at times very hateful, and here is my take on that. When you read comments like, "your POS overpriced home", it is MORE than just an opinion but an angry and bitter person. What I have noticed is that there are those people who feel "entitled" that a nice home should be valued at $40 per sq.ft. and anything above that is a from of theft by the seller/builder.

While I agree some home prices/areas seen a drastic climb in a short period of time, and now it is dropping back to "normal" levels, one CANNOT build a home for the price that some people are hoping for. Even if one did ALL the labor themselves (framing, drywall, tile, etc.), you could not build such a home for $75 per sq.ft., at the cost of supplies. Lumber, concrete, tile, nails, etc., all have fixed costs, which rise naturally over time. One CANNOT replicate such a home for $75 per sq.ft., even if they had FREE labor.

I take those "gloom & doom" people and their angry & hateful comments, with a grain of salt. Maybe they are bitter because they do not own a home or they are bitter at the system. Opinions are eveywhere but when people use comments like, "your POS overpriced home", it is more than just an "opinion".

[wit-nit]

You'll know when the bottom has hit when you say " wow I should've bought back then".
It's a crapshoot now. Most claim 2009, some 2010. It will probably come back up in phases/pockets all over the country then level off everywhere and appreciate at a common rate.
As others have said, 74 dollars a sq ft is a bargain, and at that price will appreciate faster than you can imagine.

[CouponJack]

Originally Posted by LBear

A lot of different opinions. Some here are quite cynical (names withheld) & at times very hateful, and here is my take on that. When you read comments like, "your POS overpriced home", it is MORE than just an opinion but an angry and bitter person. What I have noticed is that there are those people who feel "entitled" that a nice home should be valued at $40 per sq.ft. and anything above that is a from of theft by the seller/builder.

While I agree some home prices/areas seen a drastic climb in a short period of time, and now it is dropping back to "normal" levels, one CANNOT build a home for the price that some people are hoping for. Even if one did ALL the labor themselves (framing, drywall, tile, etc.), you could not build such a home for $75 per sq.ft., at the cost of supplies. Lumber, concrete, tile, nails, etc., all have fixed costs, which rise naturally over time. One CANNOT replicate such a home for $75 per sq.ft., even if they had FREE labor.

I take those "gloom & doom" people and their angry & hateful comments, with a grain of salt. Maybe they are bitter because they do not own a home or they are bitter at the system. Opinions are eveywhere but when people use comments like, "your POS overpriced home", it is more than just an "opinion".

LOL, peel off the thin skin.....

"POS" if you should know doesn't literally mean what it says.....

If you follow internet RE blogs, its a saying for homes that were grossly overpriced....they could be Mcmansions....capice?


LOL, there's no hate here....just giving an opinion...Also, I sold my home the right way...I didn't chase the market. You're totally wrong about people and their intentions..... Had an excellent realtor who I was on the same page with and sold the home within 30 days because it was priced correctly....

And seriously, lighten up already...

[sheena]

Originally Posted by LBear

Well, depending on WHO you talk or listen to, some say the bottom has hit while others are claiming that another 2+ years before it hits bottom.

There are A LOT of gloom and doomers on this forum. I am more optimistic and looking to buy. The foreclosures are out there and the banks are dropping their prices. I believe the bottom is almost here. Nobody knows for sure, but the old saying, "you snooze, you lose" applies here.

I have done a lot of research and have found a 1 year old Standard Pacific Home with 3,900 sq.ft., tons of upgrades (granite, tile, etc), it sold for over $550K back in 2006 and now the bank foreclosed on the owner & is asking around $290K, or around $74 per sq.ft.

QUESTION:

1 - How is Standard Pacific? (quality build wise and financially)
2 - Does anyone think the prices will CONTINUE to drop, how much cheaper can it get?
3 - It has the Pergo wood flooring. How does this flooring hold-up to wear and tear?

Is it the 5508 model? I love that one. 290,000 sounds good to me. I had a form of pergo called dupont and it was pretty durable.

I just bought I home I hope I did good

[markas214]

Originally Posted by Ponderosa

If you can get a nice home in a nice neighborhood for $74/sf, what are you waiting for? That house will go for over $100/sf within three years regardless of what happens in the next 6 months.

That is so true. You really can't expect much lower than that anywhere. That is of course anywhere except Maricopa!

[markas214]

Originally Posted by 61scout80

Ya, Maricopa is going to fall off just like all those other cities that are, or were "far off". Ya know, Chandler, Gilbert, Queen Creek, Apache Junction, Surprise, Sun City, Sun City west, Avondale, Peoria, Buckeye, Cave Creek, Anthem, Casa Grande. Hell even Wickenburg, thats so far away from phoenix I bet people pay you to take their house


One of my coworkers was telling me how he bought his home in chandler many years ago when it was an out of the way area, and currently he is considering selling his place (still for double what he paid) so he can get further away from the rat race.


I think the bottom is near, or hit depending on where your looking. The best advice anyone can give you is buy at the price you feel is fair for the house that you like in an area you like. That's what I did and i couldn't be happier.

Personally I moved here two and a half years ago, and being in the engineering depart of construction companies I got a lot of "peer pressure" from coworkers who thought they knew something. They would all tell me i was crazy for throwing my money away on rent, and that I should buy immediately so i don't miss out on the "low" prices. I heard that "this market is going to be just like California, its just going to keep going up and up". My response was always the same, "I'll move back to Pa and buy 100 acres and a house for $250,000 before i spent that on a 1500 sq.ft house with a .15 acre lot.

I recently bought in Maricopa after renting here for a year. I feel the price is good and the timing for me was better. Will there be another boom? probably not in the near future.

I'm very excited to be a part of a new city and the development of it. My commute to I-10 and chandler blvd is still 20 minutes, the same amount of time it took me when i lived in chandler. I bought new and I'm fully expecting one or 2 more price drops, but even then I feel i got the best deal at the best time for me, I think renting for another year would have negated any value loss I may encounter.

Well obviously there is at least one happy Maricopian.

Perfect example of doing your own research and choosing what works for you. My biggest concern is not "the bottom" but great schools and a lot of activities for my kids. The areas I'm looking at are still priced well above $74/ft2. Since I can't move, from Pa. as well, until next spring I'm just watching how things evolve. It is impossible to time the market. I plan on renting for a year as well so I can be sure I pick the right neighborhood. Not to wait for a bottom. Thosewho bought at the peak are basically under water for years. Buying now may see a slight loss of near term equity but it will in no way be permanent.

[Great Joy]

Originally Posted by sheena

Is it the 5508 model? I love that one. 290,000 sounds good to me. I had a form of pergo called dupont and it was pretty durable.

I just bought I home I hope I did good

Congratulations sheena! I'm so happy for you and your husband finding your "home" now. I sincerely hope it is exactly what you wanted.

[markas214]

Originally Posted by ArizonaBear

My 'gut' tells me we are going to hit an average bottom of the RE market early 2009.

As for Maricopa and Queen Creek-------they are either at bottom or damn close right now.

If I were a gambin' man------I would lay some serious $$$ that north Scottsdale will suffer severe depreciation in the next few months. $4+ a gallon for gas tends to do that------even in far flung affluent enclaves.

I hope so. I'll buy a Prius to commute. While the price of fuel is high remember that it is relative. A more efficient vehicle will negate much of the higher price. Also when you're worth millions or earning high six figures gas prices aren't an issue. I'm not affluent but never paid attention to what it costs to fill my vehicles until now. At $3 a gallon I'd simply swipe my debit and fill the tank not even looking at the total. Now it doesn't cost substantially more but $4 a gallon definitely has my attention.

[LBear]

Originally Posted by markas214

I hope so. I'll buy a Prius to commute.

Not to get off topic but it's hard to buy a Prius because of the stereotype that comes with it. Jokes have been made that the Prius comes with optional Obahama '08 bumper stickers and optional PITA bumper stickers.

The South Park episode of the "smug" pollution, where those who drove Prius like vehicles were part of the smug pollution problem. Funny episode.

I would probably get a Honda Hybrid due to the looks and lack of stereotype that comes with the Prius. The Prius looks weird.

Oh well, didn't mean to get off topic but just wanted to comment on the Prius and hyrbids.

[sheena]

Originally Posted by Great Joy

Congratulations sheena! I'm so happy for you and your husband finding your "home" now. I sincerely hope it is exactly what you wanted.

Thank you!!!! Lbear is buying exactly what I wanted....That is my favorite house. The one I'm buying is very nice as well and is loaded with all kinds of extras including a heated pool and spa to die for. I think when I add up the extras they cost more than the house It's s foreclosure that doesn't need a darn thing and barely a cleaning. It's like a model home.