New Build Developments Around Scottsdale (Phoenix: real estate market, foreclosed, rent)

[wildmark]

Originally Posted by Greg Rider

Quote: Sorry you're getting so much grief for not being poor.
You don't get it, but apparently you haven't checked out wildmark's other posts. I was just razzing this wise cracker in the same spirit he's been doing it all over the forum. And there's hardly been a more nonsensical post than the opener for this one. So if one is not expecting a ribbing, perhaps one should not be handing them out.

Apology accepted.

[wildmark]

Originally Posted by Howard Roark

House prices in the $750k to $1m range do exist in Scottsdale, but I'd wait another year for the shadow inventory to start to be released. The high end house prices are about to come down further, I'm afraid. If $750k to $1m are less than 1/6 of your net worth (excludes Real Estate) then anytime is a good time to buy. Otherwise if 80% of your net worth, it's foolish to commit that percent to real estate in light of the following:

Worst to Come for Foreclosures, says Zandi (http://tinyurl.com/y9a5rvf - broken link)

Very interesting and bit scary!

[wildmark]

Originally Posted by fcorrales80

I think the OP just wanted people to be straight to the topic and not linger on side conversations or sarcastic remarks like what was happening at first. Doesn't seem like the OP will be using 80% of their net worth and doesn't read like an "investor" so buying in that market segment, at this time wouldn't be as much of an issue as someone who wanted to "flip" and make a profit in the next 2-4 years. Also, that article makes an assumption that there are about 4.9 million "at risk" homes in the nation that could go into foreclosure based on falling values in other markets save the lower end and middle (which has been hardest hit, especially exurban regions). Although some probably will fall to this "walkaway" scenario, a large portion of those won't because the financial consequences of doing so would be worse over time.

Also, I wouldn't rely on "shadow inventory" as many new banking regulations (proposed and in play now), will derail foreclosure numbers meaning banks will have to/or at least try to "refinance" existing mortgages to keep people in their homes.

To the OP; even though you won't have much time, I think you'd be better off finding what area most interests you before getting a realtor and then finding one that is an "expert" in that smaller market...

Its very difficult because what we ideally want is a house in a development with a club of some sort, golf/tennis/gym etc, this would be a great way of meeting people I know you can always live outside the developments and join a local one, that why I was asking in the first place, if we liked a house in one of those types of communities that would be our first choice.

Regards

[fcorrales80]

Originally Posted by wildmark

Its very difficult because what we ideally want is a house in a development with a club of some sort, golf/tennis/gym etc, this would be a great way of meeting people I know you can always live outside the developments and join a local one, that why I was asking in the first place, if we liked a house in one of those types of communities that would be our first choice.

Regards

You'll find many of your listed amenities in communities throughout Scottsdale as other posters have pointed out. Here are some that would interest you:

Grayhawk
McCormick Ranch
Gainey Ranch
D.C. Ranch
Silverleaf
Troon Village
Troon North
Desert Highland
Desert Mountain
Desert Ridge
Ancala
Eagle Mountain
Kierland

I was given this list by relatives who live in the area and in many of the communities. Houses range from $250,000 to over $2 million and all the amenities you listed are readily available in each of these communities. These developments are in N. Phoenix and N. Scottsdale. Most of the "communities" in Paradise Valley are NOT planned but built more "organically" and thus cost more money; unless it's the PV area of Phoenix which is still less master planned compared to the above listed places and can range from inexpensive to sky's the limit.

[Greg Rider]

Apology??? Sheeesh!
My remark was just a graphically comic way to say what Howard Roark just said. I'll put it this way. These are desperate times for real estate in the Phoenix area. Never mind what's to blame, now is the time to play it smart. What Howard means by shadow inventory is the already existing glut of defaults that the banks are sitting on. I have said this before, and I know this because it happened to me. If you have, say, an amount of about %35 of MARKET VALUE in savings in like B of A, or one of these others that are currently overwhellmed, you will find out about properties that are not listed. There are too many to list right now without really slamming real estate values. So although prices really should come down it would be crazy for developers and banks to shoot themselves in the foot by dumping it all on the market.
So it isn's so smart to be saying, "I'm in the market for $1m homes" to some realtor. That's like asking the big bad wolf what the safest way to grannies house is. Your gonna be breakfast.
So look at what you really like, and then check out realty-trac and see who's sitting on all this REO stuff and figure there's about %40 more that no-one is letting on about. If you want a $1M property, offer $500K for it.

[fcorrales80]

Originally Posted by Greg Rider

Apology??? Sheeesh!
My remark was just a graphically comic way to say what Howard Roark just said. I'll put it this way. These are desperate times for real estate in the Phoenix area. Never mind what's to blame, now is the time to play it smart. What Howard means by shadow inventory is the already existing glut of defaults that the banks are sitting on. I have said this before, and I know this because it happened to me. If you have, say, an amount of about %35 of MARKET VALUE in savings in like B of A, or one of these others that are currently overwhellmed, you will find out about properties that are not listed. There are too many to list right now without really slamming real estate values. So although prices really should come down it would be crazy for developers and banks to shoot themselves in the foot by dumping it all on the market.
So it isn's so smart to be saying, "I'm in the market for $1m homes" to some realtor. That's like asking the big bad wolf what the safest way to grannies house is. Your gonna be breakfast.
So look at what you really like, and then check out realty-trac and see who's sitting on all this REO stuff and figure there's about %40 more that no-one is letting on about. If you want a $1M property, offer $500K for it.

Shadow Inventory isn't about banks sitting on "foreclosed" property per se, which is argumentative, but about the possibility of homeowners who will put their homes for sale at the first sign of "recovery." Throughout the nation there is a presumed buildup of such "shadow inventory" potentials; I am assuming much of this potential inventory is due to fear and a "get out while it's hot" type of mentality or the desire to "downsize" after the "trade-up" boom.

[wildmark]

Originally Posted by Greg Rider

Apology??? Sheeesh!
My remark was just a graphically comic way to say what Howard Roark just said. I'll put it this way. These are desperate times for real estate in the Phoenix area. Never mind what's to blame, now is the time to play it smart. What Howard means by shadow inventory is the already existing glut of defaults that the banks are sitting on. I have said this before, and I know this because it happened to me. If you have, say, an amount of about %35 of MARKET VALUE in savings in like B of A, or one of these others that are currently overwhellmed, you will find out about properties that are not listed. There are too many to list right now without really slamming real estate values. So although prices really should come down it would be crazy for developers and banks to shoot themselves in the foot by dumping it all on the market.
So it isn's so smart to be saying, "I'm in the market for $1m homes" to some realtor. That's like asking the big bad wolf what the safest way to grannies house is. Your gonna be breakfast.
So look at what you really like, and then check out realty-trac and see who's sitting on all this REO stuff and figure there's about %40 more that no-one is letting on about. If you want a $1M property, offer $500K for it.

Don't sweat it!

I understand what your saying, I fully understand its a buyers market and it will be for many yars to come, perhaps more than most realise.

[Greg Rider]

Oh, it's hot alright, a real seller's market it is. No doubt it's some kind of mentality. What I call 3M
(magic of mental midgetry).

[Howard Roark]

Shadow inventory according to a Scottsdale RE agent

Shadow Inventory – A foreboding issue? | Az Homes - Scottsdale Real Estate Agent (http://tinyurl.com/yex9kh5 - broken link)

[fcorrales80]

Originally Posted by Greg Rider

Oh, it's hot alright, a real seller's market it is. No doubt it's some kind of mentality. What I call 3M
(magic of mental midgetry).

What are you talking about? What is hot?