Prescott Home Prices Continue to Fall (for sale, foreclose, renters)

[MN-Born-n-Raised]

Real time data shows that Prescott is still volatile (inventory is rising). PRESCOTT, AZ Real Estate Market Report for July 24 2011

[DellNec]

Originally Posted by MN-Born-n-Raised

Real time data shows that Prescott is still volatile (inventory is rising). PRESCOTT, AZ Real Estate Market Report for July 24 2011

What's insane is that the median in Prescott is $352K and $147 sq/ft!

In Prescott Valley the median is $177K and $97 sq/ft.

Phoenix the median is $124K and $73 sq/ft.

Quite the difference. Prescott is completely overpriced. PV is a lot better but still high when compared to Phx.

Now, take the average salary of the Prescott resident vs. Phoenix resident, and you then understand on WHY it is SO DIFFICULT to make a living up here. It's less expensive to live in Phoenix plus you make more money. The opposite is true in the tri-city.

[Esenjay]

That's because you're choosing to live up here rather than in Phoenix. The differences between the two as far as quality of life are significant. IMO the average person would much rather live up here rather than Phoenix, if given the choice between the two, for countless reasons that I'm sure a little cerebral exercise would reveal.

[MN-Born-n-Raised]

Originally Posted by Esenjay

That's because you're choosing to live up here rather than in Phoenix. The differences between the two as far as quality of life are significant. IMO the average person would much rather live up here rather than Phoenix, if given the choice between the two, for countless reasons that I'm sure a little cerebral exercise would reveal.

The most expensive spots to live in AZ are:

1. Paradise Valley
2. Carefree
3. Scottsdale
4. Fountain Hills
5. Rio Verde

Note where # 1-4 are located; the Valley. See Rio Verde's pricing (RIO VERDE, AZ Real Estate Market Report for July 24 2011 ) It's plummeting.

I wanted a warm spot in the WINTER so Prescott was out of the question. Therefore your assumption that Prescott is more money isn't the case. It is of course MUCH more $$'s than in Phoenix. I am very sure there are many people living in Phoenix who would rather live in Prescott. But not the people like me who are looking for warm winters.

[DellNec]

Originally Posted by MN-Born-n-Raised

The most expensive spots to live in AZ are:

1. Paradise Valley
2. Carefree
3. Scottsdale
4. Fountain Hills
5. Rio Verde

Note where # 1-4 are located; the Valley. See Rio Verde's pricing (RIO VERDE, AZ Real Estate Market Report for July 24 2011 ) It's plummeting.

I wanted a warm spot in the WINTER so Prescott was out of the question. Therefore your assumption that Prescott is more money isn't the case. It is of course MUCH more $$'s than in Phoenix. I am very sure there are many people living in Phoenix who would rather live in Prescott. But not the people like me who are looking for warm winters.

Excellent points. People wanting or needing warm winter living are not looking at Prescott. It gets cold up here. One can live in Phoenix WITHOUT heat during winter. That is not happening in Prescott. With nighttime temps dipping into the single digits quite often and at times even hitting -10F to -25F below zero, heat is mandatory. Last winter Prescott experienced such cold weather that pipes were freezing and busting in the walls of peoples homes.

The point is that the statement of, "the average person would much rather live up here rather than Phoenix, if given the choice between the two" is simply not true. The reality is that more choose to live in Phoenix and money is not always an issue as MN-Born-n-Raised pointed out. As there are many more expensive places to live in the valley vs. Prescott and more people choose the expensive valley spots over Prescott.

[nikorock28]

Originally Posted by DellNec

One can live in Phoenix WITHOUT heat during winter. That is not happening in Prescott.

You use heat more than you might think in Phoenix. I lived outside of Phoenix for about 4 years and if I didn't use any heat, the house would drop into the 50s in the winter. Granted, where I lived, the overnight lows were about 5 degrees cooler since I was outside of the urban heat island effect. Having resided in both locations, I would say going without heat in Phoenix during the winter would be similar to going without A/C in Prescott during the summer: doable, but uncomfortable.

[Esenjay]

I'm sure a lot of people in Phoenix would choose to stay in Phoenix rather than move to Prescott, given the option and employment. I never said they wouldn't, I just said IMO a lot would choose to live in Prescott instead.

Naturally some areas of Phoenix will be more expensive, you have to pay for quality and some neighborhoods are just better than others. If you live in LA you can get a place dirt-cheap in Pacoima or Watts or most parts of East LA, but if you want to live by the beach or in a safer neighborhood then you pay the premium. That's how it works.

Yes, there are things a larger area has that would be appealing. Just as there are many things that make it less appealing. You're worried about crime in Prescott? Live in a big city and see the difference. Climate? Yes, the winters are nicer in Phoenix (unless you happen to like the snow....). However, the heat is brutal and it's certainly much hotter for most of the year than it is cooler. That again is a personal preference. Population density? Pollution--noise, air, etc.? Traffic? And so on.

To each his own. I prefer living up here rather than in a large city (and to be honest Phoenix isn't really that big; I've lived in LA for a time, or near it for a much longer time...that's a larger city and even that doesn't compare to some others as far as density goes--Chicago, NY, etc.).

Everyone has their preferences, I suppose if you enjoy Phoenix more than Prescott then you should live in Phoenix. And vice-versa.

[wretched wrench]

My friends in Phoenix are divided. Some like it because it is a big city with everything, and some would move to Prescott if they could sell their house decently and take their paycheck with them.

[observer53]

Enough of the Phoenix vs Prescott conversation. Back to topic, please.

[soaper]

I agree, I think home values especially in the valley and to some extent in Prescott will continue to fall. I checked realty-track the other day and there are 27 pages of foreclosures in the area. It will take some time (three years?) to clear them all out.