Prescott Home Prices Continue to Fall (sale, real estate, foreclosure)

[DellNec]

Originally Posted by BriansPerspective

By the way, the last time the Prescott area was at $95/sqft was 2001, not 1997. Prices in 1997 were $79/sqft. Sorry to burst your bubble.

That was according to the article I quoted, they were taking the overall average. Plus it all depends where one resides within Prescott and how much land/acreage they have. A 3,000 sq.ft. home on 2 acres will be different than a 3,000 sq.ft. home on 1/2 an acre.

There are areas that have seen 40% drop in values since 2008. One of which is Talking Rock Ranch & even American Ranch. I've seen some homes drop by 40% out there.

Land has seen 50%-75% drop in values. Las Vegas Ranch Estates prices have plummeted by 50% or more.

[nikorock28]

Originally Posted by DellNec

There are areas that have seen 40% drop in values since 2008. One of which is Talking Rock Ranch & even American Ranch. I've seen some homes drop by 40% out there.

Land has seen 50%-75% drop in values. Las Vegas Ranch Estates prices have plummeted by 50% or more.

Sounds like a collapse to me. I am not sure why some posters choose to neglect the facts.

[BriansPerspective]

Originally Posted by DellNec

That was according to the article I quoted, they were taking the overall average. Plus it all depends where one resides within Prescott and how much land/acreage they have. A 3,000 sq.ft. home on 2 acres will be different than a 3,000 sq.ft. home on 1/2 an acre.

There are areas that have seen 40% drop in values since 2008. One of which is Talking Rock Ranch & even American Ranch. I've seen some homes drop by 40% out there.

Land has seen 50%-75% drop in values. Las Vegas Ranch Estates prices have plummeted by 50% or more.

The article that you posted states that Phoenix prices are at late 1990's levels. This is Prescott. Are you going to start quoting Phoenix crime levels and declare that Prescott is experiencing the worst crime in the history of its existence? The statistics that I posted are for the Prescott area, which as I have noted before, is sitting at 2001 levels. Prices have absolutely dropped significantly from the peak (which was in 2006 by the way, not 2008). Prices may drop further, they may be stabilizing, or they may be starting a rebound. I have no issue with the truth and opinions being shared. I take issue with lies and exaggeration.

Of course some subdivisions have been hit harder than others. What do you expect with Talking Rock, American Ranch, and Las Vegas Ranch? Those areas are remote and are aimed at the extremely wealthy. They are hardly representative of the majority.

As for land... prices have dropped precipitously. In Bensch Ranch in Mayer for example, land prices have dropped from $65K to $120K at the peak to $10K to $30K today - an 85% drop. There's no surprise there. Why would you buy a piece of land and build when you can buy an existing home a lot cheaper?

On the flip side of all this, which I don't hear the media proclaiming, is that homes are far more affordable now. Back in 2006, people were screaming that homes were too expensive and the average working person could not afford to buy a house. I remember sitting in meetings where developers were telling us that they were figuring out how to develop a product that could be purchased for as little as $200K. That same product is now selling for $130K. Talk about affordable! ...and please don't jump on the band wagon of banks won't lend the average working person money. That is plain wrong. If you have reasonable credit and a job, you can buy a house with 3.5% down (FHA) or 10% down (conventional).

So, if you want to quote facts and state opinions about them, rock on! If you want to post articles about other cities and claim that they are representative of Prescott, then expect a rebuttal.

[keninaz]

Originally Posted by nikorock28

Sounds like a collapse to me. I am not sure why some posters choose to neglect the facts.

I would assume that's because most posters are not aware that the title of this post is "Prescott home prices continue to fall" which has little to do with unimproved land.
Think about it.

[wretched wrench]

Originally Posted by BriansPerspective

I remember sitting in meetings where developers were telling us that they were figuring out how to develop a product that could be purchased for as little as $200K. That same product is now selling for $130K.

That is quite a price drop. How'd they do that?

[nikorock28]

Originally Posted by keninaz

I would assume that's because most posters are not aware that the title of this post is "Prescott home prices continue to fall" which has little to do with unimproved land.
Think about it.

I am not referring to unimproved land. I am referring to home prices. The fact is home prices have crashed in Prescott. Sure, not as much as Phoenix, but certainly a crash.

[nikorock28]

Originally Posted by BriansPerspective

Prices may drop further, they may be stabilizing, or they may be starting a rebound.

Realtors have been using this line for three years now and it has been and will continue to be a misrepresentation of the market. Chances are much more likely that prices continue to fall than the latter options. No rebound is feasible with double digit unemployment as far as the eye can see.

[DellNec]

Originally Posted by nikorock28

Realtors have been using this line for three years now and it has been and will continue to be a misrepresentation of the market. Chances are much more likely that prices continue to fall than the latter options. No rebound is feasible with double digit unemployment as far as the eye can see.

Yep, you can bet that Realtors always put a spin on it. Let's not forget that Realtors are in the blame for this collapse also. Their greed, lies and corruption added to this RE mess.

Even with Townsend going to jail, what about those Realtors that worked with her to conduct her scams? Well, they are still out there working as Realtors. The wolves are out among the sheep.

[keninaz]

And from your bitterness it's apparent that you have been fleeced more than once yourself!

[BriansPerspective]

Originally Posted by nikorock28

Realtors have been using this line for three years now and it has been and will continue to be a misrepresentation of the market. Chances are much more likely that prices continue to fall than the latter options. No rebound is feasible with double digit unemployment as far as the eye can see.

So, let me get this straight. If 1) I provide factual statistics where certain subdivisions have seen prices rise while other subdivisions have seen prices fall; and 2) I further give an example where land prices in certain areas have plummeted, and 3) I state that I cannot predict if prices will increase, stabilize, or decline... then I am misrepresenting the market? And somehow this is putting spin on the facts?