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Old 03-14-2009, 11:08 PM
 
266 posts, read 1,005,241 times
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Is Prescott the number one town for recreation and outdoor living in Arizona?
I heard the housing is very inexpensive?

 
Old 03-15-2009, 07:37 AM
 
Location: Metro Phoenix, AZ USA
17,915 posts, read 43,529,423 times
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Well, I don't know how we would calculate number one. It doesn't get much snow, and what it gets doesn't last long, and it's cooler in the summer than the Valley, so year round, yes, it's a popular area.

Housing "very inexpensive"? I wouldn't think so. I guess it would depend on what you are looking for to some extent, but popularity=demand, and generally keeps prices up, not down.
 
Old 03-16-2009, 09:09 PM
 
11 posts, read 37,901 times
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Quote:
Originally Posted by Den Mathias View Post
Is Prescott the number one town for recreation and outdoor living in Arizona?
I heard the housing is very inexpensive?
The first question I would answer, most likely not. There are many towns that have good outdoor living stuff. The second question is also not true. Prescott Valley and Chino Valley are inexpensive but Prescott is not inexpensive. The cost of living is actually quite high in Prescott.
 
Old 03-19-2009, 03:29 PM
 
Location: Prescott Valley, AZ
1,929 posts, read 5,940,108 times
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What's expensive? It's all relative. At the end of 2005, you could buy a house in the Cliff Rose subdivision for $180/sqft ($325K for 1800 sqft). Now you can buy the same house for $140/sqft ($250K for 1800 sqft). At the end of 2005, people were bending over backwards to figure out how to build low-income housing in Prescott Valley for under $200K. Today houses are a dime a dozen under $200K.
 
Old 03-19-2009, 11:15 PM
 
11 posts, read 37,901 times
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Quote:
Originally Posted by BiggsHomes View Post
What's expensive? It's all relative. At the end of 2005, you could buy a house in the Cliff Rose subdivision for $180/sqft ($325K for 1800 sqft). Now you can buy the same house for $140/sqft ($250K for 1800 sqft). At the end of 2005, people were bending over backwards to figure out how to build low-income housing in Prescott Valley for under $200K. Today houses are a dime a dozen under $200K.
Even at $140 sq.ft., that is still overpriced. You can buy a home in a nice, new neighborhood in the Phoenix metro area for $50 sq.ft. A 1,800 sq.ft. home can easily be bought for near $100K in the Phoenix metro area. A brand new, but foreclosed home, in the Glendale area, 3,900 sq.ft. (5bed/5bath) home just sold for $225K. It was a very nice home, not trashed, turn-key, great quiet neighborhood.

Prescott and Prescott Valley are still overpriced. Prices will continue to drop, especially as there are no good paying jobs in that area. IMHO, that area will see HUGE fallout's from this economic collapse. It was built fast and furious, but all on the backs of real estate hype. It will fall just as fast and furious.

A friend owned a home in Quailwood. Paid $290K for the home in late 2005. The home is now foreclosed and sold for $165K. Prices continue to drop. Banks believe prices will continue to drop. That same home might be worth $125K by late this year.
 
Old 03-19-2009, 11:31 PM
 
Location: Prescott Valley, AZ
1,929 posts, read 5,940,108 times
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Quote:
Originally Posted by Marcus707 View Post
A friend owned a home in Quailwood. Paid $290K for the home in late 2005. The home is now foreclosed and sold for $165K. Prices continue to drop. Banks believe prices will continue to drop. That same home might be worth $125K by late this year.
Maybe, maybe not. There used to be 10-15 bank-owned properties for sale in Quailwood at any given time. Now there are 0. I think the market is turning around.
 
Old 03-20-2009, 03:19 AM
 
11 posts, read 37,901 times
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Quote:
Originally Posted by BiggsHomes View Post
Maybe, maybe not. There used to be 10-15 bank-owned properties for sale in Quailwood at any given time. Now there are 0. I think the market is turning around.
I can say with 99.9% certainty that the market is NOT going to turn around anytime soon. It fairly simple as to WHY. Most of the subprime loans reset in 2007 and 2008 while most of Option ARMs are set to reset during 2009-2011. Interest Only Loans were made in 2006 and earlier and set to BALLOON in 3-5 years. So starting with 2006 and going back. The earliest will BALLOON in 2009 and keep going until 2011. Those are the FACTS.

There is ANOTHER wave of foreclosures due in 2009, starting to peak at May 2009. Many sub prime borrowers haven't seen their mortgage rates reset yet and many took out interest only loans out in 2006, with 3-5 year ARM's. The would leave 2009-2011 with ARM's coming due.

The second wave of ARM's are set to adjust and the SECOND WAVE of the RE Market collapse will come this year. Remember, these loans were originally sold in 2005 & 2006 (when the market was peaking out) as 3-5 year interest only loans and ARM's to homeowners eager to cash in on rising property values. Now they come due and the second wave of foreclosures is coming. Every economist worth his or her 2 cents, see's this coming and has noted this next disaster. Now is NOT the time to buy RE. Unless you like a depreciating asset and are not planning on moving for the next 10+ years. Option ARMs: The Banking Backdrop of 2009 -- Seeking Alpha
 
Old 03-20-2009, 03:31 AM
 
11 posts, read 37,901 times
Reputation: 16
Even 60 Minutes (CBS) investigated this and had economists confirm this. CBS’s 60 Minutes aired a program on December 14, 2008 and they talked about the 2nd Wave of Foreclosures. All the experts are expecting another wave of mortgage defaults on ARM's mortgages starting in April 2009, which will dwarf the Subprime Mortgage Crisis. The market has NOT bottomed out. Maybe by 2011.
 
Old 03-20-2009, 11:37 AM
 
Location: Montana
2,203 posts, read 9,338,878 times
Reputation: 1130
I'll tell you why I love Prescott. Here's what happened to me yesterday.

I'm out with clients looking at houses when my car suddenly dies while I'm driving it! What a situation - stalled at the edge of a busy intersection (not normally a busy intersection, but due to road construction, all the construction vehicles are now having to inch their way around me - how embarrassing.)

Almost immediately, a guy stops and tries to help (hopeless cause though - the battery was leaking and fried the battery cables). This nice guy offers to give my clients a ride back to pick up their car, so they can get some lunch. How nice! Meanwhile, I call a friend who has his buddy at a car repair shop come rescue me. He was there within 15 minutes, got it temporarily fixed, and followed me back to his shop.

In the meantime, in the 1/2 hour that I was stranded at the intersection, there were at least 8-10 people that stopped to ask how they could help.

That's the kind of town Prescott is, and that's why I LOVE PRESCOTT!
 
Old 03-20-2009, 09:26 PM
 
1,627 posts, read 3,227,337 times
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Hi Gretchen,
There was a couple we met and my husband and I showed them around Prescott. Our van overheated and we had to pull along side of the road, not far from Prescott Valley Library. We counted 8 people who pulled over to see if they could help, one was a police officer. One man gave us all a cold bottle of water. The couple who we were with wanted to sell their home in California, so they could move to Prescott. They said that would never happen in California. They were so impressed.
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