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Preview: Comments on: Where’s The Bottom In Arizona?

Comments on: Where’s The Bottom In Arizona?



Examining the home price boom and its effect on owners, lenders, regulators, real estate agents and the economy as a whole.



Published: Wed, 22 Nov 2017 12:14:29 +0000

 



By: technovelist

Sat, 11 Aug 2007 03:09:20 +0000

Yep.



By: Civil

Sat, 11 Aug 2007 00:22:14 +0000

I lived in Phoenix a couple of times and much prefer Yuma to it - it reminds me of the Phoenix of about 50 years ago, the same ag base, the same growth mentality (for better or worse), only with a river flowing through it that acutally has water in it. And the weather is not that bad in the summer - 110 and humid, who can complain? Affording $116000 houses is not bad - just about pencils out to break even with renting at $800 a month or so. Need about a $15/hour job to afford.



By: Chrisusc

Fri, 10 Aug 2007 23:37:14 +0000

Hey if we don't have a depression I might be moving there too...



By: Bill In Phoenix

Fri, 10 Aug 2007 22:44:41 +0000

yeah but I wonder why would someone want to move to Yuma? Must be a poor man's retirement place, as opposed to retiring in San Luis Obispo, which has good climate. What type of jobs can one find in Yuma to support $116,000 homes? Yuma is fine - in December, January, and February only, but too close to the border.



By: Bill In Phoenix

Fri, 10 Aug 2007 22:35:17 +0000

Chris, I'm keeping a watch on the prices in those areas, as well as Manhattan Beach. Nice to be in the cat bird seat now! Or at least in the easy chair munching popcorn as Neil is doing!



By: Bill In Phoenix

Fri, 10 Aug 2007 22:27:23 +0000

I'm registered Libertarian. it's reassuring that most of us are in agreement that Ron Paul is the best of the mainstream candidates.



By: Bill In Phoenix

Fri, 10 Aug 2007 22:19:01 +0000

Since reading about the no doc loan problem about the guy with $500,000 in the California thread, I am becoming convinced you are right. Seems you have to have a stable income history. Even if you were unemployed for 5 months in 2001-2002, but fully employed after that, I would betcha they would hold the 5 months against you. You'd best have lots of cash. T-bills, anyone?



By: Civil

Fri, 10 Aug 2007 21:33:06 +0000

A late addition to the post, but as Yuma is mentioned, it is worth noting that one local developer - the one that has always specialized in entry level homes - has one subdivision south of Yuma in Somerton in which he cannot build them fast enough to keep up with his waiting list. 955 sf single family homes on 5000 sf lots selling for $116,000 each. Up until 3 or 4 years ago he could sell these for $79,000 each and still make money - but still at $116000 each, they can provide a small yet affordable entry level home. Considering that 50 year old resale homes of the same size in town are still trying to sell for $150,000, these are quite the bargain. I think the developer is still even making $20K or so profit per home. This is the kind of home market that needs to re-emerge for home buying to make sense again.



By: Ghostwriter

Fri, 10 Aug 2007 21:06:18 +0000

Happened to a realtor I know here in Ohio and she had to go to court and do a formal 60 day eviction notice on the squatter. She couldn't just have the cops throw them out. Tell me our laws are not upside down.



By: rocketrob

Fri, 10 Aug 2007 19:23:37 +0000

Reality is finally here, everything that has been written on this blog for years is happening in living color. That said, I am so tired of new developments sprouting up around my house. A new on just broke ground Monday. There are now four 6500 home developments in Marana just NW of Tucson. At least there will be plenty of empty houses for all the homeless. Come on mortgages go to 18%, come on prices - fall , stop this madness.



By: Chrisusc

Fri, 10 Aug 2007 19:12:43 +0000

Agreed.



By: Chrisusc

Fri, 10 Aug 2007 19:10:24 +0000

Yes, RPV and PP and Hermosa and Redondo, all immune to housing busts...LMAO