December 26, 2005

Here's some listings from Phoenix - hurry these won't last!


This apartment is a steal in Scottsdale at less than $1500 per sq. foot (Seriously. No, seriously). At only $4.2 Million, this 2-bedroom condo (it's not really a loft) would have a low, low monthly payment of $25,181, plus your condo fee of $1200 a month of course. But it would make a great investment, as rent for this two-bedroom charmer would be at least $2,500 per month - so no worries there!



This charmer sits next to the busy 101 freeway in Tempe, under the flight path of Sky Harbor, and in an area surrounded by junk yards, a horse stable, a porn shop and an In and Out burger for those nights you'd like to dine out.

Enjoy the hum of the freeway and roar of the jet engines as you contemplate why you just paid $1 Million (or $7000+ per month) for a place that would rent out for $2000 a month max.


Folks, have people lost there minds? Are you seeing listings that make no sense in your neck of the woods too? And after all the bubble press, bad housing numbers and rising interest rates who in their right mind would be out today making an offer on one of these insanely overpriced units?

86 comments:

ECOBUILDER said...

Keith,
Scottsdale used to be the cleanest city in the whole Sun Walley. Not anymore.
Smog is everywhere - I can see it from Tempe. Huge cloud of haze is spreading hundred miles over the Walley. I'm sick and tired of it. Don't want my kids growing in this dump anymore. Have to move out a.s.a.p.

keith said...

Eco - when I chose to move to Arizona (from St. Louis) 10 years ago, here were the reasons:

1) cost of living
2) weather
3) jobs

Well, the housing bubble has killed the cost of living quotient. People will no longer move here because they can buy an affordable house for their family (until the bubble bursts)

The weather - well, our stupid near-sighted politicians (who are almost all connected to the "we love sprawl" real estate industrial complex) did no urban planning to speak of, and we now have incredible sprawl, concrete and asphalt that go on and on, and surburbs 50 miles out of the city center. So it's getting hotter. It's still amazing here this time of year and I'll take it vs. any city in America, but the summers are noticibly hotter with the urban heat island radiating heat back at night.

And jobs - ha! We have I think 2 Fortune 500 companies, 40% of the jobs here are tied to real estate and construction, and the majority of the rest are in the low-wage service sector. There are no good jobs in Phoenix folks.

I'm lucky in that I have my own consulting practice, can live anywhere, and will be moving to London in January. But I fear for this city (as the bubble bursts) and I hope it learns from its mistakes. It's a great canvas to work off of.

I'll likely be back in a few years, but I hope it's gotten better and not worse when I do.

And I hope that now $1.2 Million home is back down to about $400,000 where it recently was, and where it should be again. We'll see.

skytrekker said...

They had a state study (Connecticut) that was broadcast on a local PBS station here a few weeks ago- many local political leaders,economists saying the high cost of housing in Connecticut was driving people to AZ and Florida- I sort of chuckled- these people despite all their impressive credentials are misinformed. The median home price in metro Hartford CT is 255K- in Miami FL it is 370K and 335K in Ft. Lauderdale and Sarasota- going to Florida for cheaper housing- nope!
Phonenix has a median price that is near Hartfords- and Scottsdale is much higher then here. Young people are drawn to these regions (this group said) because of 'cheap housing costs' and plentiful jobs.....! Well when the bubble bursts in these two regions- they will be hitch hiking back to Connecticut. As far as Phoenix's weather becoming hotter- it is- the heat Island from the sprawl is part of the reason- the other is climate change- which in the next decade or so will make both Phoenix and Tuscson a hell like inferno 7-8 months of the year.
Metro Phoenix reminds me of L.A II- with much hotter weather, and the same sprawl, and pollution even worse. Moving to 'Cheap' AZ and Florida? Think twice- Florida and its climate change problems will grow as well- hotter, wetter and more hurricanes.

aznycblogger said...

I just moved into a condo that we're leasing near the Paradise Valley Mall. There was no way we were going to buy anything in this overpriced market but wanted to move to an area with better day care and schools (we moved from South Phoenix). We'd been looking for several months. The place we're leasing is a recent coversion. Funny enough, the condos were originally built a few years ago as condos, but didn't sell so they went as rentals only to convert about 9 months ago. I'd say one third of the residents are leasing from an investor. It looks like approx. 40% of the units remain unlived in. Some have signs in the windows reading "For Sale, For Lease, Lease Option, Flexible Lease Terms." In August these units were being leased at $1,200 per month for a 2 bedroom/2 bath with an attached garage. The monthly rent went slowly down. We negotiated on our lease and were able to get $975 per month. We're leasing from an investor through a property managment company who said that one investor from the Bay area came here last year and loved these units. He bought some units here and a lot of his friends did on his recommendation without even coming to see the place. A majority of the investors are from California. New carpets have been put in some of them. More people have moved in this week as I'm sure more investors are lowering their monthly asking price. Additionally, my place overlooks a new condo construction by Starpointe Communities. I wonder what's going on there since the construction has stopped in the last couple of weeks. They're working on an underground parking lot for the "luxury" condos. I wonder if they're stopping construction as investors pull out and if they'll sell or sit on the space. I hope so as I have a great view that would be blocked if the condos went forward.

Dogcrap Green said...

LOL

Now that blog was funny!!!

blueser said...

For a mil i can get a 2800 sq ft house 10 miles from Silicon valley. And I think thats outrageous. 1 mil+ condo in Phoenix! What are these people smoking?

plodell said...

I rent a 2 bedroom 1200 sq ft condo in Boca Raton, FL for $1000 per month. The units are going on the market. Asking price? $285,000. Ii was told that this is a great investment because in 5 years it will be worth $500,000. People think I'm nuts, but I'm not buying here. I'll move to a more sane area of the country to buy.

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SPECULATORS,
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Anonymous said...

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Anonymous said...

Hint #5 for . Loose knobs, sticking and squeaking doors and windows, warped cabinet drawers, and other minor flaws detract from home value. Fix them. Most buyers assume there will be ten hidden problems for every one they see.

Anonymous said...

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Anonymous said...

Hint #11 for . You Can Sell Pride Of Ownership. Cleanliness counts. Potpourrie works. So does a nice-smelling stew simmering on the stove. Happy buyers often tell us: "I liked the smell of the home." And you'd be surprised how many people walked away from a "perfect" home because "the owners were smokers."

Anonymous said...

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Anonymous said...

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The average home is currently on the for about 4 months before it goes to contract. Around 15% of initial real estate contracts never make it to a successful closing ... something goes wrong, and the frustrated seller puts the home back on the real estate market .

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Anonymous said...

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Anonymous said...

Hint #13 for . Three is A Crowd: Avoid having too many people present during a showing. Potential buyers need to feel at home, not like intruders being hurried through the house.

Anonymous said...

In this "cooling off" real estate market, suggest that the average residence is shown about 4 times a week during the first 3 weeks of a real estate listing. After that, an unsold home goes "stale" ... it gets shown less .

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Anonymous said...

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Anonymous said...

Hint #11 for . You Can Sell Pride Of Ownership. Cleanliness counts. Potpourrie works. So does a nice-smelling stew simmering on the stove. Happy buyers often tell us: "I liked the smell of the home." And you'd be surprised how many people walked away from a "perfect" home because "the owners were smokers."

Anonymous said...

The real estate market really . Overpriced homes. Underpricing buyers. Especially tough to sell in a market more interested in hurricanes than square feet under air. But maybe this is the way. Enjoyed your site. Thanks.

Anonymous said...

Even if you sell your home "as is, subject to inspection" � you can do a lot to . A top-notch Realtor� will probably hand you a list of at least a dozen things you can do to help improve your sale. If they don't, well, maybe you need to .

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Anonymous said...

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Anonymous said...

watch "absorption rates" closely. It's a time-tested yardstick for home sales. Does it prove that the Housing Bubble has already popped? You bet it has.

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Anonymous said...

Hint #13 for . Three is A Crowd: Avoid having too many people present during a showing. Potential buyers need to feel at home, not like intruders being hurried through the house.

Anonymous said...

Hint #5 for . Loose knobs, sticking and squeaking doors and windows, warped cabinet drawers, and other minor flaws detract from home value. Fix them. Most buyers assume there will be ten hidden problems for every one they see.

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Anonymous said...

Here's the home buying process into a single weekend. She does it by compressing the real estate marketing budget into a much tighter timeframe than normal .

Anonymous said...

The average home is currently on the for about 4 months before it goes to contract. Around 15% of initial real estate contracts never make it to a successful closing ... something goes wrong, and the frustrated seller puts the home back on the real estate market .

Anonymous said...

Hint #5 for . Loose knobs, sticking and squeaking doors and windows, warped cabinet drawers, and other minor flaws detract from home value. Fix them. Most buyers assume there will be ten hidden problems for every one they see.

Anonymous said...

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Anonymous said...

The No. 1 sellers' complaint on the is the "showing" process ... the line of people trudging through their home, inspecting their lives, in search of who knows what .

Anonymous said...

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