Gee, imagine that. Phoenix overvalued.
So a market shouldn't go up 55% in one year? So a condo shouldn't cost $800,000 (that rents out for $1500 a month?). So an economy with 40% of jobs tied to real estate construction is a bit out of whack? So a 200% rise in inventory might cause prices to go down?
Wow. Imagine that.
I do love the "experts" who say prices won't come down. They can go up 55% in one year, but god forbid they drop even 5%. What a joke. Just watch. The investors have left this market (or are trying to if anyone would buy their house). The construction workers, realtors, mortgage bankers etc. will also be leaving. So who'll buy the houses in Phoenix? All those Fortune 500 company employees (there are none)?
I feel the Republic, and the "experts" either don't want to state the truth, as they don't want to freak folks out (or their advertisers - at least 34 pages today and two sections in the Republic from homebuilders). Or they don't want the truth to be the truth - as they're homeowners too..
The Phoenix region has landed on a list of "extremely" overvalued housing markets, but it's unlikely that the situation will lead to meaningful drops in home prices, several local housing analysts said.
And the designation comes just as the Valley's overheated housing market already may be cooling.
Still, home prices here have soared 55.2 percent during the past year, ranking the Valley tops in the nation in home appreciation. It was enough to push Phoenix onto the list of extremely overvalued markets, the study found. In the second quarter, metro Phoenix ranked 68th and 29.5 percent overvalued.
December 10, 2005
Phoenix, Arizona: Valley home market 'extremely' overvalued
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20 comments:
101 you are a hoot.
"i get promoted to ceo".
A CEO has responsibility to understand society. Your small "i" no capitalilazaion of "ceo", "phoenix" and "mesa". Says to me you will not last in your job.
Not to be cruel, just want to point out you need more education.
Phoenix is so hot it is unbearable to walk outside in the summer. Take a trip in August and you will find out how you feel.
I was on vacation in payson on 3/15/04 and thought what a great place to have a winter getaway. I brought my wife and kids this time on 3/15/05 and they all loved it, so we started looking to buy something for under $100k.
the only thing we could find were old 1960's trailers hidden under pole barn style rooftops,and they wanted more than $100k for those.
We decided that we could use that money staying at some nice resort for the next 30-40 years or so.
It's already been said,
"theirs no more stupid people"
101 - mesa is nice if you like row after row of tract homes, if you see TGIF as a nice restaurant experience, if you want all of your neighbors to be mormon, and if you need to convenient pay day loan and check cashing locations
In other words - it's a pit
If you're interested in Arizona, I'd recommend scottsdale, tempe, or north phoenix. Most of the rest is a wasteland of cookie cutter homes, strip malls and poor urban planning
And I HIGHLY recommend renting - it's a steal vs. owning, and I see a 30% - 40% fall in prices coming (to get back to the mean)
AZ - I loved your comment so much I'm editing it for my situation:
While the greater Tampa (FL) area
obviously works for a lot of people, I find it to be a vast wasteland of mediocrity populated by an endless stream of in & out transients who arguably destroyed and converted what once was a decent small city into a gridlocked hellhole surrounded by a hurricane attracting Gulf of Mexico on one side and endless lots of slum trailers on the other. Overbuilt,overpriced and generally overrated, with 6 months of brutal hot, humid weather.
Yeah, I know and heard of all the cold and snow analogies.... believe me,unless you've lived here year round for at least 3- 4 years, you'll never "get it" about the heat and humidity and its impact on this area and your lifestyle.
As for culture and attitude, even though this is the South, there is a colossal clash among Florida "bubbas", new england yuppies, and midwest "common folks" that causes a constant confusion of the enviroment with absolutely no resemblence to the real south (& hospitality) in AL, MS, and GA. You're really in a Mexican or trailer park slum village.
Hmm, I'm becoming less tempted to leave Seattle- we've got year-round mild temperature. Maybe 3 days of snow, 3 days of +85 degrees per year and I can't really handle any more of either.
The culture is no San Francisco, but it is no Mesa, Arizona, either.
We've got a bubble, but it is a lot less than CA, plus possibly late blooming.
Very confusing- still I'm not buying.
here's my take on arizona - it's great, and some of it sucks
but I'd much rather live here than florida (heat, humidity, race issues, bubbas), seattle (rain rain rain), california (gross people, cost of living) or anywhere in the US
AZ has by far the best year-round weather, and you just stay in the pool, mall or airplanes in the summer
and like any city you have to take the good with the bad
good - weather, mountains, sunsets, everything's new and nice, resorts, restaurants, shopping, skiing, mountain biking, beautiful people, beautiful homes (inside), no crime
bad - ugly tract homes, no downtown, no 'town' feel, plastic people in scottsdale, housing bubble, ok arts culture but not great, right wing republican congress, 48th in education, illegal immigration
all in all, not a bad place to be, but not the greatest either... but 9 months of the year, the best weather in the us by far
Two Words.... La Jolla, truly the best place to live, with the best weather. Enough Said, I don't live there, I can't afford it. Phoenix is like a death trap, I do like the northeast but those 3.5 months are pretty rough, just not a big fan of waking up in the morning to scraping the car window, while my balls are running up to my chest. You can have the snow. I'll take the rest of the year though.
Those narcissistic, mindless look-at-me airheads are gradually migrating and a huge number of them are now concetrated in Scottsdale
this does seem to be the case, doesn't it
AZ -
Florida is the same exact thing regarding the swimming pools. A natural pool warms up in mid/late April and is unswimmable by mid/late October. Anyone swimming in the other months is either in a heated pool or a tourist from Canada who believes 65' water is bath temperature.
It's really no different than Chicago, where people swim end-May to Sept. The swimming month here is only 2 months longer and very few people are out on a summer day for fear of an intense sun that radiates and sizzles fair skin in less than 15 minutes from 9-7 pm
hey, the best news about nice areas - miami, san diego, la, santa barbara, arizona, etc, is that all will have VERY AFFORDABLE REAL ESTATE in just a few years!
God, where should I start? After 14 years of surviving Phoenix and north Scottsdale, I don't know where to start!
1. WEATHER FROM HELL. From May 1 to October 30, you will have to run the A/C in the Valley, unless the heat has already killed you or you are a lizard. I don't know about the rest of the state, but here it's brutal. Don't think about opening your windows, or you will let about 1" of dust inside from the constant traffic and constant construction and bare dry dirt, not to mention the noise.
2. MORONS from NY and CA saying how "cheap" it is here. (Not anymore, thanks alot!) Any place in the US is (was) cheap compared to NYC or CA, idiots! We want you here like the bird flu!!!!!!!!!!!!!!!!
3. (VERY) TRANSIENT. Here today, gone tomorrow. There is no sense of community whatsoever. It's all about what you can do to "get ahead" at the expense of someone else, and then move on.
4. LACKLUSTER JOB MARKET. When real estate wasn't ruined from out of state whores, you could justify a much lower salary. NOT ANYMORE.
5. LOW QUALITY OF LIFE. Below education standards of Mississippi, for Christ's sake. At least they have an excuse, no money. What's the excuse here? Right wing wackos everywhere. (Maybe I answered my question.) Little culture or architecture. Super plastic people in north Scottsdale, the only place I've been in the Valley where you don't feel like you'll be shot dead. Arizona seems to attract hollow, dead conservative people. Maybe it's because it's in the DESERT. No protection from any government if you are a renter or an employee. Tempe is the only government entity that even tries to improve quality of life issues!!
6. For the one who mention 'How's Mesa". I'll let you figure it out when you get transfered here! If you don't fit into the following catagories, you won't feel at home: a. low-end Mexican b. white trash c. conservative, near death (thank God) mummies from Iowa and Nebraska.
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