Here's your standard 2 bed, 2 bath in Tempe, Arizona, right off of a busy road, directly (and I mean directly) under the flightpath of Sky Harbor airport. 1800 sq. ft., and yes, it has a microwave!
Well, on the bright side you can watch the birds right out of your window. 747's and 777's mainly, and if you're lucky the big low-landing birds that really rattle the windows from UPS and FedEx.
List price: no, not $150,000. Not $250,000. Heck, not even $350,000. Really, it's more than $350,000, even though at that price the owner wouldn't be able to break even by renting it to a couple ASU students.
No, this gem is at... drumroll please... $1,150,000. Yes, one million, one hundred and fifty thousand dollars. Choke. Gasp. Faint.
So, what will the bank buy it back for in two years, post-foreclosure? What will the real price be in two years - what will the market bear? Get your guesses in now.
August 13, 2006
Play the overpriced Phoenix condo game: Guess what this one will be worth in two years
Subscribe to:
Post Comments (Atom)
28 comments:
I work three blocks from the complex in the picture. Wouldn't you know that across the street there is a closed down Flour mill that the City of Tempe has declared a historic landmark? It's historic alright, historic for now being the home of at least 200 homeless and vagabonds. The place reeks of piss and shit and is dirty and filthy. The lake that is behind this complex has been deemed polluted and unswimmable by the city. Anyone driving on the 202 freeway ealier this year has seen the green moss that was growing on the lake.
Mill Avenue the so called happening strip a block away from this complex is the saddest couple of shopping blocks I've ever seen. On weekends this place is dead. I won't even eat lunch on Mill avenue it's so dead. And they are planning more and more condo's here.
I hate this f*cking place. It's hotter than shit, everyone here is an asshole republican from like Nebraska or some other useless state. I could deal with all this if housing and the cost of living was affordable which it used to be. But now, most people can only afford a small crapbox 60 miles from downtown or a cheap apartment. Might as well move to Cali and have the coast and great weather for that. Plus the bikini's over there beat all the effing overweight people here.
Anyone know why there are so many fat people in PHX? You can wear shorts and a t-shirt all year but yet this place is home to the most fat people I've ever seen.
Plus this placed has no culture whatsoever. 99% percent of the population is either Mexican or a fu*king cracker! No offense to either.
I want to leave so bad but guess what, I can't sell my effing shitbox! 8 months and no offers at all. I gave up.
I hope PHX housing burns!
I say, $150,000. And that's high in my opinion. I wouldn't touch it for even $200,000.
-Dragasoni-
Looks like an Inglewood in making in Phx.
130k, if you could rent it out for maybe 800/mo in a few years
$350,000?
America - Land of selling the dream that no longer exists.
We are a nation of clowns.
"I hate this f*cking place. It's hotter than shit, everyone here is an asshole republican from like Nebraska or some other useless state. I could deal with all this if housing and the cost of living was affordable which it used to be. But now, most people can only afford a small crapbox 60 miles from downtown or a cheap apartment. Might as well move to Cali and have the coast and great weather for that. Plus the bikini's over there beat all the effing overweight people here."
Anon you have some talent as a writer. You made me laugh. Good work. I'll send some prayers your way to get that abode sold.
"Anon you have some talent as a writer. You made me laugh. Good work. I'll send some prayers your way to get that abode sold. "
If he did sell he would create a similar problem for a bigger fool of a buyer. That does not strike me as somethingyou should pray for.
I agree that anon can write. He seems to have a talent for gonzo journalism. Maybe you cold try writing a book about trying to leave Phoenix.
"It's historic alright, historic for now being the home of at least 200 homeless and vagabonds. The place reeks of piss and shit and is dirty and filthy. The lake that is behind this complex has been deemed polluted and unswimmable by the city. Anyone driving on the 202 freeway ealier this year has seen the green moss that was growing on the lake."
Priceless, I almost spit coffe on my laptop.
Have a little mercy on this anon from PHX. We don't know if the purchase was 8 months ago or 8 years ago.
Anyone who could sum up life that succinctly deserves a positive thought, a little help.
Hope and pray you can get out.
A little lesson for all-
"Gonzo journalism is a style of reporting that mixes fiction and factual journalism. It uses an unconventional, exaggerated and highly subjective style, often including the reporter as part of the story. It is used to describe the style of American journalist Hunter S. Thompson, among others.
Thompson was disappointed with the state of journalism and sought to press greater truth over specific facts. Gonzo journalism argues that journalism can be truthful without striving for objectivity and is loosely equivelent to an editorial. It favors style over accuracy and aims to describe personal experiences or the essence or mood of things rather than facts. It disregards the 'polished' edited product favored by newspaper media and strives for the gritty factor."
from on-line Webster
Yes and you are right it is Gonzo Journalism. What is wrong with that. I find it more real and refreshing than the corporate crap that comes from the likes or Leseash, Reagor, MSN, CNN, in fact 95% of all the corporate owned media in this country.
Besides all Blogging is Gonzo Journalism.
That also means you.
Yeah - just visited scottsdale two night ago - "water front condos" - don't know the cost, but the water part is a 30 foot wide concrete irrigation canal.
LMFAO!!!
Oh - they are still in the framing stage....
"from like Nebraska or some other useless state"
yeppers - states that produce the majority of the food we eat are useless.
We are so screwed - and I ain't talking housing people.
"The lake that is behind this complex has been deemed polluted and unswimmable"
Huh??? - this lake has posted signs - NO SWIMMING - duh
Polluted - yo bro - send the link - I read EVERYTHING here - never heard this before.
Sure you can string waords together - complete BS that is -
Nebraska or some other useless state?
I've lived in calif. for 34 yrs. And i've had enough! I'm leaving for one of those a--hole republican states and leaving this liberal mecca of self-absorbed, narcissistic, open minded to the point of no rational thought, free thinking, tree hugging, all roads lead to god thinking, environmental hypocritical, bling bling, where's Paris, keepin up with the Gomez's, taxed up the a--, overvalued, over crowded, image is everything state! So feel free to come take my place.
Keith - HP should codify a rule.
"Anons - need to have handles"
Some anons have contacted me offsite (with positive comments btw) so now I need to be careful who to rage on.
160K in three years. Max
Who cares what its worth. I cant imagine someone wanting it.
It will be used to house city workers -- part of their pay and benefits package because falling tax receipts won't allow for traditional pay raises. That Supreme Court ruling on imminent domain will come in handy as cities and counties snatch up these properties all over the country.
richard said "Some anons have contacted me offsite (with positive comments btw) so now I need to be careful who to rage on."
Oh really? That's so sweet, which bath house do you guys attend?
Looks like the 1.1 million condo under the flight path at Lindbergh SD!. . .they reduced that one to 899K and it is STILL sitting on the market one year later!!!. . .I love planes, but I would be scared sh#tless to have a plane literally 400 feet over my house!!
this building is just the first of several planned along this little stretch of "lakefront". more under construction, mostly offices. the views are of an artificial waterfront, freeway (202), massive power lines, and the occasional jet every 30-60 seconds. sky harbor is usually in the top 10 busiest airports in the world. good luck selling the piece of crap. there are many for sale in this building, some even with crappy views of the offices next door. idiots, all idiots.
Keith - HP should codify a rule. "Anons - need to have handles"
-OK, all HP'ers, you must have a handle.
There.
Hmmm... why does that feel like me saying:
"All homesellers must immediately drop their price 50%".
hey anon - they were woman -
ok keith - thanks bro - that should work just fine.
They will drop their home prices 50% keith - so that should work just fine too.
I think we all agree that the price on these Phoenix units won't be worth squat in the future. Anyone want to guess what prices will do here in Orange County for condos?
Looked into Marquee Park Place near the airport yesterday. This is the first high rise luxury condo project in the OC (more being built though). I picked up the list of units for sale; obviously flippers thought they were in on a good thing. The developer sold the place out, but according to the list, 80 of the 232 units are on sale with Days on Market up to 227 days and prices ranging from a paltry $695k to $2.4 mil for the highest priced.
I'm thinking a catastrophe in the making for the bagholders. Any guesses?
http://tinyurl.com/ljoap
I follow the bubble by looking for the highest price condos in relation to the rent for that unit. Until this Tempe post I thought a new condo development bought primarily by "investors" in Irvine, California was the most out of order. The condos are on 3131 or 3141 Michelson and sell for around 1.5 million and you could rent for $2,800. What would the rent for this unit in Tempe be....as they said we could have a new winner here
Anonymous said, "I want to leave so bad....I can't sell....no offers...I hope Phx housing burns" Make believe. If you owned a house in Phoenix you wouldn't want the market to burn as you'd loose even more than your ass. You rent. You probably don't live in Phoenix anymore and are bitter because your boyfriend left you and kept the house.
Also, I think there are two issues, houses and condos. To save the planet we need urban, dense, but affordable housing. The problem with these units is that they are expensive to build, and in this case, sound proof. They are not built to create urban density but to sell the myth of urban living. Central Phoenix is a prime example of building for profit and not to create vibrant urban centers. All the skyscappes along Central (mid-town) if they had been built downtown would long ago created enough gravity and density to make Phoenix's core a magnet for those wanting an urban experience and to preserve the desert and t be more energy and water efficient.
Of course the Real Estate Industrial complex wants their cake and to eat it to so they build lots of track homes in the burbs, which most people want even if they spout environmentally correct politics and then for those who really do they offer the illusion (see all those ads for condos) of a hip, environmentally sound, and urban experience that can't exist if they build one condo unit here, another there, and most important of all, for people to actually live in (see San Diego).
I'd say the most the best unit in this building should be is maybe $500,000 for a Penthouse, 2000 sq ft with all the upgrades and maybe $150,000 for a 1,000 sq ft lower level unit. Still, for those who know Phoenix, Tapestry on Central, once known as Willow walk before bankruptcy, took like five years to build, originally the penthouse units sold for the maxium of $225,000. i think some of them are now listed for a $800,000? I'd live in one of these units (meaning a high rise condo) but not if it will cost me more than living in a single family residence. We had looked at buying a condo in Executive Towers in 2002, 17th floor, 1000 sq ft, and was $135,000. It was an old (60s) building and there was the risks of major system repairs, plumbing, heating, air conditioning etc, so you never knew what your cost would be five years from now (they had a similar problem for the condos at 3rd and Thomas, was in the New Times about 10 years ago, units were 1,000 sq ft, cost $25,000, but they had this issue and people were assessed more in repairs than they paid for the units) and the montly HOA was $500 a month. So even if the unit was fairly priced for 2002, the costs made owning it higher than paying $225,000 for a single family home new.
Condo living was invented to make owning more affordable, not more expensive. That is why so many of these units will fail, price, as in the end people would rather live in SFR if it were cheaper.
Richard, my man. You make a good argument. I understand that Nebraska and the heartland make most of our food and other precious items. They also inbreed and keep America looking beautiful. Point taken.
On the town lake matter you have a point also. I'll tell you what though, I'll do you one better than sending a link. How's about coming down to my office for some proof? I work in the engineering department at the city of tempe. I'll even introduce you to part of the team that designed the lake. They are the ones who survived the whole lake design ordeal. You see they wanted to add some circulation and filtration to the town lake. This way, Tempe beach park would actually lead to a beach that people could swim in. The city council decided against it.
When you create a body of water that has no circulation, no filtration, has a crowded freeway running parallel, has planes constantly passing overhead, with construction going on all around it, and has dirty water flowing in from the riverbed next to it whenever it rains,not to mention the homeless, vagabonds and bohemian (which visit the Mill avenue area each winter) population pissing in it, ummmm I would think there is pollution. No? I would like to add that the riverbed next to the lake runs directly under the 202 and 101 freeways. Anyone ever walked on a street or sidewalk that was directly under a freeway? Not very pretty. But luckily we have a lake that hides all that.
Now if Tempe Beack park actually led to a real beach, these condo's might be worth paying a little extra for. I would pay a quite a bit more to see some ASU bikini's running around.
BTW - Richard there are "No swimming" signs posted. But, if you dont see them do me a favor, jump in the lake. Since the lake has vertical walls on each side above the water, let me know how you manage to get out. Hint: it won't be easy.
FYI - http://www.tempe.gov/lake/Recreation/parkregulations.htm
Prohibited activities
The following are some of the activities that are prohibited in Town Lake Parks:
Alcohol consumption
Dangerous Acts
Entry into posted flood control zones
Glass containers
Golfing
Horses
Motor vehicles
Swimming, wading, diving and bathing
If your ever in downtown Tempe, go into the City Hall or administration building. Ask any employee if they would ever swim in that lake. Wait for the laughter.
I'm working on a handle. Satisfied? I'm also glad I made some people laugh. I laugh so often at the posts others write, I'm glad I could repay the favor.
Burn, PHX housing burn!!
If you want greedy people and over-priced RE, look no further than the left-wing morons from Kalifornicate, Taxachussetts and New York.
I am curious how PHX and other cities get away with building directly under the flight path. For years city planners have cited this restriction for the lack of development of downtown San Jose. Are they telling the truth or is just a line of BS?
Post a Comment