Damn, it must suck to have to wait 300+ days to sell your dead inventory, and get pennies on the dollar of what you thought it was "worth". Damn, it must suck to have followed a real estate clerk's terrible commission-driven advice.
Damn that bubble! Made everyone think they were rich only to have crushed them with a harsh dose of reality.
Here's Glen Creno with the AZ Republic's latest excellent piece. Read the whole expose if you have time... Nice to see the bloated rolodex-of-realtors Catherine Reagor moved to the sidelines there as Glen hits his stride...
Some home sellers settle in for long wait
Mark Wray's Glendale home has been on the market for almost a year. Andy and Jill Leebrick of north Phoenix put their "for sale" sign up nearly five months ago. After more than a year, Charley and Gerda Zenith finally are poised to sell their home in Cave Creek.
Although some Valley residents can sell relatively quickly, others wind up waiting many months.
Resale sellers are crucial to the housing market, analysts say. If they can't sell their old homes, they can't buy new ones, and builders are stuck with too much inventory. But it has been difficult for some sellers to adjust to the market realities and reduce prices.
Sellers: Charley and Gerda Zenith. House: 5,200 square feet on 1.7 acres in Cave Creek. It's in a scenic spot with views of the Boulders resort from their kitchen. It has two master bedrooms and a convertible room.Price: Original listing: $1.8 million. Now under contract for a little more than $1 million. Days on market: More than 500.
Charley said. "I asked the Realtor, 'Maybe we're overpriced?' She said, 'Oh, no, no, no.' We saw houses selling. Ours wasn't moving and you get concerned"
January 07, 2007
So, when you list your Arizona home for $1.8 million, and 500 days later it sells for $1 million, do you feel like you just lost $800,000?
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18 comments:
LEREAH "WE'VE BOTTOMED"
It's funny how a couple of those FBs look at renting their houses out as a fall-back. As though it's so easy to rent out a McMansion in the middle of nowhere, like there is this glut of renters who will be willing to come along and pay their mortgage for them.
They will find out that rents do not come anywhere near the mortgage payment so they will still be paying 2 mortgages.
Wake up, FBs. You're F-ed.
So much Phoenix bashing on this blog.
70 degrees in January, golf course on every corner, pro team in all sports, southwest and america west (usair) hub, won't find better looking women outside of LA or Miami.
I went to ASU and stayed after. I lived in Scottsdale for about 6. I reluctantly left since I got a job offer I couln't turn down, but while there I loved it and can see myself moving back easily.
Anonymous said...
So much Phoenix bashing on this blog.
70 degrees in January, golf course on every corner, pro team in all sports, southwest and america west (usair) hub, won't find better looking women outside of LA or Miami.
I went to ASU and stayed after. I lived in Scottsdale for about 6. I reluctantly left since I got a job offer I couln't turn down, but while there I loved it and can see myself moving back easily.
Sunday, January 07, 2007 6:49:44 PM
----------------
DUDE, THAT WAS THEN, THIS IS NOW. THE PLACE HAS GONE TO SHIT. POLLUTED HAZY AIR 5 0F 7 DAYS.. PERMATRAFFIC ON ALL FREEWAYS. HOUSES ARE 3X WHAT THEY WERE JUST 5YRS AGO.....8X WHAT THEY WERE IN 1990.
I KNOW A GUY WHO WENT TO ASU IN 1989 TOO. HE HAS NOT BEEN BACK SINCE, AND I GUESS NIETHER HAVE YOU.
"DUDE",
NO NEED TO SHOUT IN ALL CAPS!!! I AM NOT DEAF!!!
"DUDE",
I LEFT IN 2003 NOT 1990!!!
"DUDE",
YOU SOUND LIKE AN OLD GEEZER WHO PINES FOR THE GOOD OLD DAYS THAT WERE NEVER THAT GOOD TO BEGIN WITH!!
"DUDE",
HAS THE WEATHER CHANGED? HAVE THE GOLF COURSES GONE AWAY? HAVE THE WOMEN BECOME UGLY? DID ALL THE PRO TEAMS GO AWAY? DID THE AIRPORT CLOSE?
"DUDE",
I DIDN'T MENTION ANYTHING ABOUT HOME PRICES. DID I "DUDE"?
"DUDE",
LEARN TO FOLLOW A CONVERSATION OK "DUDE"??
So, when you list your Arizona home for $1.8 million, and 500 days later it sells for $1 million, do you feel like you just lost $800,000?
___________
No, not if it did not appraise at 1.8.
If it did, then you did, on paper.
million 4 for what was not worth 179,000 cash just recently, and is paying taxes on million 4 yearly?
Phoenix metro is a dump for mediocrities and losers who can't make it anywhere else.
A collection of underachivers, budget seniors, underemployed slackers and a white trash underclass all bumping into each other in pursuit of the "easy life".
If you're idea of living in Scottsdale is "making it", you either haven't been here in the last 5 years or made a fool by the Chamber of Commerce boosterism.
Phoenix metro: There is no there, there.
So Cal, is you really want that lifestyle, is the real thing as Phoenix is for bottom-feeders.
trapped in az sounds like a very sad young man who think SoCal has culture because Paris Hilton lives there
Phoenix-
110+ degrees June, July, August and September. 100+ May, October and sometimes November. December through early April, usually decent enough but not worth the hellish, long summer.
Golf courses everywhere are fine IF YOUR INTO GOLF (and can afford the ridiculous green fees)!
Pro sports franchises here are a joke with possible exception of the Suns. ASU nothing to brag about sportswise either.
So we have an airport....So do most other cities.
Good looking women can be found in any city. Now if your into senoritas Phoenix is for you. If your lucky enough to find one that doesn't already have 2 or 3 kids by as many different men then you're set.
I've lived here for over ten years and this will be the last. Smog and traffic are unbelievable now as compared to a few short years ago. People are becoming increasingly rude and hostile. The scenic desert is replaced by endless pink tiled roofs. Water is becoming scarce as our historic drought continues. I could go on but it is too depressing. I used to love it here and now it is so sad to see what it has become and continues to become.
please enlighten me, what does FB stand for?
I am a travelling IT consultant. I had lived in over a dozen cities. I was in SCAL for over 10 years. I was in Plano, TX for 3 months recently and now in PHX for 6 months. My opinion is that it is just like any other city with good and bad neighbourhoods.
ONLY LOSERS WOULD BASH IT!
The dot com bubble did exactly that. It was like companies were paying in stock options (much like webvan and pets.com) but cost of living in the areas that the tech boom was on were so high and they all wanted real dollars. The suckers (I was an active member of that club at that time though I wasn't a willing participant and avoided .con's like plaque) were all paid in funny money, and they paid out real money thinking funny money will become gold ...
Cool.
Cow_tipping.
Half-done homes continue to languish in Pinal County
http://tinyurl.com/ya787j
I was checking the blog posts below the Arizona Republic article and came across this gem:
"When has the Real Estate industry ever said it was not the best time to buy a house? Prices go up, buy a house, prices go down buy a house, if you already have a house buy a second house. Spring is the best time to buy a house, unless its Summer, or Winter or Fall and then is the time to buy a house. Good credit, Bad Credit, No Credit, its always a good time to buy a house. If you are young its time to buy a house, if you are old its time to buy a house, if you are middle aged its time to buy two houses. If you have a job its time to buy a house, if you don’t have a job its time to buy a house, if you are rich, poor or middle class its time to buy a house."
Exactly what does SoCal have over any other Metro area other than better weather? If weather is all that matters, then move to Costa Rica or Belize. It's much nicer and more affordable over there.
Jafo, great post on Phoenix.
ve been here over 11 years now, and can't wait until May, when schools to get my family out of here.
The Phoenix metro has morphed into an urban disaster, getting worse by the day.
I live anw work in the supposedly desirable and upscale North Snottsdale area...what a shithole.
40k per yr/millionaires, fake people in big fake stucco monstrosities in a soulless community.( not bragging, but know I'm worth more that 90% of them).
As for the weather, besides the ridiculous heat for 6 months (really), winters are not as warm as advertised. You have to run the heat from 5 pm to 10 am between December and early March as low temps drop to mid to low 30s. Very short ideal weather season, SoCal is much better.
Carefree is not a busy street. It is a Highway from Hell.
Parents have owned a parcel at Carefree highway/Cace Creek Road for over 55 years with no success to upzone it to what it should be, a commercial site. No one will buy it for a house. They are stuck with it. Carefree and Cave Creek town councils suck ________.
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