This is from the discredited ramen eating kool-aid drinking Phoenix realtor blogger who shall remain nameless (no name, no link = no traffic to his god-awful blog), but longtime HP'ers all know and loathe. Have a good laugh! Actually, have a fall-down-the-stairs kind of laugh! Thanks pm for the lead!
September 2005, Phoenix Arizona
How rich would you like to be?
In the 12 months leading up to August 1, 2005, single-family residences in the Metropolitan Phoenix/Scottsdale market appreciated by an average of 47%. That's the average, and it includes challenged neighborhoods and cities so remote as to qualify as rural.
If you look at just the sweet spot, the middle of the bell curve, Phoenix/Scottsdale-area homes appreciated by 60%, 80%, over 100% in some areas.
Price pressure has not slowed down, and there are good reasons to believe that appreciation over the next 12 months will be 20% or more, possibly a lot more.
We have a built-in baseline demand from the Great Lakes and other snowy regions. And we seem to be experiencing a steady increase in our long-term in-migration from California.
Our best estimate right now is that annual appreciation over the next seven or eight years should average out to around 11%.
.. If you can make that down payment, or if you can absorb a negative cash-flow from other sources of income or with a negatively-amortized loan, your ability to build long-term wealth in the Phoenix residential real estate market is tough to beat!