Fortune Magazine on CNNmoney.com recently published a story about the Top 6 Real Estate Bargains as a result of the housing downturn.
Phoenix and the cities that make up Maricopa County was recognized by Forbes as a Best Real market that with prices in many of the planned communities around Phoenix dropping at least 20% and some home buying opportunites more than 30% from the 2005 peak.
Jay Butler, director of realty studies at Arizona State University is quoted. Mr. Butler says, "look to the planned communities that surround Phoenix, which are magnets for retirees and are dropping more to the tune of 20% to 30%. A $1 million home at the market's apex might go for the mid-700,000's now".
What is important to recognize from the report is that these sharp housing correction may be offering home buyers the opportunity you had hoped for , but never expected.
It may be the time to buy a home in Phoenix \ Scottsdale.
Think Sale, Sale, Sale, think blue light special or Deal Days - yes, prices could go lower. However, they may not. You can buy , in many towns around Phoenix like, Peoria, Glendale, Anthem and Avondale that are 30% or more from the peak.
There are Short sales, REO (bank owned) homes that offer buyers even greater opporunities. ~please note that not all REO, short sale, and foreclosure opportunites are good investments.
Importantly, remember the reasons you are buying a home.
- Is it a place to live? A place to raise your family?
- Are you planning on retiring?
- Do you need the favorable tax advantages?
- Are you looking for a hedge against inflation?
- Are you looking for long-term appreciation?
- A place to live and call home? (I always say this twice)
If you answer ‘yes' to most of the questions above, consider the fact that you can buy real estate and have all of the benefits of home ownership and own your house at a steep discount from the prices of 3 years ago.
Always speak with and consult industry professionals for advice on what is right for you as each situation is unique.
The other Real Estate Bargain cites that made the list and find experts on Active Rain frpm these great cities who can help find you a great home.
- Las Vegas -
- San Diego -
- Miami -
- Tampa -
- Denver -
- Short Sale Nightmare - Phoenix Renter's Beware
- Short Sale Nightmare - seller abandonment
- Short Sale Nightmare Part III
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Contact James Wexler (480) 221-8080 for all your Phoenix Scottsdale area Real Estate needs
Wow, what a list. It seems if we could just combine the Las Vegas and miami nightlife, with the Denver skiing, and the beaches of San Diego and the coast near Tampa , Phoenix would easily be #1
You know its amazing that such great cities that are the first destination choice of so many people regardless of prices are still considered Top Real Estate Bargains. - we definitely have some bargains here and Greater Phoenix, Scottsdale, Fountain Hills are just fabulous places to live at any price.
Barbara - very well said.
I personally have lived in Boston, NYC and Santa Monica, CA. By the way, none of which are bargains.
And I can tell you that Scottsdale (greater phoenix) is my favorite city to live of all those great cities (though I would love some skiing and sand to go with my year-round sun).
Love the post. I love the picture too. Just had a friend of mine move down there. She loves it. Says after you get used to the heat, it's nothing short of awesome.
I cannot believe my hometown "D-Troit" Michigan is not on the list?? , there are some great bargains. However, I guess I live in Arizona now, so maybe I should rethink my hometown bias
James - you write a good post about the housing correction, and opportunity to purchase real estate now at great bargains. In fact, we are seeing many good opportunities here in Newport Beach as well.
Sharon - in the past it was hard to use words like "bargains" for arguably some of the most desirable (and rightly so) real estate in the world , Newport Beach...
However, I know that opportunities are on the market that buyers never thought they would see again in our lifetime.
If you have been thinking about a home in Newport, call Sharon today!
james - I would say that San Diego is my favorite. I mean who doesnt like the sight, sound, and smell of the beach. However, I am not so sure I would use the word "Bagain" when it comes to beach front real estate. Even, in this market.
Creative Market Solutions -
I used to live in Santa Monica and have friend in Santa Barbara , and I love San Diego , Del Mar Race track is one of my favorite place in the world.
However, I know what home prices are for this location, location, location and I agree, ....beach front property is not typically a bargain, except for the wealthy.