 |
Business Directory |
 |
|
|
|
|
|
|
|
Coupons |
|
|
|
|
|
|
 |
Classifieds |
 |
|
|
|
|
|
| | Author | Messages | |
garden glow
Posts:705
 | | 10/01/2007 6:14 PM |
 Alert | Within 24 hrs we noticed the change on the Elite Homes signs in Tortosa.
Originally read................ homes starting at 130,000
Now reads.............homes starting from the $90,000
All I can say is.............WHAT?????????
I don't remember who it was but, someone recently posted their prediction that homes would fall below $100,000......how right you were! | |
ANYONE HOME?
Residential Yard Clean-ups and Maintenance
for more info go to the
Business Section under Landscaping-Maintenance
Click Here for our website. | |
| | robinlynn
Posts:165
| | 10/01/2007 9:37 PM |
Alert | | Yep, we saw that on Home Hunters on Sunday. Elite had dropped theirs to 90,000.00 an another one is auctioning off 45 houses for 99,000.00. Somebody is gonna get a real steel! Wish it was me.<img src='http://www.85239.com/desktopmodules/ntforums/images/emoticons/sad.gif' height='20' width='20' border='0' title='Sad' align='absmiddle'> | | | |
|
| | GilaGuy
Posts:789
| | 10/02/2007 3:42 AM |
Alert | <div class='NTForums_Quote'>Posted By garden glow on 10/01/2007 6:14 PM
All I can say is.............WHAT????????? </div>
All I can say is...I hope the lower prices help some more folks get into their first homes!
This stuff is really nothing to fear. It looks alarming when you see it, but downturns like this are part of the game. There's plenty of historical precedent for a short-term housing decline, all we're seeing is the market fixing itself.
Eight years from now, we're all going to wish we'd bought some of those $90,000 houses...
;-) | | | |
|
| | its miller time
Posts:0
| | 10/02/2007 7:21 AM |
Alert | | Home prices are going to continue to drop. Getting financed is the problem. Banks are now wanting people to have a 700 credit score. | | | |
|
| | azreplant
Posts:222
| | 10/02/2007 7:40 AM |
Alert | | Think $75 per square foot on postage stamp size lot as being the bottom. | |
<=== Galaxies In Collision | |
|
| | LeonPotter
Posts:613
| | 10/02/2007 8:30 AM |
Alert | <div class='NTForums_Quote'>Posted By GilaGuy on 10/02/2007 3:42 AM
<div class='NTForums_Quote'>Posted By garden glow on 10/01/2007 6:14 PM
All I can say is.............WHAT????????? </div>
All I can say is...I hope the lower prices help some more folks get into their first homes!
Eight years from now, we're all going to wish we'd bought some of those $90,000 houses...
;-)</div>
Historically, real estate has appreciated 6%. Interest rates on loans are still higher than that. Unless one can buy one with almost complete cash(atleast 20% down), it's better to wait. | |
My answer WAS "NO" to Q#5 and Q#1.
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
|
|  | kaekae84
Posts:19
| | 10/02/2007 8:30 AM |
Alert | | that is a HUGE drop. Shea that is next to Elite just raised their prices $5000 last month. | | | |
|
| | Lees2
Posts:586
| | 10/02/2007 12:37 PM |
Alert | | I am wondering if Elite is having problems. They have three lots left in our neighborhood in the Meadows and they have "blocked" them off. My girflriend, who is in the homebuilding industry, indicates that builders do not usually do that. They usually build what they can on those last few lots and sell them cheaper to get them off the books. She says that "blocking" off the lots indicates they probably don't have the capital to build and sell. | |
Previous Post Count: 2731
Member Since: April 22, 2005 at 3:24 p.m. | |
|
| | anewman
Posts:670
| | 10/02/2007 2:43 PM |
Alert | How small are these houses? Must be pretty small. My new home purchase is at the $75 per sq ft range but is about twice that price. I think Elite must be having problems since other builders have had slight increases in their prices.
I agree with Gila Guy and hope this helps out first time buyers, single income households, or others that had no chance a few years ago. The rate is still high and banks are getting a lot stricter about loans- there are already 40 year loans available- I am betting there will be 50 or 60 before to long. They need to find someway to get people in the 100's of thousands of empty houses across the US. | |
"The jouney of life is as much in oneself' as the roads one travels"
| |
|
| | LeonPotter
Posts:613
| | 10/03/2007 9:38 AM |
Alert | <div class='NTForums_Quote'>Posted By azappraiser on 10/03/2007 9:12 AM
<div class='NTForums_Quote'>Posted By its miller time on 10/02/2007 7:21 AM
Home prices are going to continue to drop. Getting financed is the problem. Banks are now wanting people to have a 700 credit score. </div>
Not necessarily so - I have contacts that can finance credit scores as low as 580.</div>
Yeah, one will also be paying higher interest rates and become poorer in the process. Lenders wanting higher quality credit isn't a bad thing. | |
My answer WAS "NO" to Q#5 and Q#1.
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
|
| | jeeptj02
Posts:156
| | 10/03/2007 12:17 PM |
Alert | WOW!!!!!!! im soooooooooooooooo glad that i gave up my measly 2000 dollar earnest money on those houses! we were going to buy in barcelona by elite the house was going to be 248 with all the upgrades we had in it. That was just for the 1641 floorplan to! then the prices keep dropping but they wouldnt let us lock in on the new prices even though the house wasnt even started! so we said screw it let them keep earnest money and ended up with a beautiful haceinda in alterra thats almost 2 times the size for the same price!!!!!!! god atleast i made one good decison! i still screwed up by buying in maricopa. what are the prices in barcelona now i wonder?
| | | |
|
| | garden glow
Posts:705
| | 10/04/2007 6:28 PM |
Alert | jeeptj02........Barcelona starting at 110,000
Valencia starting at 150,000 | |
ANYONE HOME?
Residential Yard Clean-ups and Maintenance
for more info go to the
Business Section under Landscaping-Maintenance
Click Here for our website. | |
|
| | jeeptj02
Posts:156
| | 10/05/2007 2:07 PM |
Alert | | holy crap!!!!!!!!! i would have lost 100g on that house! this markets crazy eh? lol oo well im only down 10 grand on my house im in now | | | |
|
| | charann
Posts:231
| | 10/07/2007 2:35 AM |
Alert | Everyone needs to remember, the market is bad. No matter where you live, whether its Maricopa or Phoenix or Tempe or Buckeye, the majority of builders have had to slash prices because no one is buying. Those who live in Barcelona in Tortosa, we haven't seen a new home being built in well over a month. They just finished the last new home, yet, we're not even 1/2 sold yet. So yeah, they had to slash prices.
All builders are techinally in a financial spiral. Recently it was reported that Beazer, DR Horton, and KB Homes were all reporting big losses on their homes. If you check out the websites, which I do at work when Im bored during lunch, almost all builders have dropped prices by a lot of money.
Based on our model at Barcelona with Elite from what it is now and what we paid with all the upgrades we did, we're about $50,000 in the hole. But if we did the same upgrades we did, then it figures about $34,000 in the hole, since we did about $16,000 in upgrades. We're not upset, because we got the house we wanted and it's not like we're going to sell the house tomorrow.
Only be upset if you were an investor who was planning to make a quick buck on a house. But if you're here for the long haul, it's like all other things, the prices will go back up again. When we first looked at homes 3 years ago, almost all homes in Queen Creek were about $150,000 or under, with many being under $100,000. When we went again last year, all those builders were now $150,000 and higher. Now, because of the market, the prices are going down again. It's like a yo-yo, but instead of being upset about the now, think positive thoughts for the future.
And if it helps, 6 months ago, friends of ours bought a house out in Vistancia, which is up near Lake Pleasant. They paid almost $300,000 for their home, beautiful home, now that same house is going for under $250,000. So, again, it's not just Maricopa, its all over that the prices are dropping.
So, everyone, things will get better. Just be happy you have a home you hopefully love in an area you hopefully love. I love my home....we have no plans to sell anytime soon, so I know things will get better. | | | |
|
| | vinny
Posts:678
| | 10/07/2007 9:45 AM |
Alert | my opinions, which i know many of you wish i kept to myself 
houses are going to get cheaper. keep in mind the professional investors still won't touch houses here, they see that prices will go down further before they go back up.
the builders already made their money, they bought cheap land, put up cheap houses and sold those houses at a premium to people who thought the prices would never stop going up.
i've been crowing for a while that prices would be below $100k in copa, and i know a few others here agreed with me. i'm not sure i voiced that opinion on this board, but i know others have. i have also said if prices dropped below $100k i would consider buying a house in this town, i wish i put a little salt and pepper in my foot before i shoved it in my mouth. i'm not buying anytime soon, i'll continue to rent until there is a little light at the end of the tunnel.
time for a scary thought. what type of people are now going to be able to afford a house here in copa? the mortgage payment on 100,000 at 7% is about $600.00 a month. i bet you can't find a 3 bedroom apartment in the worst part of phoenix that cheap. luckily for us the lenders are getting strict, but they'll also be desperate to sell loans and make more money soon. what is the neighborhood to become?
with no sign of work close to home, no sign of new industry coming, no sign of better access, business closing left and right maricopa has a lot to worry about in the next few years. | |
Follow your bliss. Happiness is a conscious decision | |
|
| | LeonPotter
Posts:613
| | 10/07/2007 7:15 PM |
Alert | | The last two posts of are good examples of what makes a market. One sees clear skies on the horizon, the other sees storm clouds . | |
My answer WAS "NO" to Q#5 and Q#1.
Proverbs 22:7
The rich ruleth over the poor and the borrower is servant to the lender. | |
|
| | fuego
Posts:54
| | 10/07/2007 7:30 PM |
Alert | | Also bear in mind that if you had cashed in and sold at the top of the market, you would have also bought at the top of the market and conversely if you sell at the lowest, that is the only way you can then capitalize on this market. Unfortunately there is a downside to each scenario. The good news is that all the reasons AZ's growth has outpaced the national index are almost all intact. We cannot get caught up on the day-to-day fluctuations of value as these are all "paper" gains or losses. This is just a correction prolonged by the mortgage debacle. It's not a ? of if it will comeback, only a when. | | | |
|
| | Fritzydoodle
Posts:1023
| | 10/07/2007 8:20 PM |
Alert | <div class='NTForums_Quote'>Posted By vinny on 10/07/2007 9:45 AM
time for a scary thought. what type of people are now going to be able to afford a house here in copa? the mortgage payment on 100,000 at 7% is about $600.00 a month. i bet you can't find a 3 bedroom apartment in the worst part of phoenix that cheap. luckily for us the lenders are getting strict, but they'll also be desperate to sell loans and make more money soon. what is the neighborhood to become? </div>
As you said, lenders are getting strict. Gone are the days of zero down, 125% financing. You best have at least 10% if not the 20% down of years ago. So that person buying the 100K house needs to have 10-20K for the down. That helps eliminate the undesirable elements in most areas. AND people with the 500 credit score won't cut it either. | |
| |
|
| | Fric & Frat
Posts:0
| | 10/08/2007 5:46 PM |
Alert | | FHA has kicked in to save the day. Not credit score driven and they are actually giving some decent rates. Lenders got nailed a couple of months ago and the back alley loans are gone. Great, foreclosures will start to go away over time and will sell. Get rid of the inventory. The people who foreclosed will go to rental properties. Great, get rid of that inventory. Builders inventory will decrease with the great incentives being given. Another inventory disapearing. And than re-sale will pick up, and the circle is complete!! Hang tight and keep faith, it will come around again. | | | |
|
| |
| | You are not authorized to post a reply. |
|
| |
ActiveForums 3.6 |
|
|
|