Colgate
Posts:581
 | | 09/07/2007 5:53 PM |
 Alert | | What is up with the business here in the Copa? First Ramsey's, now Cent. 21, and Montessori falling through? I hope we are all not aboard a sinking ship out here. Should we be worried? | |
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bbq man
Posts:47
| | 09/07/2007 5:57 PM |
Alert | I saw someplace that $1 out of every $3 was tied to the RE market in one way or another
Its just bad for everyone | | | |
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Colgate
Posts:581
| | 09/07/2007 5:59 PM |
Alert | | Man I'm getting depressed about it! | |
Live every day as if it were your last and smile! | |
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bbq man
Posts:47
| | 09/07/2007 6:05 PM |
Alert | all you can do is fall back in love with your house and do all the things you can to make it a home
You are going to be in it for a couple of years. If we all try to make the best out of being a homeowner the time will fly by 
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CODEBLEU
Posts:188
| | 09/07/2007 7:52 PM |
Alert | In all likelihood we are getting into a recession. The sub-prime loans as well as the housing industry in general seems to be causing a trickle effect throughout the economy. Today the Job announcements for the country as a whole were not what Wall Street was expecting sending the Dow down 250 pts.
Some economist think that we are ready for a major recession similar to the late 80's. A few even think it could get as bad as The Great Depression of the late 20's. One thing for sure, its time to tighten the belt on spending as Cash is King during any market decline/recession.
Commander Codebleu,
Saving my Cigar Butts for a Rainy Day.
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alwaysamytoo
Posts:0
| | 09/07/2007 8:03 PM |
Alert | | Business are still coming :-) Believe in your town, We do! | | | |
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azsouthendzone
Posts:528
| | 09/07/2007 9:02 PM |
Alert | | Century 21 is no loss. I would hardly call that a business. | | | |
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Colgate
Posts:581
| | 09/07/2007 10:19 PM |
Alert | | I don't know. I keep in close contact with realtors from back on the east coast daily and it is no where near as bad as it is on the west coast! This is just freaking me out. I am trying to enjoy my house and doing small things to add a little zest to it without hitting my pockets too much! This is a time that I wish I had a crystal ball to see the future! | |
Live every day as if it were your last and smile! | |
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Fritzydoodle
Posts:928
| | 09/08/2007 9:03 AM |
Alert | The future? Look to the past.
We bought our home in Maricopa in 1983 for under 40K - including almost 5 acres. Our mortgage rate was a deal. We had great credit anc qualified for 18%! Woo Hoo!
It's all a cycle. And we are on the downward slope. The only unknown factor is how far down we have to fall before it starts back in the other direction. Arizona real estate has enjoyed many years of the upswing, thanks to low rates and investors with more money than brains. Base prices of homes was increasing 10's of thousands of dollars per month.
Those days are over. It's time for the correction and short term people are going to get hurt. You can no longer buy a house, flip it in 180 days and make a 100K. You are actually going to have to stick it out for several years before your home is worth what you paid for it.
The market will swing back again - the question is in what timeframe.
As far as businesses going under. A lot of people got into real estate in the past few years - both as investors and as Realtors. Why? Big money and be lazy at the same time. Long time realtors will tell you about the slow markets. They've been around long enough to know how to tighten their belts and come out on top. It's the newbies that are jumping ship because now they actually have to work to get the few customers out there.
Retail business is a gamble at best. High lease rates and slowing economy for disposable monies will cause others to close the doors. More will come to take their place - eventually.
I see it getting worse before it gets better. | |
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HiggsBoson
Posts:641
| | 09/08/2007 9:34 AM |
Alert | Colgate,
Your assignment for the day is to go look up what % of new business fail and report back. Then let us know if you think we are in the midst of a Maricopa destroying epidemic.
Ramseys wasn't the first Maricopa business to go under and Century 21 wont be the last, regardless of the economy.
Thanks,
Higgs | |
Liberalism and capitalism address themselves to the cool, well-balanced mind. They proceed by strict logic, eliminating any appeal to the emotions. Socialism, on the contrary, works on the emotions, tries to violate logical considerations by rousing a sense of personal interest and to stifle the voice of reason by awakening primitive instincts.
-- Ludwig Von Mises | |
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CODEBLEU
Posts:188
| | 09/08/2007 12:02 PM |
Alert | If the Fed does not lower interest rates on the 18th then in all probability we are heading for a major recession and you can expect storefronts to sit empty for some time. Thats just my guess.
Commander Codebleu | | | |
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maricopacabana
Posts:331
| | 09/10/2007 7:17 PM |
Alert | | The reality is that as busineeses close here there are others ready to take their spot. That is still encouraging. Also consider that the 2 most despised food places in town are still open. Why? Apparently they bring in enough to cover their expenses, for now. Until Maricopa gets a "real" 30 to 40,000 residents businesses will have to scrap it out. | | | |
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GilaGuy
Posts:789
| | 09/11/2007 8:19 AM |
Alert | <div class='NTForums_Quote'>Posted By maricopacabana on 09/10/2007 7:17 PM
Until Maricopa gets a "real" 30 to 40,000 residents businesses will have to scrap it out.</div>
Fantastic point. We've all heard the population estimates that are put forth by city leaders who have an interest in making Maricopa appear bigger than it actually is...but those of us who have been here a few years knew all about the "dirty little secret" which were the rows and rows of empty houses purchased by those who had no intent to live in them.
This economic slowdown was going to happen at some point, economics is almost Newtonian in its ability to provide an equal and opposite reaction to every initial reaction. The initial reaction here was of rampant speculation that drove prices to unsustainable levels, and the equal and opposite reaction was for the market to correct itself and bring prices back down to levels that people could actually afford. What the foreclosures are proving is that a great many people who did purchase a home could not actually afford them...the market had reached a level which was not sustainable for the majority of consumers. When that happens, a correction is bound to occur.
Either way, though talk of recession would make sense, there is no need to panic at this time. Above all else, your home is a place to lay your head. Worrying about how much it is worth, how much you paid, how much you lost in paper value...that's really not worth expending any energy on. Instead, now is a great time to enjoy your house for what it is, enjoy your surroundings, and to let time pass. Capitalism is not perfect, but our economic system is built to fix itself over time...and it will do so. <img src='http://www.85239.com/desktopmodules/ntforums/images/emoticons/smile.gif' height='20' width='20' border='0' title='Smile' align='absmiddle'> | | | |
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kjgreifer
Posts:0
| | 09/15/2007 6:11 PM |
Alert | Well said GilaGuy! If you aren't planning on moving, don't need a home equity loan, and don't need to refi out of a subprime, then you don't have anything to worry about. Home prices will go up sooner or later. Anyone remember the late 80's and early 90's? Real Estate was worse than this but the market corrected and prices began to rise.
This is the only investment you have that you actually use everyday....to live in. It your home so enjoy it! | | | |
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Shogun
Posts:250
| | 09/15/2007 8:29 PM |
Alert | | I'm glad I have a pool in my backyard. | | | |
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kbw205
Posts:1
| | 09/16/2007 1:55 PM |
Alert | I am worried. I moved out here with the promises of many of the larger businesses coming out here in the next year or two. I have seen no such attempts by the city to make the improvements that are needed to attract more business. I am afraid that the no growth mentality of the city will sink this ship and our investments in this town will be for not.
The city has dragged their feet and thrown obsticles infront of the delevopers of Avalea across from the Ak-Chin casino. It is supposed to be a delevopement of homesites, a golf course and a full resturant and bar. I think an addition like that would help this city. | | | |
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Colgate
Posts:581
| | 09/16/2007 11:01 PM |
Alert | kbw,
Let's hope for the best! Avalea is still on the future map and hopefully it gets underway real soon! | |
Live every day as if it were your last and smile! | |
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HiggsBoson
Posts:641
| | 09/17/2007 3:38 PM |
Alert | <div class='NTForums_Quote'>Posted By kbw205 on 09/16/2007 1:55 PM
I am worried. I moved out here with the promises of many of the larger businesses coming out here in the next year or two. I have seen no such attempts by the city to make the improvements that are needed to attract more business. I am afraid that the no growth mentality of the city will sink this ship and our investments in this town will be for not.
The city has dragged their feet and thrown obsticles infront of the delevopers of Avalea across from the Ak-Chin casino. It is supposed to be a delevopement of homesites, a golf course and a full resturant and bar. I think an addition like that would help this city.</div>
Why do you think the city has a "no growth" mentality?
Let me guess, because the promised Wal-Mart et all isn't built yet it must be the city councils fault.
How has the city been dragging its feet and impeding the Avalea development?
Thanks,
Higgs | |
Liberalism and capitalism address themselves to the cool, well-balanced mind. They proceed by strict logic, eliminating any appeal to the emotions. Socialism, on the contrary, works on the emotions, tries to violate logical considerations by rousing a sense of personal interest and to stifle the voice of reason by awakening primitive instincts.
-- Ludwig Von Mises | |
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Fritzydoodle
Posts:928
| | 09/17/2007 3:45 PM |
Alert | <div class='NTForums_Quote'>Posted By kbw205 on 09/16/2007 1:55 PM
I am worried. I moved out here with the promises of many of the larger businesses coming out here in the next year or two. I have seen no such attempts by the city to make the improvements that are needed to attract more business. </div>
I personally do not want to pay for someone elses business. Maricopa has a tough task ahead to fund the infrastructure of the community - let alone pay to put in improvements for developers. | |
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Master Shake
Posts:58
| | 09/17/2007 3:54 PM |
Alert | Maybe if the homebuilders would stop (or at least slow down) building new, empty houses that are having such a hard time selling, the city would realize that less money from new building permits was coming in. Then, maybe this would lead the city to realize that their new-housing-permit-fee-income-stream was drying up -- which in turn might lead the city to realize that it is time to focus on a commercial revenue stream.
Sadly, this is probably just wishful thinking... | | | |
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