Valley Real Estate

[puckhead]

No participation trophies.

Not even if you're 'hooked on phonix?'

 

[Luciano]

No sympathy from me on this.

Opendoor , Cerberus Capital Management LP and others big corporate landlords lost 58,000 apiece and local flippers sold homes for 20% above their purchase price for once.

 

[dscher]

Opendoor , Cerberus Capital Management LP and others big corporate landlords lost 58,000 apiece and local flippers sold homes for 20% above their purchase price for once.

Definitely not a surprise inside one of the biggest speculative asset bubbles ever created...

 

[Dback Jon]

Tottie's Asian Bistro, in the Shopping Center at Thomas and Hayden, just closed their doors - landlord doubled their rent from 10K to 20K a month, making the margin not worth it. Tottie decided to mostly retire, but helping out some at the other Tottie's (which she doesn't own anymore)

 

[Yuma]

Tottie's Asian Bistro, in the Shopping Center at Thomas and Hayden, just closed their doors - landlord doubled their rent from 10K to 20K a month, making the margin not worth it. Tottie decided to mostly retire, but helping out some at the other Tottie's (which she doesn't own anymore)

That's outrageous rent. Let us know if anyone else moves in that rate.

 

[dscher]

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[AZ Native]

That's outrageous rent. Let us know if anyone else moves in that rate.

It's a sign of the times, unfortunately.

 

[Yuma]

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[AZ Native]

And...

 

[dscher]

And...

And......it means soon enough there will only be a lower class and upper class in this country. The middle class is being wiped out. IMO

 

[MaoTosiFanClub]

Tottie's Asian Bistro, in the Shopping Center at Thomas and Hayden, just closed their doors - landlord doubled their rent from 10K to 20K a month, making the margin not worth it. Tottie decided to mostly retire, but helping out some at the other Tottie's (which she doesn't own anymore)

No clue how long her previous lease was in place for but likely was signed 10+ years ago. Not surprised rent has doubled as landlord’s operating costs probably doubled as well over that time.

 

[Yuma]

No clue how long her previous lease was in place for but likely was signed 10+ years ago. Not surprised rent has doubled as landlord’s operating costs probably doubled as well over that time.

It's so funny, half the office space in town is vacant, even some store fronts. But even still, lots of retail space IS doubling rent!

 

[MaoTosiFanClub]

It's so funny, half the office space in town is vacant, even some store fronts. But even still, lots of retail space IS doubling rent!

Yeah I don’t want to speculate where this whole office thing goes but it won’t be pretty. Retail for the most part is doing fine especially restaurants. The funny thing is the consensus bet five years ago was that retail was finished (Amazon) yet here we are.

 

[jf-08]

In south Chandler is crazy how many industrial parks are being built.

 

[dscher]

Not a bubble

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[Folster]

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[dscher]

Huckster

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[Folster]

Huckster

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I can see it go either way. We had the asset inflation compounded by higher rates, but the housing supply shortage could create a situation where prices don't really fall much if at all.

If you're ready to buy a home and you can do so without stretching yourself too thin financially, I can see the argument to buy now and not wait for a correction which could be years from now or never.

 

[Devilmaycare]

Something has to give in the housing market. This isn't sustainable. I really don't know how the average Joe does it in this market. I'm looking to move about a year from now and it has me concerned with having a senior software dev salary never mind if I was making the overall average. The poor or even lower middle class have no chance.

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[Dback Jon]

Mortgage for a 15-year is 6 1/2 and dropping.

30-year 7.25%, which is below the historical average.

 

[Yuma]

Mortgage for a 15-year is 6 1/2 and dropping.

30-year 7.25%, which is below the historical average.

I remember my parents buying a house when mortgage rates were in the double digits. To me and my wife. 7.25% still seems cheap to us. The real problem is home valuations are so damned high! A shack in Maricopa County is worth $250K if you can find one that cheap! LOL!

 

[Dback Jon]

I remember my parents buying a house when mortgage rates were in the double digits. To me and my wife. 7.25% still seems cheap to us. The real problem is home valuations are so damned high! A shack in Maricopa County is worth $250K if you can find one that cheap! LOL!

And that is a different story versus interest rates. After the housing collapse and 2008 a lot of building stopped and never has really caught up since. Combine with the number of people pouring into the valley. It equates to high prices.

There are still plenty of affordable houses in the country just not in Arizona

 

[Yuma]

And that is a different story versus interest rates. After the housing collapse and 2008 a lot of building stopped and never has really caught up since. Combine with the number of people pouring into the valley. It equates to high prices.

There are still plenty of affordable houses in the country just not in Arizona

We were looking at housing prices across the USA at my old job, and if you can take midwestern winters, you can see they are practically giving away homes. We also saw in other threads some countries are paying people to move into vacant housing they have in their countries. Places like Ireland, Japan, etc.

 

[dscher]

Something has to give in the housing market. This isn't sustainable. I really don't know how the average Joe does it in this market. I'm looking to move about a year from now and it has me concerned with having a senior software dev salary never mind if I was making the overall average. The poor or even lower middle class have no chance.

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Rates WILL crash.

That will fix things.

Won't be long.

 

[Yuma]

Rates WILL crash.

That will fix things.

Won't be long.

They are talking the Fed to start lowering rates if all goes well between now and then.