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Student of the obvious
Join Date: May 2000
Location: Phoenix
Posts: 7,714
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Interesting article for real estate investors...
Seems the fast rising housing prices in Arizona have investors lining up at new subdivisions and the builders are putting a lid on it.
http://www.azcentral.com/business/articles/0801housinginvestors01.html
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Lee |
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08-01-2004, 03:13 PM
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Location: Mid-life crisis, could be anywhere
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Lol, the stories I could tell about Phoenix investment properties...
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'95 993 C4 Cabriolet Bunch of motorcycles |
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08-01-2004, 03:36 PM
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Unconstitutional Patriot
Join Date: Apr 2000
Location: volunteer state
Posts: 5,620
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I hope they're good stories...
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08-01-2004, 04:46 PM
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Join Date: Sep 2001
Location: Tucson AZ USA
Posts: 8,228
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I would LOVE to hear something good about Phoenix.....
I avoid it at all costs.....
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Bob S. former owner of a 1984 silver 944 |
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08-01-2004, 06:57 PM
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Well, I went out there and bought 6 new homes earlier this year. A buddy bought 8. Another buddy bought 8. Everyone I know from SoCal is going out to Phoenix to buy new homes. I was out last week to buy more, but discovered that I couldn't. The builders weren't releasing any new homes to investors. Besides, the prices had increased at least $10k since I was out the previous week. Currently, I'm seeing around 60% annual appreciation on my houses. Yes, its a little crazy out there. I even heard one story where a California investor bought 20 houses... it was the entire block.
I was out a couple of weeks ago installing ceiling fans and blinds in one of the houses. I left back to Cali in the afternoon. That night, someone smashed a window and cleaned the entire house out, including the appliances, kitchen faucet, garbage disposal, and all the cool electronics I had put in the garage for my little sister, who's moving to Phoenix in a couple weeks to go to ASU. A lot of anti-California sentiment going on. From what I hear, there is a large ring of people who cruise the new home developments looking for out of state investor homes. They go in and steal the appliances at night, knowing the place isn't occupied. I called the police and they didn't even bother sending someone to the house to do a report.
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'95 993 C4 Cabriolet Bunch of motorcycles |
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08-02-2004, 08:21 AM
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If it sounds too go to be true.......................
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1977 911S Targa 2.7L (CIS) Silver/Black 2012 Infiniti G37X Coupe (AWD) 3.7L Black on Black 1989 modified Scat II HP Hovercraft George, Architect |
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08-02-2004, 08:48 AM
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Join Date: Sep 2001
Location: Tucson AZ USA
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I do wish the folks from Cali would solve their own problems and not import them to AZ.....
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Bob S. former owner of a 1984 silver 944 |
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08-02-2004, 09:33 AM
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Aw cmon, Bob. Its just capitalism in action. I'm sure you'd do the same thing if you had the opportunity.
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'95 993 C4 Cabriolet Bunch of motorcycles |
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08-02-2004, 09:36 AM
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Tucson, ehhhhhh? Might have to go out and have me a look-see
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'95 993 C4 Cabriolet Bunch of motorcycles |
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08-02-2004, 09:37 AM
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Unconstitutional Patriot
Join Date: Apr 2000
Location: volunteer state
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motion, it's the wild west. Get a torso-mounted gatlin gun. Make sure your neighbors see it the next time you arrive. Maybe shoot a few burst into the air to announce your presence.
Those builders will sing another tune when the market collapses. They'll be begging for buyers. After all, there's nothing but sand in AZ. good luck with the investments. I'm gonna hang on the sidelines and shake my head. 
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08-02-2004, 10:18 AM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Yep and in any down draft...those CA investors will be stuck with those houses making payments....I've heard a lot of BK storys about that kind of speculation...
Remember what ole Joe Kennedy did when he heard the shoe shine boy touting stocks .....he decided to get out while the getting was good...a few months later the Stock Market crashed and the Great Depression was on.... What amazes me is why people can't imagine a Great Depression occuring? People wil tell you it's the Fed this or that and Govenment blah blah blah...but events get out of control and no man or institution can control them...
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Copyright "Some Observer" |
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08-02-2004, 10:25 AM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Hey Motion Pheonix is the Moreno Valley of the new century....LOL
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Copyright "Some Observer" |
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08-02-2004, 10:27 AM
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Unconstitutional Patriot
Join Date: Apr 2000
Location: volunteer state
Posts: 5,620
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What's the saying... pigs get fed, hogs get slaughtered. Any investor sitting on big gains should repeat those words every morning.
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08-02-2004, 12:25 PM
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Too big to fail
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Quote:
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"You go to the track with the Porsche you have, not the Porsche you wish you had." '03 E46 M3 '57 356A Various VWs |
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08-02-2004, 12:53 PM
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Student of the obvious
Join Date: May 2000
Location: Phoenix
Posts: 7,714
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Hey Richard.... I'm looking for flexible part time work if you need somebody here to help manage your empire.
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Lee |
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08-02-2004, 01:57 PM
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Lol, Lee... not sure if I'd call it an 'empire'. Most here would call it a house of cards. If I'm extremely lucky, I'll be able to pull this off. If not, I'll just be another educated investor.
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'95 993 C4 Cabriolet Bunch of motorcycles |
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08-02-2004, 02:34 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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U mean Broke?
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08-02-2004, 02:41 PM
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Ronin LB '77 911s 2.7 PMO E 8.5 SSI Monty MSD JPI w x6 |
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08-03-2004, 12:37 AM
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Join Date: Sep 2001
Location: Tucson AZ USA
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Actually, here in Tucson they hang speculators. Public executions; free tacos and Tecate.
Very popular.
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Bob S. former owner of a 1984 silver 944 |
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08-03-2004, 09:05 AM
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1977 Porsche 911S 2.7L
