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Old 09-16-2004, 04:46 AM
KYLECODY KYLECODY is offline
 
Join Date: Apr 2003
State: Arizona
Professional Status: Certified Residential Appraiser
Posts: 1,286
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if so I have a simple question for you. Im looking into buying my mom a home in Phoenix and am trying to decide between a new home and resale....here in Denver values are stable to slightly declining and Ive done many deals where someone bought a new home and then when they try and refi a year later find out theyve lost 5-10% value from initial purchase..I know the Phx market is still good but has anyone noticed a similar trend with new homes losing value?? any help appreciated.
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Old 09-16-2004, 10:37 AM
Peacemaker Peacemaker is offline
 
Join Date: Oct 2003
Location: Phoenix/rearranging deck chairs on the Titanic
State: Arizona
Professional Status: Licensed Appraiser
Posts: 519
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I haven't seen anything lose value from what was paid, not that it hasn't happened but it's not common here. But I have seen flat prices in some neighborhoods where there are lots of repos. Big surprise, practically everyone moved in with no down payment. There are also some neighborhoods that on the surface are showing huge gains but if you look closely the prices have been inflated by Ameridream type programs. So I wonder if the market will keep up with that long-term. I think if I was going to buy something for an investment I'd steer clear of any place with lots of new construction and go for an area with a good solid history like Tempe, or Scottsdale depending on your price range. But, I haven't done much work in Tempe or Scottsdale this year.

On the other hand I can't keep up with the orders from some California mortgage brokers who are buying new construction like crazy for their own personal investments. They've never even seen the places, they do everything by phone/fax. Also I heard last week a title company is arranging these tours where they load up busses full of people in SoCal, drive them to AZ where they all buy new homes then they head back that night. Crazy.

Coincidentally, this is in today's paper

http://www.azcentral.com/business/articles...6resales16.html
  #3  
Old 09-16-2004, 01:53 PM
Jo Ann Meyer Stratton's Avatar
Jo Ann Meyer Stratton Jo Ann Meyer Stratton is offline
 
Join Date: Jan 2002
Location: Safford, Arizona
State: Arizona
Professional Status: Certified Residential Appraiser
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I would urge caution and extensive research before buying a home in the Phoenix area. There is a tremendous amount of fraud and many, many Skippies in that area. My own daughter got involved with a fraudulent mortgage company who had their pet Skippy do the appraisal. So she paid $125,000 for a house that had model matches across the street selling for $108,000 to $114,000. Skippy used sales from the subdivision half a mile away that sold in the $130,000s instead of any sales within the subdivision. By the time I found out all that it was too late--she was already committed and moving into the house. I have been warning her that is isn't going to be able to refinance (has an 80/20 loan) for years and years. And I am keeping my fingers crossed that she makes the payment every month! The Maricopa County Assessor's office is on line--so you can check for the ten most recent sales within the subject subdivision.

The Phoenix metropolitan area is over 100 miles east and west and also north and south--so there is a large area to choose from. Has she done any shopping or just driving around looking for a neighborhood she would like? That is the first question she needs to answer before she even looks at houses!
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Old 09-17-2004, 03:42 AM
KYLECODY KYLECODY is offline
 
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State: Arizona
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She likes the Chandler/Gilbert area and some of the new builds in the West Valley where it is unbelievable how many new subdivisions are being built at once. Ill keep an eye out for the dark side of the field. The big question is still new or resale. Thanks.
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