WatchPersonally, I would do better if the market had stayed down for years after the crash. I have no plans to sell any of my properties, so appreciation means nothing to me, it is just a number on paper. I am buying properties for the CASH FLOW only, with plans to live the rest of my life off the rental income.
So, when i post facts about the Phoenix market, facts which I carefully study to guide my own investments, I do without a preconceived bias to look for the positive indicators.
Facts such as:
1. Low inventory, Less than 13,000 for the past couple months.
2. Strong demand, over 8000 closed a month for several months.
3. Multiple offers on most reasonably priced homes under 250K, within days of listing.
4. drops in the number of available short sales, under 900 now.
5. drops in the pending short sales, down to 13,000 from 20,000 a few months ago.
6. slightly rising rents in all areas that I own rentals.
7. 30% rise year over year in asking prices.
8. Only modest increase in foreclosures, and notice of future foreclosures, hence no visible pending tsunami of distressed properties, post robosigning scandal.
These facts galvanized me to move quickly, buying 2 more homes over the past 2 months, and putting 4 more under contracts a couple months ago, short sales as those are the best values around today.
Whenever I post my analysis, instantly, they are pounced on by brain dead idiots, calling them lies, etc. Well, if these nitwits care to share some fact and intelligent debate could occur, but instead, they sling insults and market predictions based on wishful thinking rather than analysis. Whatever, sorry your, but you might try reality some time, rather than living in a fictional world!
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I get a kick out of the guy who looks like a duck raving about being a real estate tycoon. Almost as much as the guy from Phoenix who puts sun glasses on his dog.
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I would prefer all these supermodels not crowd around my house, begging to blow me because I only have one dick and even with my herculean sexual prowess only three supermodels at a time can enjoy the Olympian glories of Me.
Also, I am a very nice guy and prefer not to leave busloads of supermodels disappointed and frustrated, sobbing inconsolably for hours waiting for their turn.
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The only reason you post on here is because you are terrified your plan is going to bankrupt you. If you are looking for the younger generation to enrich you then you are going to be bitterly disappointed. We have a temporary blip in the market that will resume falling once the temporary stimulus have been removed. Time is the buyers friend whilst you bleed cash.
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rooemoore says
Oh, hey, I hear you. And they've all got these sob stories about having walked on a foreclosure in Phoenix.
Sad but what can you do?
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Ross, CA
PockyClipsNow says
I think you will have a lot of choices next winter.
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San Jose, CA
I can’t recall any single political rumor e.g. election year, republican or democrat president, new budget etc., to have direct impact on real estate prices, employment, salary or interest rate. So I suggest bypassing it. Low inventory is a fact now and huge number of buyers coming out of fence, intrigued by rising rent and media info: “2012 landlord year”, “best affordability in years”, “lowest interest in years”, “best time to buy”, finely decided to buy.
Has been notice rising inventory in expensive areas, where rich see an opportunity now to get rid of expensive houses. Additionally, some recent cash buyers put their houses for sale. It is hard to bypass to earn extra 50-100K in a very short time. Meaning, they also do not believe the current run-up with prices is going to sustain.
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Laguna Beach, CA
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According to this chart, Arizona still has plenty of owners in negative equity situations (over 40%). How long will people onto their homes if their neighbors are buying into their neighborhoods for much, much less?
Nevada is just shocking, unreal.
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Mick Russom says
Nothing wrong that. He took a lot of risk and put his capital and played the game well. If it does not work out, then that is a risk he or the taxpayers will have to take. I am debt free, but still gotta work-my choice, but am getting tired in this soulless corporate life.
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Menlo Park, CA
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edvard2 says
Very true! Most of the people I know around here who own houses got a huge break one way or another and hard work did not count for much of anything.
* Inheriting $$ from mom and dad
* Inheriting Prop 13 tax basis from mom and dad
* Windfall profits from stock options during the dot-com bubble
* Old, and bought long ago before the great disconnect between incomes and house prices
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You normally find that people that brag about money in reality have none. It is the quiet people that have the money who do not want to draw attention to themselves. The way you rant shows me you are an overleveraged loser.
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“So far, I've landed a couple of buys but would love to add more to the portfolio. Many people wonder where this money comes from. I will admit, I work in the tech industry and joined many successful startups.” Ladies!!! and you know who you are, STEP RIGHT UP! Here is a TYCOOON who can take you places!!, dang pudgy you should change that picture to a proud Duckhead. Shake that tailfeather BOOM BOOM!
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Laguna Beach, CA
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Robert, why are you acting like a goon? Yes, you parade your real name all over the internet, you own a lot of properties in Arizona, good for you.
Just because people don't agree with you doesn't mean "their lives must suck!" Calling people coward, stupid, brain dead idiots, or moron, doesn't really do much for getting people to listen to your "real world analysis". In fact it makes you come off as insecure, and unsure of yourself.
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Emeryville, CA
http://economywatch.msnbc.msn.com/_news/2012/06/14/12203711-foreclosure-activity-jumps-in-troubling-sign-for-housing-recovery?lite
What about this?
"Foreclosure activity jumps in troubling sign for housing recovery"
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Emeryville, CA
The sand states are still dark red.
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San Jose, CA
Let see; 500K mortgage with 4% … can buy $742K mortgage with 1% interest.
Japan, US, and the rest of the world are run by the same banking cartel anyway.
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PockyClipsNow says
In the SF Bay Area and Boston... well above the norm....bubbles..
For LA it was normal.. lucky you in SoCal.
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robertoaribas says
Boy, that's the truth.... the emotion always "clouds" the rational discussion...
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Call it Crazy says
what Roberto is doing is what people in the past were also doing!
buy a home as income property.. separate from personal residence.
priced at "not too hot and not too cold" ...
rent it out and keep it cash flow positive..
before the Bubble mania started -- it did apply to all parts of the country.
yes we are still in this nut case of a mania in parts of California...
where every shack is somehow special and commands at least $1 Million as a starter home.
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Goran_K says
At some point down the road.. they will just have to dump it and call it a day... it just isnt going anywhere...
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REpro says
Thank Goodness someone else knows this! And yes, with no reliable housing news data in mainstream media, one of the only choices to find real information to base decisions on is to through comments and links on this blog, and yes, some of them are very whiny, including myself.