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(KTAR Phoenix)   A shortage of houses in the Phoenix area sparks bidding wars, boosts AR-15 sales   (ktar.com) divider line
    More: Stupid, Arizona, Real estate, United States housing bubble, Phoenix, Arizona, Gary Nelson, historic times, Rodney Wood, Flagstaff, Arizona  
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2050 clicks; posted to Main » on 07 Jun 2021 at 3:05 PM (5 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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5 days ago  
My uncle is downsizing to an apartment and has a house in Scottsdale that he bought about 30 years ago for around $200k. It's got old furniture, needs a ton of repairs, is on a very loud/busy intersection, and has a couple of storage containers on the property with several tons of old business inventory worth virtually zero (negative, if you include cleanup costs).

He was stressed about having to take 6 months to clean it all up and his real estate agent was like "Nope, we're selling this one as is."

He closed in 2 days for just over a million dollars.

/sounds like a lot until you have a wife in a nursing home
//and still have to pay Phoenix rent
 
5 days ago  
My neighbor across the street here in LA just bought a 3200 sq ft house on 2 acres in North Carolina and paid a $20,000 bonus, for a total of $485,000.

Not a big deal for him since he sold his paid-off house here for $1.4 million.
 
5 days ago  
What happens when water is $10/gallon?
 
5 days ago  
Supply and demand, how DOES it work?
 
5 days ago  

Cewley: What happens when water is $10/gallon?


they already mostly drink wine in Scottsdale anyway
 
5 days ago  
On Sundays they drink champagne and laugh
 
5 days ago  
Everything is bonkers now.  We want to upgrade our truck to a 3/4 or full ton but there is basically no inventory new or used.  Good news is we can trade our truck in for what we paid for it so that takes some of the sting out of the process.

A 3-4 year old truck costs almost the same as a brand new one.
 
5 days ago  
A million dollar home here in Dallas-Fort Worth just sold for $1.3 million because of a bidding war. All homes are insane right now wherever you are at. But it's especially true in AZ and TX. Likely other places as well.
 
5 days ago  
When the whites start clamoring to all go live together in the middle of the desert its time to start worrying.
 
5 days ago  
On a SIDE note, property values in Seattle, Portland, Chicago, NYC etc are probably on the DECLINE
as more people FLEE those areas.
 
5 days ago  

Cewley: What happens when water is $10/gallon?


Fashions change. Commuting to work by worm becomes a thing.

assets-prd.ignimgs.comView Full Size
 
5 days ago  

NotThatGuyAgain: Supply and demand, how DOES it work?


Before I do up all the PowerPoints that was sarcasm right?
Just wanted to double check because my last PowerPoint presentation was a little awkward because I missed the sarcasm.
 
5 days ago  
Also, people in Arizona, California, Nevada and Utah should be looking closely at the water situation.  There's discussions about implementing water restrictions because Lake Mead is dangerously low.
 
5 days ago  

4seasons85!: A million dollar home here in Dallas-Fort Worth just sold for $1.3 million because of a bidding war. All homes are insane right now wherever you are at. But it's especially true in AZ and TX. Likely other places as well.


Sadly, it's probably people FLEEING CA, NY etc...but, will bring their left leaning politics with them,
and screw those states up as well.
 
5 days ago  
Fark user imageView Full Size
 
5 days ago  

Destructor: Cewley: What happens when water is $10/gallon?

Fashions change. Commuting to work by worm becomes a thing.

[assets-prd.ignimgs.com image 381x214]


I always found it odd that they carry around jump ropes but never jump rope.

/must be hard to jump rope on a sand dune
 
5 days ago  

p51d007: On a SIDE note, property values in Seattle, Portland, Chicago, NYC etc are probably on the DECLINE
as more people FLEE those areas.


p51d007: 4seasons85!: A million dollar home here in Dallas-Fort Worth just sold for $1.3 million because of a bidding war. All homes are insane right now wherever you are at. But it's especially true in AZ and TX. Likely other places as well.

Sadly, it's probably people FLEEING CA, NY etc...but, will bring their left leaning politics with them,
and screw those states up as well.


Tell us how you really feel. Surely you must be impartial and not at all prejudiced.
 
4 days ago  

p51d007: On a SIDE note, property values in Seattle, Portland, Chicago, NYC etc are probably on the DECLINE
as more people FLEE those areas.


Nope.

Sorry, but facts don't conform to the narrative you want to believe.
 
4 days ago  
I just sold my mom's house in north Phoenix, literally handed the keys to the new owners on Friday. The house sold for 10X what she had it built for in 1977, and I probably could have gotten more if I spent the time and money to spark a bidding war. Instead, we put it up For Sale By Owner and took a fair offer from a family who had a legitimate interest in acquiring the home as-is and living in it.

Bidding wars happen after you pay the agents their 6% to market aggressively and spend a bunch more updating the kitchens and bathrooms, etc. Maybe you come out ahead, maybe you don't. I took the money and ran.
 
4 days ago  

Badmoodman: My neighbor across the street here in LA just bought a 3200 sq ft house on 2 acres in North Carolina and paid a $20,000 bonus, for a total of $485,000.

Not a big deal for him since he sold his paid-off house here for $1.4 million.


Hopefully the prices in the Triangle stay on the stupid side for a while, that'll be handy when I'm leaving.
 
4 days ago  

p51d007: 4seasons85!: A million dollar home here in Dallas-Fort Worth just sold for $1.3 million because of a bidding war. All homes are insane right now wherever you are at. But it's especially true in AZ and TX. Likely other places as well.

Sadly, it's probably people FLEEING CA, NY etc...but, will bring their left leaning politics with them,
and screw those states up as well.


Dude, Missouri?   Really, just sit down and be quiet.

Speaking of Missouri.  My Mom has a 100 acres (actually 98.something, something....) my parents paid 5000.00 for 50 acres with a house and a barn 55 years ago.   They bought the additional acreage to avoid the infilling that was already starting to happen 7 miles out of the little burg closes to them.   Now my mother is sitting on a freaking gold mine.  But the water table is dropping really low because of all the new houses popping up.  Joplin wants to damn up the branch all around her, though they (American water) discovered that there are a LOT of people they would have to buy off to pull it off.  Anyway, turns out, even with the water issues, the land is selling at what is for rural Missouri a lot of money.

Also, the NE corner of the state, where she is originally from, is pretty abandoned, but the land is selling for crazy prices..for hunting preserves.   I mean insane prices.
 
4 days ago  
Yeah, here in Utah, the median home price has shot up to $500,000, people are making offers and getting the house yanked form under them while getting the financing, and people are buying houses, sight unseen, with no appraisal or inspection, often paying cash.

There are currently more realtors in the state than available homes, and one story said there were 93 offers on a single home here.

Can't wait until this bubble bursts, the wife and I are almost ready to try and buy, but not quite yet. Another couple of years should be good.
 
4 days ago  

Cewley: What happens when water is $10/gallon?


That seems unlikely-- even current "expensive" desalination plants produce about 3000 gallons for $10.  But the area could definitely use higher water prices.  It's absurd how cheap it is, considering it's a desert.  There's no incentive to conserve water at all at the consumer level-- it's so cheap that even large water savings barely register in a family budget.
 
4 days ago  

p51d007: On a SIDE note, property values in Seattle, Portland, Chicago, NYC etc are probably on the DECLINE
as more people FLEE those areas.


As someone who just sold a house in Vegas and moved to Seattle, GOOD. I'd like to buy again some day.
 
4 days ago  
The Bay Area (many of them not just SF)

Fark user imageView Full Size


Last week in NorCal
Boston
 
4 days ago  
All I did was update the landscaping and paint my old house and it sold for $90K more than I bought it for 4 years ago.  Was on the market for two days and only one of the offers was below asking price.

I was afraid it wasn't going to appraise for what they were buying it for but the appraisers know what the deal is.
 
4 days ago  

Cewley: What happens when water is $10/gallon?


The Great Lakes District sets up a Maginot Line along the border of the shiatty red states ND, SD, IA, 1/2 of IL, TN, 1/2 of OH.

If any of you come anywhere near it with your farking straws or water trucks we'll bomb your shiat into scrap metal which we'll then weld onto the wall like we're using the bodies of the Persians army from 300.

You stupid farkers live in a goddamned desert, drink your sand and recycled sewer water.
 
4 days ago  

4seasons85!: Also, people in Arizona, California, Nevada and Utah should be looking closely at the water situation.  There's discussions about implementing water restrictions because Lake Mead is dangerously low.


That's going to impact agricultural users before it hits homeowners.  The running joke is: if you want to reduce the water usage of a farm just sell it to a home builder.

/stop growing so much farking alfalfa in the desert
 
4 days ago  

Dinjiin: 4seasons85!: Also, people in Arizona, California, Nevada and Utah should be looking closely at the water situation.  There's discussions about implementing water restrictions because Lake Mead is dangerously low.

That's going to impact agricultural users before it hits homeowners.  The running joke is: if you want to reduce the water usage of a farm just sell it to a home builder.

/stop growing so much farking alfalfa in the desert


Huh
I've never heard that joke and I live in the prairies.
Lots of farms here
 
4 days ago  

SirDigbyChickenCaesar: I was afraid it wasn't going to appraise for what they were buying it for but the appraisers know what the deal is.


The appraisers are all into the scam, they get paid decent money to say "yeah what this person wants to pay for the house is what the house is valued at."
 
4 days ago  

Gunner's Mate First Class Phillip Asshole: SirDigbyChickenCaesar: I was afraid it wasn't going to appraise for what they were buying it for but the appraisers know what the deal is.

The appraisers are all into the scam, they get paid decent money to say "yeah what this person wants to pay for the house is what the house is valued at."


Plus all they do is look at the comps in the area.  Well a house like this sold for x a few weeks ago so this one is worth atleast x.  None of them know how to actually value anything.  Me selling mine for 90k more just increased the value of everyone on my street.
 
4 days ago  
People offering ten percent over asking to live in Arizona. Big brain stuff.
 
4 days ago  
Guess how much prices for everything are being driven up this means we're out of the recession now?
 
4 days ago  

p51d007: 4seasons85!: A million dollar home here in Dallas-Fort Worth just sold for $1.3 million because of a bidding war. All homes are insane right now wherever you are at. But it's especially true in AZ and TX. Likely other places as well.

Sadly, it's probably people FLEEING CA, NY etc...but, will bring their left leaning politics with them,
and screw those states up as well.


It's called "colonization". Once you have so much excess population due to successful policies it's natural to expand into empty space.

The question is simply what to do with the few natives that don't get the hint. Well they are coming from blue states, I am sure they will respect the native culture.
 
4 days ago  
I'm sure it's a sign of a healthy country that a generation of educated people are clamoring to find housing in burning hellholes.
 
4 days ago  

p51d007: 4seasons85!: A million dollar home here in Dallas-Fort Worth just sold for $1.3 million because of a bidding war. All homes are insane right now wherever you are at. But it's especially true in AZ and TX. Likely other places as well.

Sadly, it's probably people FLEEING CA, NY etc...but, will bring their left leaning politics with them,
and screw those states up as well.


Oh yeah Texas is well known for having its shiat together
 
4 days ago  

El_Frijole_Blanco: p51d007: 4seasons85!: A million dollar home here in Dallas-Fort Worth just sold for $1.3 million because of a bidding war. All homes are insane right now wherever you are at. But it's especially true in AZ and TX. Likely other places as well.

Sadly, it's probably people FLEEING CA, NY etc...but, will bring their left leaning politics with them,
and screw those states up as well.

Oh yeah Texas is well known for having its shiat together


Texas: while immigration from other States, the local population is also blowing up
 
4 days ago  

Cewley: What happens when water is $10/gallon?


*nesstle has entered the chat
 
4 days ago  
Combination of any of the following:
A) money saved from not travelling/dining out
B) influx of money inherited from relatives that died due to covid/being a boomer
C) people having to spend too much time with their families, realizing they need to get away from their kids playing Kpop/watching other people playing video games on Twitch or YouTube

?
 
4 days ago  

dave0821: Dinjiin: 4seasons85!: Also, people in Arizona, California, Nevada and Utah should be looking closely at the water situation.  There's discussions about implementing water restrictions because Lake Mead is dangerously low.

That's going to impact agricultural users before it hits homeowners.  The running joke is: if you want to reduce the water usage of a farm just sell it to a home builder.

/stop growing so much farking alfalfa in the desert

Huh
I've never heard that joke and I live in the prairies.
Lots of farms here


Maybe farms in a subtropical desert consume more water than those in a temperate grassland.
 
4 days ago  
This has been happening for a few years now already, in Wisconsin.  Way to catch up with the times AZ...want a beer?
 
4 days ago  

4seasons85!: A million dollar home here in Dallas-Fort Worth just sold for $1.3 million because of a bidding war. All homes are insane right now wherever you are at. But it's especially true in AZ and TX. Likely other places as well.


Pretty crazy here in Metro Detroit. We had 73 people in 10 days come through to see our house, had a few offers. It's crazy out there.
 
4 days ago  

zjoik: El_Frijole_Blanco: p51d007: 4seasons85!: A million dollar home here in Dallas-Fort Worth just sold for $1.3 million because of a bidding war. All homes are insane right now wherever you are at. But it's especially true in AZ and TX. Likely other places as well.

Sadly, it's probably people FLEEING CA, NY etc...but, will bring their left leaning politics with them,
and screw those states up as well.

Oh yeah Texas is well known for having its shiat together

Texas: while immigration from other States is blowing up,so is the local population.


ftfm
 
4 days ago  

p51d007: On a SIDE note, property values in Seattle, Portland, Chicago, NYC etc are probably on the DECLINE
as more people FLEE those areas.


They aren't on the decline but hey, who needs facts when you have your precious little snowflake feelings to look after?
 
4 days ago  

Gunner's Mate First Class Phillip Asshole: SirDigbyChickenCaesar: I was afraid it wasn't going to appraise for what they were buying it for but the appraisers know what the deal is.

The appraisers are all into the scam, they get paid decent money to say "yeah what this person wants to pay for the house is what the house is valued at."


It was suspicious that my house appraised at exactly the sale price.

I don't understand the Sioux Falls housing market. It's as hot as any of the places being talked about. Houses get listed, they get dozens of offers overnight, they get sold in a day. But the prices are, while soaring, not as high.

It seems to me that sellers should be tacking an extra 50k onto every sale. Why sell a house in a day when you could just jack the price and probably still get a buyer in a week?
 
4 days ago  

NotThatGuyAgain: Supply and demand, how DOES it work?


S&D combined with close to 2% interest rates leads to an enbiggening of house prices, regret by buyers, happiness by boomers.
 
4 days ago  

OicheSidhe: This has been happening for a few years now already, in Wisconsin.  Way to catch up with the times AZ...want a beer?


Already stocked.

Fark user imageView Full Size
Fark user imageView Full Size
 
4 days ago  

Embden.Meyerhof: Destructor: Cewley: What happens when water is $10/gallon?

Fashions change. Commuting to work by worm becomes a thing.

[assets-prd.ignimgs.com image 381x214]

I always found it odd that they carry around jump ropes but never jump rope.

/must be hard to jump rope on a sand dune


Well, it's the distant future (or about 5 years in Phoenix). They have found far more advanced uses for them.
 
4 days ago  

p51d007: On a SIDE note, property values in Seattle, Portland, Chicago, NYC etc are probably on the DECLINE
as more people FLEE those areas.


media.tenor.comView Full Size
 
4 days ago  

Dinjiin: 4seasons85!: Also, people in Arizona, California, Nevada and Utah should be looking closely at the water situation.  There's discussions about implementing water restrictions because Lake Mead is dangerously low.

That's going to impact agricultural users before it hits homeowners.  The running joke is: if you want to reduce the water usage of a farm just sell it to a home builder.

/stop growing so much farking alfalfa in the desert


5 years. That is what I give until the groundwater situation has people fleeing the state. We are not pumping sustainably with or without farms. In or outside of the cities. 

I work in the industry. Politicians, developers, miners and some industrial companies have opened the floodgates to groundwater pumping.

None of it is sustainable. It's like they are on a bender right now.
 
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