Phoenix’s housing bust goes boom - Los Angeles Times
We got this from Ofir Levy, our Phoenix east-side broker and manager.
This is an article by Nicholas Riccardi from 5/18 published in the LA Times.
As we have been discussing, the low price-point in Phoenix is starting to stir up interest on the part of both homeowners and investors.
Some of the push has been provided by the recent news about Phoenix “Leading the country” in price falls – about 50% from the peak. In reality there are deals in Phoenix that are already there at less than 50% from the peak values.
Needless to say, multiple offers are now de-rigueur for well-priced bank foreclosures.
Foreigners are waking up to this as well. I read articles in foreign media telling the story of both Phoenix’s steep fall and the high interest in buying there. Such articles spur foreign interest and , despite the foreigners’ difficulty in getting loans, the prices are low enough for many people to offer cash.
Funds that buy cash are in a good position these days, as the banks usually prefer to accept an all-cash offer even if it’s lower than financed offers.
I believe other markets that will follow shortly are Las Vegas, Orlando, and other Florida cities.
Phoenix’s housing bust goes boom
By Nicholas Riccardi , May 18, 2009 LA TimesMore homes are selling than at any time since 2006. Buyers find themselves in bidding wars over low-end properties. It’s what a national housing recovery could look like.
Reporting from Phoenix — After four years of renting because they were priced out of the real estate market, Jamia Jenkins and Scott Renshaw concluded the time had arrived for them to buy.
