Some portions of Maricopa County would not have any good buys, in my opinion, for some to time yet. Places like the town of Maricopa benefited late from the building boom, and the town's income now has fallen seriously below its capability to provide basic services. There are acres of vacant new homes, abandoned barely used homes, and incomplete new housing tracts - as there are elsewhere in the county and in neighboring counties.
One of the listings you put up mentioned a homeowner's association with fees of 50 dollars per month. Another of the problems in the housing market here is the popularity of owner's associations. In this economic climate, many are faced with the dilemma of what to do with so many members who are not paying their dues, let alone how to handle the financial emergencies brought about by abandoned or foreclosed homes. The problems are especially bad in the new tracts where a majority of homes never sold, and the developers have walked away.
Yes, prices seem cheap in some parts of the Phoenix and Tucson areas, but further costs and risks await those who buy now.
On the flip side, there are a few communities that are not hurting as badly, Queen Creek for instance.
FWIW, I have a long association with real estate economics. In nearly 40 years of watching/studying real estate cycles, I've noted that the low end of the market hurts first and recovers last. The high end doesn't hurt until the stock market suffers. The high end also recovers first as the stock market tends to improve ahead of the rest of the economy during a recession.
One anomaly I saw, however, was Silicon Valley (SF Bay Area, CA) during the Tech Wreck. At that time, only the high end saw prices fall along with stocks as most members of the work force were able to keep their day jobs. In fact, some locations saw increased prices at the low and moderate ends of the market during this same period.
Point is, there is better opportunity for early returns in housing at the top ends of the market as opposed to the bottom.
FWIW
VP in AZ |
