If you would tell me what is your price range and how large home do you need, I will be inposition to naswer your question.
George GeoSzk@WBhsi.net

Sat Jun 7 2008, 18:34

Hi Ryan - to add to Vikas answer:

Your money goes farthest in the Southwest right now, it's one of the softest areas in our market currently. In the early 90's, the Northwest exploded with growth, followed to a lesser degree by the Southeast, pushing out into Vail, and then the Southwest development boom hit in the early 2000s. I remember back in 2004 and 2005 when their new homes sold so fast, you felt lucky if you were able to secure one for a client.

Now, with the slower real estate market, the new home builders are undercutting the resale homes, and there are a multitude of short sales and REOs among the resale homes. Prices have declined in that area of town, overall.

Will that be the next boom area? Well, it sort of already boomed, but it lacks the infrastructure, the shopping and whatnot. My opinion is that the Southeast will get those things before the Southwest will, if only because the Southeast boomed earlier, it's development is futher along in the process, but again, that's just an opinion, I don't know for sure. There is also reservation lands in the Southwest, and I don't know the rules about how or if that can be developed privately.

However, if you're willing to drive a bit, you can get a lot of home for your money in the Southwest right now. Something to consider is how long you expect to hold that property. Chances are, that area of town is still a couple years away from recovery, as it is one of the hardest hit.

Good luck!

Mon May 12 2008, 10:15

It's hard to tell. They are widening the I-10 exit, there are more and more amenities being put in further and further along Valencia AND you are absolutely right, your dollar goes much further. Part of this affordability has to do with the number of bank owned/short sale properties that have come up in the area recently, driving down the prices. The home builders (lennar, kb e.t.c.) have also reduced their prices significantly because they weren't selling homes. Demand is soft and the commute is really the issue for most people. In a down market, it's usually the outer areas that get hit the hardest and the earliest. (You should consider what you might spend on gas as part of your expense.) Lately, I've found that the good deals are starting to go fast which tells me that there are more and more folks attracted to the area. I had a client and we ended up being one of a number of offers on the same property. It ended up selling for above asking so it's important to be quick and have a good agent with experience with these properties.
I don't think any agent will be able to tell you if it's the next booming area (what about the SE and Vail? They've got a lot of positives going for it and Sahuarita is picking up a little as well . . .) I would advise you not to buy real estate right now on the assumption that the prices are going to go up in the near future. Different "experts" are quoting different timelines but I think it'll take 3 - 5 years for the prices the start appreciating again. (that's just my opinion.) It is a good time to find a home to live in, just don't plan on doing a flip, it's possible but very, very tough. Let me know if I can assist you, I know Sonoran Ranch (Estates and Villages) very well and buyer agency services are of no cost to the buyer. A recent client did end up finding something off of Valencia and Wade that was a bank-owned property and it takes a different skill set from your typical residential resale realtor. Best $/sqft in the subdivision and I felt really good about the deal,
-Vikas
(520)204-2008
www.VikasPawaGroup.net
vikaspawa@hotmail.com
Prudential Foothills Real Estate

Mon May 12 2008, 01:18