We're planning to buy a home a in 85255 (3000 Sq. Ft for 550k). is this good time to buy a home over there?

Asked by Trisha, Phoenix, AZ Tue Oct 23, 2007

or Can we wait for two more months. Property tax (5000$/Yr)and HOA (200$/month) is so high over there. Does it get matter when I sell this.

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Roberto Ribas, , Scottsdale, AZ
Wed Jul 1, 2009
terrible time to buy! Foreclosures are climbing, jobs are being lost. Some parts of phoenix have dropped 60 to 70%, but not 85255, it has just begun to drop.

You have to laugh at the "thinking" of agents on here, saying its a good time to buy.

Look at the history of this thread: over half a year ago, I said it wasn't a good time to buy, the other agents said it was. Since then, prices have dropped. Now they say its a good time to buy, without ever addressing the obvious irony of posting that opinion!!!

Wrong then, wrong now, if you buy north scottsdale today, watch your value drop for the next year.

2 votes
Roberto Ribas, , Scottsdale, AZ
Sun Mar 1, 2009
have a very informed buyers agent... that seems hilarous when all the very informed buyers agent said "buy now, this place won't drop" and meanwhile prices dropped like a lead balloon!!!!

I hope for your sake you didn't follow all those agents advice or you are out 100's of thousands of dollars by now!
2 votes
Nathan, Home Buyer, Scottsdale, AZ
Thu Jan 8, 2009
Now this is a beautiful thing: almost every realtor answered the question, more than a year ago, strongly in the affirmative. Since then, prices have dropped strongly and continue to do so. In other words, if you had taken their advice, you would now be hugely underwater.

I rent a condo in 85255 (at Grayhawk). A year ago, the kind of unit I live in was selling for around $300,000. Now, much better units at the complex next door are listed at $225. In other words: a >30% decline is a reasonable estimate.

Will all the agents who held forth and tried to give their terrible misinformed advice now step out of the business and go back to waiting tables or dog grooming?
2 votes
Sanity, Both Buyer And Seller, Phoenix, AZ
Wed Nov 7, 2007
Trisha. Do yourself a favor and do not listen to any of the "real estate" pundits who say now is the time to buy (they have a vested interest in generating business/commissions from you). Their song and dance is the same as it was 6-12 months ago and they will continue to be dead wrong! The fact of the matter is that the mortgage meltdown is just beginning as indicated by WAMU's and Citibank's latest disclosures and write-offs. If you believe that a Phoenix real estate recovery is on the horizon you are sadly mistaken. In other words, supply and demand will dictate this market and with continued pressure and tightening of mortgage requirements the buyer will be forced to the sideline (not to mention that consumer discretionary income is tapped out due to adjusting mortgages). This of course will translate into continued price pressure well past 2008. Scottsdale is not isolated to economic fundamentals and you will soon find out how many people are standing without their clothes.
2 votes
Carmen Woks, , Reno, NV
Tue Mar 31, 2009
Sounds like a good time to wait. Data out today suggest prices are continuing to drop.

1 vote
Roberto Ribas, , Scottsdale, AZ
Mon Nov 24, 2008
All of these agents are dead wrong. Prices in norht scottsdale just jumped off a cliff and will dive far the next year, guaranteed. I have a search that tracks foreclosures in the area, and it has doubled in the past six months. Add to that Phoenix metro began losing jobs just a few months ago no jobs = no home, foreclosures equals dropping prices.

It is simply amazing, that 2 years into what will be the biggest housing crisis ever, with supply/demand at 11 months, rents falling, the state budge in shambles meaning state layoffs next year, job losses, high vacancy rates, dropping prices with clearly no economic reason to stop, these agents can say it is a great time to buy with a straight face. either they simply know nothing abouvt economics, or... well IQ?
1 vote
The Amy Jones…, Agent, Chandler, AZ
Tue Oct 23, 2007
Hi Trisha,
I concur with there being no time like the present to buy a home in the 85255 zip code although you may have to adjust your search paremeters as pricing in this zip code tends to run considerably more.

I wish you the best of luck with your home search!
Web Reference:  http://www.amysellsaz.com
1 vote
Richard Dobb…, Agent, Scottsdale, AZ
Tue Oct 23, 2007
Hello, Trisha. I happen to live in zip code 85255 and we love it up here. This is one of the few zip codes in the valley that has held its value and actually has appreciated 0.5% since last year. I think it is a great time to buy right now. Interest rates are still very low and there are some real good deals out there for re-sale homes. Good luck with your purchase and if there is anything I can do for you don't hesitate to call or email. You can find us on the web at http://www.bergdobblesteam.com
1 vote
Ruth Sewart, , Scottsdale, AZ
Fri Jun 24, 2011
if we could really predict future pricing we would not be selling houses. i will say it is very difficult to find anything in 85255 under $200k and prices are creeping up but there are some incredible deals and if you can afford them then I say snag one now with the great interest rates and don't worry about hitting exactly at rock bottom. condos are a different ballgame.with financing being so impossible - they will continue to be a difficult purchase and pricing will fall.
0 votes
Lisa Lucky, Agent, Scottsdale, AZ
Wed Jul 1, 2009
Good time to buy. Inventories are dropping and sales are up. Although more lender owned properties are comming to the market, they are getting picked up quickly. Lender owned properties in North Scottsdale average only 66 days on market. See analysis by type of sale on website below.
Web Reference:  http://mattlucky.com
0 votes
John Lynch, , 85255
Sun Jun 14, 2009
I have lived and sold in 85255 area since 1990. I've watched prices skyrocket and in the last two years crash but not as far as most areas in greater Phoenix - it's a real shame that we are separated out from the Phoenix data base! Prices seem over the last two months to be stabilizing - a 3000ft2 home on an acre, with pool and 3 car garage in a good school district, with comparable homes surrounding it to assure values currently go for about (and this changes daily - and upwards since may 2009) $200/ft2............new construction -semi-custom, closer to $300/ft2.....................Many Short Sales are deals if you can stand the waiting time and the competition, and the huge potential to not get that house - some REO's but always an issue with condition or unknowns unless you are very handy. check out my website http://www.scottsprop.com or call me if you are in town and we can sit down in our office and look on the big screen for properties that meet your criteria most anytime! John Lynch 480-236-9470
Web Reference:  http://www.scottsprop.com
0 votes
Lisa Lucky, Agent, Scottsdale, AZ
Wed Jun 10, 2009
You need to do your research. There are many Buyers looking for a deal so expect competition. Have your financing in order. Most importantly know what to expect in this market and in the neighborhood you want to buy. Location, location, location. To see sales trend and stats for the last 6 months check out our website. Look up what the percentage of asking price homes have sold for by community. Lots of info and everything for sale mapped out by subdivision. Start with market stats link.
0 votes
Rd, Home Buyer, Scottsdale, AZ
Sun Apr 19, 2009
Be careful when looking at Case-Shiller data - it is two months out of date. The latest report is for Jan NOT MArch or April. I just bought at Greyhawk; 2Bdr/2 full bath with balcony overlooking the mountains rather than a parking lot... price? 160,000. There were mulitple offers. Properties are selling.

As with the stock market - don't try to time the bottom. Look at historical data... the market got seriously overheated by 2005 and peaked in the summer of 2006. Look at average prices in 2004 and add 2-3% inflationary rise per year. That is where real-estate values should be. Do your math and pull the trigger when the sales price for the zip code you are looking at falls in line with those 2004+ infl price point.. As with the stock market - corrections can cause prices to swing too far the other way... If you snooze too long - you will loose....
0 votes
Judy Hudek, Agent, Scottsdale, AZ
Tue Mar 31, 2009

That is a tough question since no one has a crystal ball. Is it a good time for you? Does it fit your needs to buy now? In my humble opinion your home is your castle - not an investment, not an ATM but the place you raise your family and create memories. I agree with Laura that it could get worse. But what if you wait and prices go up - then you will be kicking yourself.

Buy when it fits your families needs. Work with an agent you trust. Be an educated buyer. Buy what you can afford. We need some comon sense to enter our global economy so we can find our footing again.

Best wishes in your decision making. Feel free to contact me if I can be of any help.

Judy Craven
Big Land & Homes
Realtor, e-Pro, CNE, Certified Short Sale Specialist
0 votes
Diane Planid…, Agent, Calgary, AZ
Fri Mar 27, 2009
Hi Trisha, ask your Realtor for the selling history information on the property, current zip code stats and property tax information. All of this is accessible to your Realtor through the MLS service we as Realtors subscribe to. Best of luck, Diane
Web Reference:  http://www.DianePlanidin.com
0 votes
Laura Myers…, Agent, Scottsdale, AZ
Wed Feb 4, 2009
Wow! So much to say but first I must say let's not disparrage others. Good news for Trisha is if she has waited she will get what she wants now. Some of those homes priced at $899k are now at $499k! With 2009 ARM (Ajustable Rate Mortgages) ramped up to reset this year things could get worse. This is how I prepare my sellers as well. If you must sell then you must be ahead of the market. If you do not need to sell then do not sell. Buyers, there are still great deals out there but when you buy you must buy well for today's market (don't be afraid to be agressive but note that the best deals immediately have 2-4 offers in place and cash is still king) and be prepared to have your property for 5 years minimum 7+ to be safe. Timing this bottom has never been more difficult as the state of our GLOBAL economy is unprecedented. Just this morning they announced a possible 4% interest rate to buyers and current homeowners. If you ask me current home owners must be able to stay in their homes if they want to stay and can afford to do it. That is where loan modifications can help. However you must fit the four basic criteria: 1) Home must be upside down (owe more than current market value) 2) You must want to stay in your home 3) You must be able to show ability to pay the new mortgage price and 4) you must be able to show a hardship or the inability to pay in the forseable future.
Now with the economic storm we are having many people fall into this. However, not all investors into these mortgage backed securties and such are willing to harbor the loss so currently not many peopel have been helped. Now I'm not saying for or against Bailout but since it happened the Banks have taken theirs and frankly kept it. Now to stave off a wave (Tsunami) of future defaults we have to address the issue at the individual level as well. I don't believe it is just for the "bad" mortgage borrowers but rather the great borrowers who put in some cases their entire lot of equity (hundreds of thousands) only to see it disappear due to the foreclosure wave etc some people are in some cases 64% upside down. The perseption of the consumer is such that even to work out a new payment means being trapped in their home forever. So a principle reduction is necessary here. Why do I say they need help? I don't think the individual will fall for this, just like the banks didn't....they over spent themselves and got in trouble for it...government came in and "bailed" them out and continue to find ways to do so. We need banks - they need to afford to extend credit. But we need consumers too - we need them confident again that they can have a roof over their heads, feed their families, and support the economy by spending money (on things they can afford, yes a budget is necessary folks).
If we cannot restore consumer confidence we will NOT see a turn and as people get pushed more into survival mode rather than living a life things won't change and actually will get worse.

Lender owned properties represent 68% of pending sales in the last 30 days according to our MLS. Banks were never meant to be property owners nor do they want to be. So they price the homes to sell and yes folks they sell. The market is the market and when you are ready to buy there is a reason to do so.

1) you are an investor and you are preparing your retirement (my grandma bought 8 homes starting at age 50. From 78-85 she suffered alzheimers and that rental income paid every penny of her care all those years and left each of her 5 daughters enough proceeds to each have a home free and clear.

2) you don't want to throw money away on rent. Truthfully - in some circumstances renting is better for now. If you are risk advertant then stew for a few months to see what roles out from our government. But if you are highly qualified now could be the best time to be aggressive on some offers and realize you will take a loss (up to 10% as a projection) before you see a gain but the plan would be to stay in the home long term.

Real estate is cyclical. On the local level Arizona has become more affordable and we will see the return of jobs/employers yet the bumps are not over. We have no natural disasters to worry of, great weather so our turn to recover is a better outlook.

While I have much more to say, I"ve said to much. To Trisha - simple - have a very informed Buyers agent represent your interests. If they interview you well then they will advise you on all your options - not just tell you to buy, buy, buy. They will help you look at all your choices and guide you to successfully achieve the goal you set out to accomplish. They will also remain available whether you buy now or years from now. Great Realtors do exist! We can be just a phone call away.

All my best

Laura Myers PLLC, e-Pro, GRI
Keller Williams Arizona Realty
9500 E Ironwood Square Dr Ste 101
Scottsdale, AZ 85258
0 votes
Michelle Qua…, Agent, Scottsdale, AZ
Mon Aug 25, 2008
Hello Trisha,

I personally live in 85255 and my office in the zip code, so I am very familiar with the area. I have lived in the 85255 since 2003. I believe it is a great area of town. If you would like me to email you listings in the area and give you the scoop on different neighborhoods, restaurants, shopping, schools, please let me know.

Have a great day,

Michelle Quackenbush
0 votes
Tom Anderson, Agent, Scottsdale, AZ
Fri Aug 22, 2008
I discovered a great way to search for foreclosures in Scottsdale, Arizona. Go to http://www.scottsdaleforeclosures.com. Just click on the link and you will get listings that are currently on the market. Most of the homes have several photos to view. You can even get aerial maps and driving routes to each home.

Currently there are over 200 lender owned homes in Scottsdale. Phoenix has over 2000. There is even a link for Vacant Land foreclosures.

You can also search the entire MLS. It's a fun site to check out. You'll be shocked at all the homes that are available. The deals are fantastic too.
0 votes
Bill Snyder, , Yuma County, CO
Wed Nov 14, 2007
0 votes
Paul Slaybau…, Agent, Scottsdale, AZ
Tue Oct 23, 2007
Great time to buy up there for the reasons mentioned by previous posters, but I have to concur with Dan and Patrick. That is a very difficult zip code to find that size/price combination. My partner and I have a 3000 square foot property listed in Whispering Winds at Troon Village, for example, at just under 1.2 million. Such prices are not unusual for the area.
Web Reference:  http://rayandpaul.com
0 votes
Dan Mullarkey, Agent, Scottsdale, AZ
Tue Oct 23, 2007
That sounds like a great price for that square footage in 85255. Now is a terrific time to buy and I've seen more and more homebuyers finally realizing that lately. My advice is to look at what you get for the high taxes and HOA and compare it to where you are living now. If the area and amenities outweigh the increase in cost, then it might be a great situation for you and your family.
Web Reference:  http://danmullarkey.com
0 votes
Brad Bergami…, Agent, Prescott, AZ
Tue Oct 23, 2007
If you would have asked me a few months ago, I would have told you to wait, but now is the time to take advantage of the market. Take a look at what are jumbo loan rates doing, they may not be that low in a few months.

The question you need to ask yourself is "what am I waiting for". If it is price there are no guarantees. This home may not be on the market in a few months and that the seller may not take a different offer. If you are not concerned about this particular home than you need to think about what you are currently spending on housing cost. Is worth paying a few months of rent/mortgage to get a few thousand off the price?

There is always an unknown in every venture. The people you read novels about and are successful make decisions. It is a great time to buy a home. Interest rates are great and the market is soft, waiting a few months will only make you that much unsure later and you will wait again until the home, interest rates, or market has passed you by.
Web Reference:  http://bradbergamini.com
0 votes
Mr.P, , Arizona
Tue Oct 23, 2007
What does your Realtor say?

I did a quick search of the ARMLS, for that Sq Ft, Price range, and zip. I could find nothing close to what you are buying. The highest taxes came in was at $2800.

Are you Buying this property from a private party ?( FSBO)

If you gave us a more specific address, maybe we could give you a more specific comp, and opinion of value
0 votes
Lloyd Fox, , Phoenix, Scottsdale, 85254, 85255, 85258, 85259, 85260, 85020, 85018, 85014, 85032
Tue Oct 23, 2007
There has not been a better time in many years. The inventory of vacant properties is very high and sellers are negotiating now more than ever. There are also exceptional opportunities in short sales and bank owned properties. 3000 square feet may currently be tough to reach at that price level, yet you could be very close is some areas. The least expensive home in 85255 is currently listed at $574,900, and then it goes up from there. I would make an offer when you find the right home. Your parameters are tight and waiting may lose you the opportunity you want. The next least expensive home for that sq footage in 85255 is $629,900. Even when you drop the sq footage to 2800 you have the same price availability.
0 votes
Steve Belt, , Scottsdale, AZ
Tue Oct 23, 2007
I live and work in 85255. If you ask me, there will never be a bad time to buy in 85255. It is now, and probably will always be, one of the most desireable zip codes in the entire Phoenix area, and especially in Scottsdale.

If you are looking at that property in Ironwood Village, then buy it today. It's a screaming deal.
Web Reference:  http://blog.101bell.com
0 votes
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