I wrote last week about the incredible bargains to be had in the Phoenix resale real estate market. Dumpy homes in bad neighborhoods are very, very cheap, but there are so many Short Sales and Lender-Owned homes on the market right now that you can buy choice homes in choice neighborhoods for amazingly low prices.
If the run-up in prices in 2005 was caused by “irrational exuberance,” then our current market is driven by “irrational despondency.” The question for people who are not irrational is this one: How low can these prices go?
I’ve been shopping for a getaway-home for an out-of-state buyer. I’ve built a web site to show off some of the homes I’ve been previewing. The winner so far? A newer three bedroom, two bath home with a pool — on a golf course — with custom tile mosaics — for $110,000.
It’s a sad thing for the folks who lost these homes — and their lenders are no doubt shedding salty tears, too. But if you have the means to buy a home in the Metropolitan Phoenix area right now, you can get incredible values for your money.
You can visit the web site or just click on one of these links to see these homes:
- 105 South 227th Ln, Buckeye, AZ, No Pool, Faces West, Lender Owned, $94,900
- 10774 West Edgemont Av, Avondale, AZ, Pool, Lender Owned, $129,900
- 12843 West Redondo Dr, Litchfield Park, AZ, Pool, Needs Work, Short Sale, $134,900
- 12917 West Windrose Dr, El Mirage, AZ, Pool, Short Sale, $140,000
- 14179 West Shaw Butte Dr, Surprise, AZ, Pool, Upgraded, Short Sale, $124,900
- 14719 West Mary Ct, Surprise, AZ, Pool, Needs Work, Short Sale, $145,000
- 14911 West HoneySuckle Ln, Surprise, AZ, Pool, Needs Work, Short Sale, $136,900
- 15516 West Watkins St, Goodyear, AZ, Pool, Short Sale, $149,900
- 16087 West Hilton Av, Goodyear, AZ, No Pool, Short Sale, $129,900
- 16763 West Taylor St, Goodyear, AZ, Pool, Needs Work, Lender Owned, $135,900
- 22628 West Adams Drive, Buckeye, AZ, Pool, Golf Course, Upgrades, Short Sale, $110,000
- 22794 West La Pasada Blvd, Buckeye, AZ, Pool, Short Sale, $100,000
- 25759 West Nancy Ln, Buckeye, AZ, Pool, Needs Work, Lender Owned, $118,900
- 25805 West Lynne Ln, Buckeye, AZ, Pool, Decent Shape, Lender Owned, $114,900
- 30277 West Earll Dr, Buckeye, AZ, No Pool, Upgrades, Builder Owned, $128,950
- 8537 West Riley Rd, Tolleson, AZ, No Pool, Short Sale, $120,000
- 8823 West Toronto Wy, Tolleson, AZ, Pool, Short Sale, $140,000
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HIP says:
That is just crazy value – though suppose its relative:)
August 22, 2008 — 2:40 am