Comments on: Phoenix condo market given a "death sentence" http://housingdoom.com/2009/10/12/phoenix-condo-market-given-a-death-sentence/ Thu, 24 May 2012 17:28:21 +0000 hourly 1 http://wordpress.org/?v= By: Russ http://housingdoom.com/2009/10/12/phoenix-condo-market-given-a-death-sentence/#comment-17549 Russ Tue, 13 Oct 2009 12:03:59 +0000 http://housingdoom.com/?p=4795#comment-17549 There was the correct observation years ago by Housing Bubble watchers that many of those luxury Miami condos would be cash-flow negative at a purchase price of zero dollars when the increasing expensive dues and taxes were taken into account. Now PHX and other places get to experience this reality. There was the correct observation years ago by Housing Bubble watchers that many of those luxury Miami condos would be cash-flow negative at a purchase price of zero dollars when the increasing expensive dues and taxes were taken into account. Now PHX and other places get to experience this reality.

]]> By: twist http://housingdoom.com/2009/10/12/phoenix-condo-market-given-a-death-sentence/#comment-17548 twist Mon, 12 Oct 2009 17:46:09 +0000 http://housingdoom.com/?p=4795#comment-17548 Linenoise- Condos and SF may not be "apples to apples" but you have to believe that at some point price point will change people's mind about what they want to invest in- particularly when it comes to rental properties. Igor's "gloomy"- but we warned him about believing everything he was told at those investment seminars! Linenoise-

Condos and SF may not be “apples to apples” but you have to believe that at some point price point will change people’s mind about what they want to invest in- particularly when it comes to rental properties.

Igor’s “gloomy”- but we warned him about believing everything he was told at those investment seminars!

]]> By: Linenoise http://housingdoom.com/2009/10/12/phoenix-condo-market-given-a-death-sentence/#comment-17547 Linenoise Mon, 12 Oct 2009 16:24:13 +0000 http://housingdoom.com/?p=4795#comment-17547 I keep getting people telling me "its a great time to buy" out here in California. I'll have to point them towards this story. One change in the rules by someone who's tired of losing money, and suddenly you lose a TON of money. I wonder what this will do to housing? In some respects, they just slashed a ton of inventory off of the market, for most people at least. Will we see any effect on the price of non-condos nearby? I keep getting people telling me “its a great time to buy” out here in California. I’ll have to point them towards this story. One change in the rules by someone who’s tired of losing money, and suddenly you lose a TON of money.

I wonder what this will do to housing? In some respects, they just slashed a ton of inventory off of the market, for most people at least. Will we see any effect on the price of non-condos nearby?

]]> By: azrob http://housingdoom.com/2009/10/12/phoenix-condo-market-given-a-death-sentence/#comment-17546 azrob Mon, 12 Oct 2009 14:49:25 +0000 http://housingdoom.com/?p=4795#comment-17546 I and other investors will buy them for cash, and rent them out. Given all the risks like falling rent, rising HOA dues to cover up all the units not paying while they are in foreclosure, I'm thinking I want a h*** of a low price... [<em>slight edit - t.]</em> I and other investors will buy them for cash, and rent them out. Given all the risks like falling rent, rising HOA dues to cover up all the units not paying while they are in foreclosure, I’m thinking I want a h*** of a low price… [slight edit - t.]

]]> By: twist http://housingdoom.com/2009/10/12/phoenix-condo-market-given-a-death-sentence/#comment-17545 twist Mon, 12 Oct 2009 13:02:32 +0000 http://housingdoom.com/?p=4795#comment-17545 DC- You know who I think is really going to get killed by this is Las Vegas- the mother of condo oversupply. Of course, they aren't exactly in short supply in DC either. DC-

You know who I think is really going to get killed by this is Las Vegas- the mother of condo oversupply. Of course, they aren’t exactly in short supply in DC either.

]]> By: DCBeacon http://housingdoom.com/2009/10/12/phoenix-condo-market-given-a-death-sentence/#comment-17544 DCBeacon Mon, 12 Oct 2009 11:01:08 +0000 http://housingdoom.com/?p=4795#comment-17544 twist, i think this will kill the condo market in DC as well as other markets too. The FHA loan limit here was almost 730k for them, and the banker I use (SunTrust) told me at the end of September that they won't do any more condo loans in DC. twist, i think this will kill the condo market in DC as well as other markets too. The FHA loan limit here was almost 730k for them, and the banker I use (SunTrust) told me at the end of September that they won’t do any more condo loans in DC.

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