Re: Real Estate Value?

Posted by J.C. IN AZ. on August 12, 2007 at 08:34:54 from (65.54.154.153):

In Reply to: Real Estate Value? posted by Spook on August 11, 2007 at 08:07:48:

Here near Phoenix Az. big Developments still show building activity but slower than the last 3 years while individual contractors building for Home owners are very busy. A lot of factors entering into the slow down in Housing Construction right now and the #1 Factor seems to be Financing. Too many Speculators coming on the "No Money Down" wagon in the last 3 years and now are being foreclosed on has caused a glut of used Housing so New Housing is taking a hit. Also the Lenders are tightening up qualification so a lot of potential buyers are left out due to not having 20% of $350,000.00 for a down payment. The quoted figure seems to me to be a Benchmark for average Houseing as it is being built here now. Not many Slump Block or Adobe Block Houses are being built. I know of one Adobe block this past year. 12" Stem Wall Footers,4" Floating Pad. Plastic Sanitation in the under slab fill,"Green Wood" SPF Framing w/ roof Trusses,Maybe OSB Sidewall Sheeting and maybe not, One builder covers the Sidewals with 1/2" OSB Corner Bracing and 1"Foam for the rest of the Wall,Aluminum Slder Windows and $100.00 Ext. doors and they are ready for the Stucco Guys and most Paint is color added to the Ssssstucco or air less spray applied,Concrete Roof Tiles, Heat Punp/Ac and Plastic Water lines in the Attic.Interiors are Standard issue only the Wall Paint and Floor Covering can differentiate Houses, all this on a 95'X105" Lot[Maybe] Standard Utility hookup, Septic and Community Well is the norm,Oh, and a block Wall so you and your Neighbor can shout at each other instead of getting Physical, All this is in the area of $350,000.00 per unit. Builders are mostly Illegals and buyers seem to be mostly from Great Lakes States. West Coast People seem to be able to afford the 1 Million Dollar places.

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