patrick.net

That's crazy. It will be more like triple or quadruple. Just because I say so.

Fine by me. If folks want to pay lots of money to live in 120 degree heat, then let em'.

It is not just AZ. I see panic buying everywhere.

We have no land.

xenogear3 says

It is not just AZ. I see panic buying everywhere.

We have no land.

You fly over this country lately? One thing we got is land. We killed all the Indians for it remember. Now if you are talking about places in Europe, yah they have little land. Here, crap we are only occupying a small percentage of the land. We could build until we run out of trees and still have lots of land left. We probably will.

http://www-formal.stanford.edu/jmc/nature/node11.html

Hey guys, according to this article I found about how much land we have to use in the US, all we have to do is stop eating meet and realtors cannot use the lack of land argument again. I'm doing it. Damn them.

http://www.westernwatersheds.org/watmess/watmess_2002/2002html_summer/article6.htm

Yeah Right. It looks like one of those 'You have won a free IPad' advertisements or a paid ad for doomsday on fauxnews.

wthrfrk80 says

That's crazy. It will be more like triple or quadruple. Just because I say so.

Crap, I better go out and buy now. Come to think of it, I'll take out a loan from my 401k and buy an even bigger home. Them realtors really know their stuff, and it seems like they smoke more than any profession so there must be something in that. I'll start smoking, cause they are definitely smarter than the rest of us. That'll give me a good break at work to stretch my legs every hour.

Then as soon as I get enough equity in my first house, I'll take it out in a home equity loan and buy another house as a rental. I don't have any experience as a landlord, but the realtors tell me it is easy. I'll have a river of money coming my way, just keep leveraging yourself. My real test is to squeak out as much money from the banks that I can. I'll work overtime one year just to beef up my salary so they will give me more! 3 houses, 4 houses, keep going.

I can bribe the appraisal guy and get him to jack up the number. More more more! Then start taking out money, I'll buy a new car, a new ski boat, I'll only shop at Wholefoods. I'll even eat there for lunch, paying over 40 dollars a pop for a sandwich and salad. I am the man, I am rich. I own this city.

Buy buy buy and push the banks so you can buy more. It is the American dream. Everything because we have unlimited leverage. Gotta love this country.

xenogear3 says

We have no land.

I heard,Grand Canyon is in USA. :)

RentingForHalfTheCost says

Crap, I better go out and buy now. Come to think of it, I'll take out a loan from my 401k and buy an even bigger home.

Absolutely. If you don't buy now, you'll be priced out forever. Land is scarce in Arizona! It's a crowded state!

RentingForHalfTheCost says

Buy buy buy and push the banks so you can buy more. It is the American dream. Everything because we have unlimited leverage. Gotta love this country.

Don't forget to play hot penny stocks. 1000% gains overnight. Wow!

I actually do believe that a few markets have overshot on the low side. Especially Las Vegas with median price nearly down to $100k, maybe to a lesser extent Phoenix where it is below $200k.

And on trustee sales all cash investors could get an additional discount off that. It is not at all surprising if more investors have caught on and prices are up a bit.

That prices would double in several years going forward sounds like quite the stretch.

In a way, I could see it being true for that place. Most people here seem to agree that prices have under-shot already, and the increasing prices there come as no surprise given the frenzy of buying / investing activity. If all of the RE gets bought up and supply diminishes, then prices will pull a Bay Area Special. Now, this ALL hinges on the notion that there are enough people living in AZ to rent all of these investment properties, and I look at it with a sort of suspicious eye. The anecdotal evidence given here & in a couple of other places already seems to indicate that the AZ market is over-saturated with rental properties. Maybe it is not, I don't know. If it is, then investors are just blindly following the herd to the promise of easy RE money. We shall see.