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I submit the housing market of Phoenix, Arizona as an example of peak bubble. There are numerous houses on the market today that were previously sold... ~30 da
by anonAndOn 5y ago
I submit the housing market of Phoenix, Arizona as an example of peak bubble. There are numerous houses on the market today that were previously sold... ~30 days ago. This feels more ludicrous than the speculative housing bubble of '07.
- throwaway0a5e 5y agoYeah, pretty much anywhere California money is cashing out and fleeing too is way more insane than California itself.
- sidlls 5y agoMeanwhile for half the sale price of one 1200 sq. ft. 3/2 townhome on the Peninsula I could purchase 3 4-unit multifamilies on mortgage, each grossing about $50k/year in rents. Will the appreciation of these properties be the same as that townhome? Almost certainly not. But money has time value, and the ancillary costs of ownership in CA are far greater.
- NegativeLatency 5y agoTraveled though Missoula this summer and the housing market is absolutely wild.
- jb775 5y agoThe fact that you and everyone else claim we're in a peak bubble is evidence to me that we're not in a peak bubble.
- handmodel 5y agonot a bubble in the sense that building new housing in most of California is practically illegal given the amount of local points of veto and existing zoning
- Element_ 5y agoA co-worker from southern California just went to Arizona and purchased 4 homes as investments. He deemed them good value compared to current California market and was basically able to buy 4 units vs 1 around LA for the same price.
- jkestner 5y agoOne was even sold twice in one day: https://www.azcentral.com/story/money/real-estate/done-deals/2021/07/12/luxury-home-sales-scottsdale-mansion-sells-twice-one-day/7894062002/ https://www.azcentral.com/story/money/real-estate/done-deals...
- deleted 5y ago[deleted]