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Phoenix: Ghost town of foreclosures

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  • Phoenix: Ghost town of foreclosures

    This is a really interesting report by ABC News featuring Phoenix
    http://abcnews.go.com/video/playerIndex?id=6910839
    I wonder how Dolf de Roos is doing?
    Last edited by drelly; 20-02-2009, 02:48 PM. Reason: spelling
    You can find me at: Energise Web Design

  • #2
    The dumb and the dumber...

    Since when was the American dream owning a McMansion in the middle of nowhere?

    Some how printing money will save them? Delusional stuff! The man in the moon has more chance of turning up...

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    • #3
      I wonder where all the people are living now?

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      • #4
        Hi Wayne,

        I'd say that a lot of them would have moved in with relatives or friends. Some will be renting and the most unfortunate will be homeless.
        You can find me at: Energise Web Design

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        • #5
          wow 2300 square feet for $95,000

          Nice.

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          • #6
            I was thinking exactly the same thing. Nice house too.

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            • #7
              And the back yard had a pool with a reasonable amount of space by the look of things.

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              • #8
                it struck me as rather interesting as I watched that and thought about what PJ istrying to get people into.

                If that woman can not afford her mortgage at rates down around 4 to 5% then she obviously won't be able to afford rent at a yield of 10% so who will rent those homes?

                And what kind of home will she move into that is affordable for her?

                Thinking out loud here though.... they did say the price had dropped to 130k on hers. hmmmm

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                • #9
                  Yes renting the property I think will be the biggest issues.

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                  • #10
                    If only I had lots of money - instead of land banking you could house bank. At some stage they must be worth a lot more you would think. With all these houses around building must have stopped.

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                    • #11
                      You would think it would be tough to build something that size for 95k wouldn't you.

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                      • #12
                        $95k would build you bugger all in NZ.

                        That's really amazing actually, thinking of all the planning, consents, management, sewerage, water, stormwater, phone connections, earthworks, foundations, electrical, plumbing, full 230m2 house construction right down to painting & plastering + landscaping.

                        Maybe our local councils can take note.

                        Or on the other hand, maybe we can take note not to create an oversupply, especially in new greenfield areas an hour+ drive from the city.

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                        • #13
                          Originally posted by spurner View Post
                          $95k would build you bugger all in NZ.

                          That's really amazing actually, thinking of all the planning, consents, management, sewerage, water, stormwater, phone connections, earthworks, foundations, electrical, plumbing, full 230m2 house construction right down to painting & plastering + landscaping.

                          Maybe our local councils can take note.

                          Or on the other hand, maybe we can take note not to create an oversupply, especially in new greenfield areas an hour+ drive from the city.
                          $95k wouldn't buy you the piece of dirt - even in US$

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                          • #14
                            I've heard that $95k wouldn't even cover the ARC "contribution levies" on subdividing an existing piece of land.

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                            • #15
                              I believe it would only just spurner.
                              Only just though, you might have enough change to buy a nice bottle of salon 95.

                              captaincrab or princess will know better than I do.

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