mwadswor |
Mar 5, 2010 6:24 PM |
Quote:
Originally Posted by Don B.
(Post 4731346)
Personally I prefer negative griping to negative gripping, but I digress. :D
Actually, I'd post positive economic news for Phoenix, but there isn't much of that lately, now is there? This is what happens to a one-horse economy built around sprawl and construction of single family homes as your dominant industry, and Talton warned of these things years ago when the party was still roaring hard. This is why Phoenix is facing $200+ million deficits and the state is selling off their office buildings for a lease back scheme. Face it, especially when it comes to state funding, Arizona is the poster child for running a Banana Republic within the United States. Mississippi of the west comes to mind...
Let's see:
313,000 jobs lost since 2006 (second highest percentage lost of all major U.S. cities)
Unemployment rising to nearly 10% from 3%
A dozen high-rise buildings abandoned or in foreclosure, perhaps more
23% of the single-family homes in Phoenix have been foreclosed, are in foreclosure, or are behind as of this writing
Whole suburban neighborhoods ravaged
New construction reduced 90% from 70,000 homes per year to 7,000
A median real estate price of $125,000, down from $266,000 in 2006 and now lower than cities like Salt Lake City, Kansas City, etc. (fourth worst in the U.S.)
17,000 businesses lost in Phoenix since 2006
A 17% drop in retail sales since 2006
Just calling a spade a spade. Sorry I don't run around with my fairy wings on with fruity tights trying to bring oodles of joy to people's lives as you seem to think that's the only thing I should do.
:)
--don
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I was browsing SSC the other day and came across this post. I know it's probably not fair to dredge up old posts, but I just find the night and day differences in tone and attitide shocking.
Three guesses who wrote this in July 2006 in a thread predicting what Phoenix would look like in 2009.
Quote:
July 25th, 2006, 10:20 PM
^ This fear is massively overrated of a market crash affecting much of anything. The fact is that people keep moving to Arizona by the thousands every year. They all need a place to live. School enrollments are skyrocketing, driver's license applications increase by 100,000 per year, demand for utilities, etc. Every single standard you can think of that might show that people are moving here is soaring.
In terms of the market, some of the far-flung areas of the city are seeing minor drops in housing prices. However, that only affects investors. People that are actually living here are doing fine. Jobs are increasing, wages are increasing, etc. If you are in no hurry to sell, the market time is fine. My partner and I are still flipping some properties in Arizona and making money. It just takes time and quality work. It is harder than last year but there is still a market. To top that off, some zip codes are still increasing, especially in the core of the city and better neighborhoods.
We are seeing a minor correction in housing prices, but this is nothing compared to the crash of the late 1980s.
Several of the proposed skyscrapers not under construction will get built as there is still some demand. Obviously, not all proposals will come to fruition, but many will.
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http://www.skyscrapercity.com/showpo...3&postcount=44
Here's to hoping that some day we can all return to this kind of optimism :cheers:
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