Phoenix, Sacramento and Riverside Led the Nation in Personal Income Growth in 2020

[LA21st]

Originally Posted by PHX31

There are emerging areas in suburban locales, nothing as specific as a Thaitown, but general Asian. Yes, I think it's fair to say Phoenix is closer to the Inland Empire with OC mixed in than LA proper; LA was huge pre-war compared to Phoenix to even have the bones.

I don't know what type of economy-driving developments the inland empire or OC are pulling in, but as Obadno mentioned, Phoenix is going crazy. It starts with the TSMC and Intel projects and gradually steps all the way down with everything in-between.

Orange County is always building tech campuses. Irvine/Costa Mesa in particular. It goes unnoticed on these forums for some reason, but Irvine is fucking huge. It's much bigger than Las Colinas or whatever that gets more attention here.

[homebucket]

Originally Posted by LA21st

Orange County is always building tech campuses. Irvine/Costa Mesa in particular. It goes unnoticed on these forums for some reason, but Irvine is fucking huge. It's much bigger than Las Colinas or whatever that gets more attention here.

LA/OC is not a particularly large tech market relative to its size. In terms of total volume, LA/OC is 5th in total tech talent, but tech talent only makes up 3.7% of the total labor pool, which is good for 41st in North America. It is growing though, increasing 18.6% in tech jobs in the last 5 years.

[LA21st]

I meant in terms of office space/jobs. Irvine is huge compared to these other places. It's probably a top 3 or 5 edge city. Silicon Valley is easily bigger. Tysons/Restons but that's probably it.

[Obadno]

Originally Posted by DCReid

Does Phoenix have areas now (or developing) like Little Armenia, Little Ethiopia, Koreatown, Japantown, Thaitown? Seems to me like Phoenix may be closer to the Inland Empire with Orange County mixed in, than LA proper. I lived there in the early 80s when there were no expressways; it has obviously undergone a tremendous change.

Without being an international gateway we really dont get that kind of ethnic diversity because our immigrants are other Americans or Mexicans primarily

We have a good amount of people from India, Isreal, Korea, Japan, Thailand, Sudan and Serbia but none of them are centralized in a single neighborhood.

[Obadno]

Originally Posted by DCReid

It will be interesting to see if Las Vegas will 'mature' and densify like Phoenix has.

Im not sure about Vegas, its truly an industry town.

Even without population Phoenix metro would be a large inland agricultural area, Vegas without Casinos is a road stop town.

[Obadno]

This is a perfect distillation about the problems with the growth in Phoenix.

The article is about luxury homes but the first paragraph is all you need to read: https://azbigmedia.com/real-estate/r...metro-phoenix/

In the past five years, the Metro Phoenix market median home price has nearly doubled. In Phoenix, the median home price is $405,000 compared with $215,000 five years ago, according to Redfin market data. From April to June, houses across town hit their lowest number of days on the market, in Phoenix that number was 22 days.

According to Redfin market reports, the median sale price of single family homes in Scottsdale is $900,000, up 20% year-over-year. In Paradise Valley. The median single family home median sold for $2.8 million, up 34% year-over-year and more than doubled since the end of 2016.

This high end price inflation is almost entirely do to Californians (and some Seattle) moving in not just standard demand. Because people can leave California and sell their million dollar homes, get a nicer home in AZ for 650k and think its a deal. But locals have been priced out.

[LA21st]

Originally Posted by Obadno

This is a perfect distillation about the problems with the growth in Phoenix.

The article is about luxury homes but the first paragraph is all you need to read: https://azbigmedia.com/real-estate/r...metro-phoenix/



This high end price inflation is almost entirely do to Californians (and some Seattle) moving in not just standard demand. Because people can leave California and sell their million dollar homes, get a nicer home in AZ for 650k and think its a deal. But locals have been priced out.

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[Obadno]

Originally Posted by LA21st

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Profound

[Chef]

If this is driven by people who already live in Phoenix, Sacramento and Riverside becoming wealthier than it is a good thing. If they are staying the same and it is driven by people with money moving then it will probably just make these communities more economically dysfunctional.

[Buckeye Native 001]

Best I can tell right now, it's the latter, but I think obadno already touched on that.

[Obadno]

Originally Posted by Chef

If this is driven by people who already live in Phoenix, Sacramento and Riverside becoming wealthier than it is a good thing. If they are staying the same and it is driven by people with money moving then it will probably just make these communities more economically dysfunctional.

I cant really speak for Sac or riverside

Phoenix is not economically dysfunctional at all, its actually very functional right now but the recent spike in housing prices is something that needs to be fixed.

We have virtually no limits on development so I expect it to self correct with plenty of apartment, build to rent, and traditional suburban master-plans all trying to build at a break neck pace. But especially over the last two years to pricing is way out of wack

[EastSideHBG]

Originally Posted by Obadno

This is a perfect distillation about the problems with the growth in Phoenix.

The article is about luxury homes but the first paragraph is all you need to read: https://azbigmedia.com/real-estate/r...metro-phoenix/



This high end price inflation is almost entirely do to Californians (and some Seattle) moving in not just standard demand. Because people can leave California and sell their million dollar homes, get a nicer home in AZ for 650k and think its a deal. But locals have been priced out.

We are seeing this same issue here in Philly with the NYC people moving in. I have some friends who cashed in big time and are living very well here now and also some renters who have moved down and in turn have much more disposable income.

The culture clash has been interesting to watch too.

Originally Posted by Obadno

Profound