Nope, not Superman; we're talking home sales in Sun City Arizona. I've never seen anything quite like it. I guess back in the days of bidding wars (2005?) home sales were crazy, but there's a newer phenomena these days. Realtors aren't even putting up For Sale signs on some properties. There's two homes that have sold before the agent showings, before there's been an open house, and without a bidding war, just listed one day and sold the next. We drove by this first one at 9727 Pineridge the day it went up, no for sale sign and when we got home there was a pending on it. I can see why, it was a beauty for that price and in that location. The second one was just yesterday when we got the weekly Homes For Sale section in our newspaper. This home on 10538 W Brookside is on Riverview golf course and again, never a sign never saw the light of day. The paper had it listed at $237,500 and a caption reading "pending in one day." I suspect some of these agents have clients who have left detailed information on what they want so the minute a listing comes across their desk or their brokers, they put in a call. Heck, it saves them the cost of the sign and keeps them from having to work harder than they would need to on a home with open houses and agent showings. Sun City AZ has become a hot spot as potential buyers are clearly coming to understand the incredible value we are. Stay tuned, it's just going to get crazier as KHov fans the fire with their new models.
Your comments C sent me scurrying to reread the housing bubble burst history. It's always interesting to try and connect the dots when it comes to why things happen. We know the foreclosures from 2008 through 2012 were off the charts. We know loads of people walked away from homes, leaving everything behind because they couldn't make ends meet and the equity in their home was gone. Since that time, I suspect the rental market has been heating up. While plenty of folks moved in with family, renting became the next best option. We've seen rental prices soar, forcing people to consider buying their own home again if they could get credit. I don't think there's any question in major markets like LA and San Fran high rents are spiking the housing market; if people can afford the skyrocketing cost of property values there. I'm not sure the same is true in Sun City. Back in the foreclosure heydays, we hovered around 125 homes in foreclosure. That's not a lot with 27,000 rooftops. Now we are still carrying less than 50 on the books (the RCSC tracks them because the bank pays us while they own them). I never could understand why the bank sits on them, especially when the market is as hot as it is. The other oddity going on now is we have hardly any rentals available. I guess that fits with the profile of fewer homes on the market. It's just plain strange to walk, bike or drive the streets and not see rental or for sale signs across the community. I did note in that newspaper supplement at least one Realtor was telling people now is the time to get their home ready for sale as prices were spiking. I told a Realtor friend of mine if I were in the business, all of my efforts would be to encourage those who were thinking about selling to start getting it ready for this fall. Rather than running listings, I'd be helping build the momentum through well placed promotions and aggressive marketing of my firm and why Sun City is where boomers would want to be. Finally, it's my inclination that Sun City is not your typical real estate market. We aren't subject to the same highs or lows of cities where the fluctuations are dependent on employment and other financial pressures. While more and more SC buyers will still be working, we are and always will be a retirement community. For those who are still working, Sun City offers them a great place to live and amenities that are more affordable and close to their homes. It doesn't get much better than that.
I stopped at my mother's place yesterday to water the roses while she is gone and when I picked up the mail, there was a promotional piece from a Realtor. There was three pieces in the envelope, one of which is a Mid-Year review of the National Real Estate Market. The front and back sides are filled with statistics, most of which have little bearing on Sun City, I won't bore you with all of the stats, but here's a couple worth noting: * Home builders are expected to break ground on more in homes in 2015. Experts forecast a 16% growth in home construction. * There are fewer foreclosures on the market in most areas. We're reaching the end of the foreclosure crisis. There are fewer foreclosures and short sales on the market than before, in most markets. * Home inventory is up. Total housing inventory is at 4.6 month supply at the current pace. New listings are up 12% this year from 2014 levels. * 46% of American's say that home prices will go up in the next 12 months. * 41% say that prices will stay the same. There's ton's more, but you get the picture I'm sure. So much of this data is geared to marketplaces wholly different than Sun City. While I applaud the Realtor for sending this out, I would have targeted the piece to Sun City and Sun City West residents. I know that's difficult when you consider bulk mailings and mass mailing promotions. It's why if I ever went into the Real estate business, I would only sell Sun City. Recipe for disaster? Probably but it would all depend on whether I was doing it to make a living, or doing it to build a client base within the community and an on-line following (and to cover costs). The point is, it just seems such a waste, an opportunity lost to spend so much money on the same old stuff. There clearly was an opportunity wasted that could have laid the footsteps to any number of potential listings in Sun City this fall.
The recent comments make me happy we didn't hesitate on the condo we're purchasing. Closing is scheduled for the 11th (my wife's birthday), no obstacles remaining.
"With a little help from our friends..." :untroubled: The hard part will be waiting until this fall to enjoy it. The excitement has not waned.
Ya done good m-man. This is a tough market to score in so when you do find the perfect place, jump and be happy. One heck of a b-day present to the bride my brother; hopefully you'll let her see it in person, rather than just pictures.
Thanks to you both. Actually BP she'll probably be living in Sun City first. I think she'll get the pleasure of coming early to furnish the new abode. The pets and myself will have to wait.
