Saturday, July 23, 2005
Land Spec Shenanigans
Check out this article: "Officials shut land sales south of Tonopah" Arizona Republic on some action in the Tonopah market. Is this market completely nuts?
Thursday, July 14, 2005
Market INSANITY
Consider these points observed in just the last 24 hours:
*The Republic reports that the June median sales price on metro Phoenix homes is up almost 43% over a year ago!
*A friend tells me he is considering going into a Tonopah land deal at $18,000 per acre even though he knows next to nothing about land investment; I educate him on the difference between recourse and nonrecourse debt, which he was unfamiliar with!
*A friend tells me he thinks he can sell his AJ/Gold Canyon land for $250K/acre if he splits his property into smaller lots!
*A friend tells me she has closed (money in the bank) on a resale of land in Pinal County for $35K/acre cash, which she bought less than a year ago for $5K/acre!
Caution is a very rare commodity in the Valley real estate market these days.
*The Republic reports that the June median sales price on metro Phoenix homes is up almost 43% over a year ago!
*A friend tells me he is considering going into a Tonopah land deal at $18,000 per acre even though he knows next to nothing about land investment; I educate him on the difference between recourse and nonrecourse debt, which he was unfamiliar with!
*A friend tells me he thinks he can sell his AJ/Gold Canyon land for $250K/acre if he splits his property into smaller lots!
*A friend tells me she has closed (money in the bank) on a resale of land in Pinal County for $35K/acre cash, which she bought less than a year ago for $5K/acre!
Caution is a very rare commodity in the Valley real estate market these days.
Wednesday, July 13, 2005
Commercial Lift Off?
Over the past 12 months, we've seen demand for Valley residential land skyrocket. Judging from activity we've seen recently, Valley commercial land prices might be about to experience a similar shot in the arm. There has been a tremendous increase in calls to our office from local and out-of-state developers seeking commercial opportunities. Many are from national development companies who are just now entering the Phoenix market. Our thought is to do some selling into this market over the next twenty-four months. What do you think?
Monday, July 11, 2005
New TangRealty Blog
I've replaced the old "Commentary" section of the tangrealty.com website with this newfangled blog. I'll attempt to comment on "big picture" news impacting the Arizona real estate market.
