Another MICRO example of housing market- greater Minneapolis area

[dishdude]

But we are talking homes that are now between $600,000 and 1plus million dollars.

That's a 3 bedroom/2 bath 1600 sq ft here.

 

[Mcbeem5]

AZjeff ,had to do some digging but found that l

Thanks. I live nearby, still would like an address to see if I'm familiar with the neighborhood.


This is a bit of a misconception. Around 18% of land is privately owned in Arizona. You can't build on the other 82% of State, Federal, and Tribal land. It's why raw land is so expensive compared to other places and houses get built on lots that would never be considered elsewhere and people buy them.

AZjeff I ,had to do some digging but found that last house I posted for you,its the house in the cul-de-sac.Set way back with long driveway white in color.I really like that part of AZ but put off by tiny lots and then I started looking at older homes and many of them I would be buying a project.

$469,000

1257 Gardenia Ln, Prescott, AZ 86305 1400 SQ. foot​

 

[CKN]

That's a 3 bedroom/2 bath 1600 sq ft here.

Are you in Phoenix proper or a suburb?

 

[dishdude]

Are you in Phoenix proper or a suburb?

Phoenix proper, desirable area bordering Scottsdale and Paradise Valley, teardowns in this area sell for $600k+

In less desirable areas of Phoenix you're at $600k for a decent 3/2 starter home.

 

[Wingo]

Houses in Minneapolis, and for that matter the entire metro area, is absolutely crazy. The only thing I can think of is looking at the construction when driving through. Most new are apartments, townhomes, and duplexes. I don't see many single family homes being built until you get some distance out of the metro, like Forest Lake. Supply and demand I suppose. For those that like that type of living, God bless you. Stay there and keep costs out here in the boonies low.

 

[MNgopher]

Houses in Minneapolis, and for that matter the entire metro area, is absolutely crazy. The only thing I can think of is looking at the construction when driving through. Most new are apartments, townhomes, and duplexes. I don't see many single family homes being built until you get some distance out of the metro, like Forest Lake. Supply and demand I suppose. For those that like that type of living, God bless you. Stay there and keep costs out here in the boonies low.

Being honest, people who think prices are crazy in the Twin Cities metro haven't tried looking in other metro areas before.

As far as building single family homes goes, what do you need to build them? Land. There is little easy to develop land left in the core metro - the easy stuff is already built on. The things that are left either need to be redeveloped or have issues that cost money to address - which is why they are developable as multi family housing but not as single family homes.

 

[AZjeff]

@Mcbeem5 , thanks I've been by that little development but not in it. No doubt the houses are tight but funny thing is they're all being lived in. Just to the north is another neighborhood with more reasonable lot sizes. You can find any size lot and house you want if you want to pay for it. You can live on an acre outside of town and have horses if you want. And maybe haul water.

 

[Mcbeem5]

@Mcbeem5 , thanks I've been by that little development but not in it. No doubt the houses are tight but funny thing is they're all being lived in. Just to the north is another neighborhood with more reasonable lot sizes. You can find any size lot and house you want if you want to pay for it. You can live on an acre outside of town and have horses if you want. And maybe haul water.

@AZjeff Question on some homes I was going to fly in and look at.I had several homes selected and brush was NOT nearly as thick as this Photo posted,but Realtor,com had both the homes I wanted to tour -Extreme Fire danger! Are those scrub brush trees that look about 15 feet tall that volatile where they can cause a High fire threat?

 

[Wingo]

Being honest, people who think prices are crazy in the Twin Cities metro haven't tried looking in other metro areas before.

As far as building single family homes goes, what do you need to build them? Land. There is little easy to develop land left in the core metro - the easy stuff is already built on. The things that are left either need to be redeveloped or have issues that cost money to address - which is why they are developable as multi family housing but not as single family homes.

Lot of land in the new developments north end of Blaine, all townhouses and apartments.

 

[AZjeff]

@Mcbeem5 , The danger is when there's been a long spell of no rain and the humidity is really low like under 10% it all burns. There hasn't been a catastrophic fire in the Prescott area in the 20 years we've lived in this part of the state but there could be. You hear the theme Be Fire Wise a lot but people like their green and trees right up to the house.

 

[MNgopher]

Lot of land in the new developments north end of Blaine, all townhouses and apartments.

When the city has to hit density and population targets that are set for them as part of regional wastewater treatment planning, you won't get there on single family alone. (Disclosure: I am a planning commissioner for a city in the South Metro). In addition, look at the rent in any of the new units you see being built. It will be as high as making a mortgage payment for many - and the vacancy rates are extremely low. Someone is renting / moving into all those units - they aren't being built for no reason.

 

[Wingo]

When the city has to hit density and population targets that are set for them as part of regional wastewater treatment planning, you won't get there on single family alone. (Disclosure: I am a planning commissioner for a city in the South Metro). In addition, look at the rent in any of the new units you see being built. It will be as high as making a mortgage payment for many - and the vacancy rates are extremely low. Someone is renting / moving into all those units - they aren't being built for no reason.

Whatever the reason, as long as it keeps the city folks contained down there I'm good with it. Keeps the property values and taxes in Greater Minnesota down.