US Housing Market...

[shaggin]

I have been watching the US housing Market for the past few months and as we all know it has taken quite the hit in certain areas. So I have been thinking that I will watch it little longer and Invest in a property somewhere south of the border, especially since the dollar is so strong.

Anyone share their or their families experience with buying property down there and also what cities do you think would be the best to invest in?

[clockworkboy3]

Atlanta...one of the biggest hit, Buy at auction

[AndrewMZ3]

I know several older people that have purchased in Phoenix. I can see Phoenix becoming a retiring baby boomer area so you may consider purchasing there.

[shaggin]

Phoenix is one city that I have been watching.

[el-nino]

Orlando!
number 1 reason...people are retireing

[ianmcc]

Texas. Look what $134,000US buys...
http://www.forsalebyowner.com/listing/40458

[88 CRX]

I moved from Calgary to Phoenix. The housing market here is definitely a buyers market.

[Chandler_Racing]

Originally posted by ianmcc
Texas. Look what $134,000US buys...
http://www.forsalebyowner.com/listing/40458

I've been looking in the Houston market and the $250,000 houses out there are in my opinion equivalent to a 800,000+ house in Calgary.

[AllGoNoShow]

Arizona seems nice to live in too.

Something I heard on CNN the other night, something liek 2 million houses are sitting vacant in the US, that's alot of houses they have to sell for cheap.

[modded46]

South Carolina FTW!!!

[Toma]

Hard to say how long it will last..... Fed is expected to announce another 1/2 percent rate cut to save the mortgage people.....

[modded46]

CountryWide also starting posting a profit for the first time this past quarter.. things are turning around there is no doubt about it.

[mountaindog]

Originally posted by Toma
Hard to say how long it will last..... Fed is expected to announce another 1/2 percent rate cut to save the mortgage people.....

Then US dollar to Canadian dollar will drop another 10%.

[Toma]

Possibly.... tough the market expects a rate cut, so most of it could already be factored in....

Dont forget bout the MUCH higher property taxes in the US when factoring your purchase.

[modded46]

Originally posted by Toma
Possibly.... tough the market expects a rate cut, so most of it could already be factored in....

Dont forget bout the MUCH higher property taxes in the US when factoring your purchase.

Difference is you can write off your mortgage interest in your yearly income tax..

But you're right property taxes are definitely higher in the US as a whole.

[modded46]

And when you can get something like this.. I'll pay an extra 500 or so for taxes NO problem. :)

http://www.servinggreenville.com/details.html?mlsid=71-1136705

[modded46]

hahah totally off subject but damn.. totally shows you how much we're getting raped here..


http://www.scdmvonline.com/DMVNew/default.aspx?n=fees

[Godfuader]

Already have property in Florida (1acre) and was looking at house in Georgia and a condo in Chicago. It is getting stupidly affordable.

[Canmorite]

Originally posted by Toma
Hard to say how long it will last..... Fed is expected to announce another 1/2 percent rate cut to save the mortgage people.....

0.25 is already factored in. The consesus on a 1/4 point basis cut is above 80% haha. 0.50 would be too much too quickly. The USD would plummet...more.

[Toma]

Originally posted by modded46


Difference is you can write off your mortgage interest in your yearly income tax..

But you're right property taxes are definitely higher in the US as a whole.
Fawk.... but that means I would have to get a real job to see the benefit :dunno:

[HRD2PLZ]

I just bought a house just outside of Phoenix in a town called Gilbert. Its about 20 minutes East of Phoenix. Gilbert is supposed to be the "new" Scottsdale, so its very up and coming. My parents bought a home in North Scottsdale 6 months ago and the value difference between Gilbert and Scottsdale was crazy.

The Phoenix area should be a good one to watch in the next couple of years, lots of the baby boomers are going to be looking to retire there. We already know tons of people who have either already purchased down there or will be looking to purchase in the next short while.

If you need a great Realtor in the Phoenix area let me know, my Realtor down there has been nothing short of amazing!

[sputnik]

Originally posted by HRD2PLZ
I just bought a house just outside of Phoenix in a town called Gilbert. Its about 20 minutes East of Phoenix. Gilbert is supposed to be the "new" Scottsdale, so its very up and coming. My parents bought a home in North Scottsdale 6 months ago and the value difference between Gilbert and Scottsdale was crazy.

The Phoenix area should be a good one to watch in the next couple of years, lots of the baby boomers are going to be looking to retire there. We already know tons of people who have either already purchased down there or will be looking to purchase in the next short while.

If you need a great Realtor in the Phoenix area let me know, my Realtor down there has been nothing short of amazing!

Are you turning into a vacation rental property or just a standard rental?

[HRD2PLZ]

Originally posted by sputnik


Are you turning into a vacation rental property or just a standard rental?


Its going to be a vacation rental property.

[assram]

interesting to keep in mind..
the market is going to only get more flooded and prices will continue to drop in the next couple years as many mortgages are going to be re-adjusted..

thousands of american's are going to get hit with a few thousand more in their payments that they definitely cannot afford, and will be forced to declare bankruptcy and sell their houses..

if you have capital to invest.. i'd recommend the states.. maybe not yet, because i believe it is still dropping... but soon enough.

[kaput]

.

[mvprimate]

I am a fairly recent college grad making around 60k a year. Obviously I cannot afford anything in edmonton in the near distant future. I could probably scrape together a 15k downpayment. Is it realistic for me to try and buy property in the states while paying 550 a month rent up here?

I would even consider just land in a decent area. Am i completely insane?

[modded46]

Originally posted by Toma

Fawk.... but that means I would have to get a real job to see the benefit :dunno:


Haha yes that is true. :) :werd:

[Maddog55]

Originally posted by 88 CRX
I moved from Calgary to Phoenix. The housing market here is definitely a buyers market.

What line of work are you in and how do you like it there? Is it too deserty? I like my greenery but I was seriously looking at real estate there. I merely registered on MLS.com for the phoenix area and within 5 hours I got a phone call on my cel from a realtor down there. Talk about good customer service!!! I like that almost every home has an inground swimming pool.

How easy is it for a Canadian, with no american family ties, to move there?

[Supa Dexta]

at the very least you can buy it and live there for 6 months no problem, along with all the other snow birds...

[MPowered]

Some great deals in Phoenix right now from the developers and home builders. Some have lowered their prices $100K - $150K on $400K - $600k homes.

I agree the areas in Gilbert, Chandler and West Phoenix are prime buying opportunities and you can get a 1800 sq ft home, 3 bedroom, double garage for $200K - $250K.

People are getting creative trying to sell their homes.

[88 CRX]

Originally posted by MPowered
Some great deals in Phoenix right now from the developers and home builders. Some have lowered their prices $100K - $150K on $400K - $600k homes.

I agree the areas in Gilbert, Chandler and West Phoenix are prime buying opportunities and you can get a 1800 sq ft home, 3 bedroom, double garage for $200K - $250K.

People are getting creative trying to sell their homes.


These can't be new homes in Gilbert because I live here and they're more like $300,000 - $400,000.

[Xtrema]

Can someone give me an idea what kind of neighborhood Gilbert/Chandler is?

I see odd 1600-2000 sq ft house for $200K and some are built like after 2000. Is this like the NE in Calgary?

Scottsdale hardly has anything under $200K and everything is built in the 60s.

And if I want to spend $200-$250K for a vacation property, which neighborhood has the highest potential?


Originally posted by 88 CRX



These can't be new homes in Gilbert because I live here and they're more like $300,000 - $400,000.

I see 60 home for $200K or less on a quick search.

But yes, majority seems to be in the $200-$400 range.

And for $400 and up, it's like $1M+ homes in Calgary.

[MPowered]

Gilbert/Chandler is in the Southeast corner of Phoenix. Down the I10 and all East of that.

Look at the home builders websites for fire sales: Pulte Homes, Shea Homes

[modded46]

Originally posted by Maddog55


What line of work are you in and how do you like it there? Is it too deserty? I like my greenery but I was seriously looking at real estate there. I merely registered on MLS.com for the phoenix area and within 5 hours I got a phone call on my cel from a realtor down there. Talk about good customer service!!! I like that almost every home has an inground swimming pool.

How easy is it for a Canadian, with no american family ties, to move there?

Very difficult for a Canadian to move to the U.S. period even with family ties.. hehe But seriously.. Without an offer of employment and professional designation under NAFTA, it's near impossible to move to the US.

[ringmaster]

In the next few years there are going to be millions of those "sub prime" mortgages resetting with a new higher interest rate. I would say that prices in cities through out the US have not hit bottom yet.

[HRD2PLZ]

Originally posted by Xtrema
Can someone give me an idea what kind of neighborhood Gilbert/Chandler is?

I see odd 1600-2000 sq ft house for $200K and some are built like after 2000. Is this like the NE in Calgary?

Scottsdale hardly has anything under $200K and everything is built in the 60s.

And if I want to spend $200-$250K for a vacation property, which neighborhood has the highest potential?



I see 60 home for $200K or less on a quick search.

But yes, majority seems to be in the $200-$400 range.

And for $400 and up, it's like $1M+ homes in Calgary.

I never really looked too much into Chandler because its too far out, I wanted to be close to Scottsdale. Gilbert is not like NE Calgary at all, I would say Mesa is probably a closer match and definitely parts of Phoenix. In Gilbert, I am in an area called Val Vista Lakes, its really quite a nice community. Gilbert is growing really fast though.

[ringmaster]

If you have ever wanted to live in Gaylord Michigan, here is your chance!

http://www.forsalebyowner.com/listing/A7883