The City of Flagstaff requires builders to earmark a certain percentage of new construction as subsidized housing (they have a better term for it, I don’t recall what it is) that can only be sold to City employees at a reduced amount. I looked at a couple of the homes being built in a subdivision that has homes in the $400k-$500k range, pretty typical for the market, and the cost to City employees for one was around $300k. Add to this down payment assistance and $10k in a down payment “grant” that is forgiven after 10 years in the property and it’s almost affordable for someone making $30k-$40k.
-D > On Apr 28, 2021, at 3:36 PM, Bob Rentfro via Mercedes <mercedes@okiebenz.com> > wrote: > > Californians are destroying any chance an Arizonan has on getting a house > here in AZ. I started paying some attention a little over two years ago when > we had pretty much decided that we wouldn’t have a condo down here in Phoenix > for the winter, and a condo or a house up in the mountains for the summer. > Californians were outbidding us Arizonans, and moving here in droves. The > main difference now is the people doing all of the bidding on the homes for > sale in my neighborhood are investors from California. Not people who want to > move here, investors. From CA. Almost without except They have some pat > order saying that they will overbid the highest bidder by X number of > thousands of dollars, and when it closes they immediately gut the home, > Remodel it to look exactly like any one of the DYI renovation shows on TV, > paint the exterior white with gray trim and sell it for 250,000 more than > they bought it for. It is ruining my eclectic neighborhood. > > AZBob > > Sent from my iPhone > >> On Apr 28, 2021, at 12:04 PM, Curt Raymond via Mercedes >> <mercedes@okiebenz.com> wrote: >> >> That and planning boards. "Build affordable housing!" "Well don't build it >> there. We don't allow high density in that zone." even if they will let you >> build there it'll get tied up in committee for 3 years, then they'll lose >> all the paperwork so you can start over. >> Of course right now you can't evict anybody, even (especially) if they don't >> pay. I feel bad for landlords right now... >> -Curt >> >> On Wednesday, April 28, 2021, 2:59:23 PM EDT, Allan Streib via Mercedes >> <mercedes@okiebenz.com> wrote: >> >> Housing prices and rents are out of sight here as well. The city's >> response is mainly demands for developers to build "affordable" >> housing. They are typically ignorant of the realities of economics. >> >> Allan >> >> Max Dillon via Mercedes <mercedes@okiebenz.com> writes: >> >>> The inflation is coming. In your place, I'd put a small portion of the >>> proceeds into an inflation hedge, such as precious metals (GLD is the >>> ticket symbol for an ETF that tracks the price of gold). Land is another >>> good hedge but has more risk as external forces can play a big role. >>> >>> Max Dillon >>> Charleston SC >>> >>> >>> Apr 27, 2021 9:19:53 PM Clay via Mercedes <mercedes@okiebenz.com>: >>> >>>> Just signed a listing for my humble dojo. Realtor thinks seven figures, >>>> easy. Older Tudor style, so you either love classic, or you are going to >>>> knock it down and build to within inches of the lot line. >>>> >>>> Around me, the homes are predominantly post war suburb 50s/60s >>>> architecture on largish lots, smaller home. Big enough lots are being >>>> divided and getting a pair of homes, or accessory units. There is lots of >>>> growth potential in that part of the market. Other owners are building >>>> out their existing homes to fullest size for the lots. That will cover >>>> them for maybe the next pair of decades until they have to retire. No >>>> idea who will be able to afford these multi-million boxes at that time. >>>> >>>> Mom has made 20x on her investment in a basic box home since 1967. I have >>>> realized 5x return in the past quarter century. I have a hard time seeing >>>> this house offered for $5mm in 2040. Nobody could afford to purchase, >>>> though the neighborhood a kilometer away this house would be selling for >>>> twice my ask. Maybe by then inflation will be like Zimbabwe. >>>> >>>> clay >>>> >>>> I have no pronouns please do not refer to me. >>>> >>>> >>>> >>>>>> On Apr 24, 2021, at 7:57 PM, G Mann via Mercedes <mercedes@okiebenz.com >>>>>> <mailto:mercedes@okiebenz.com>> wrote: >>>>>> >>>>>> Time always wins.. in 10 years the 30 somethings will be mid 40's and the >>>>>> bubble will have gone bust.... Who knows what will happen to the "city >>>>>> infrastructure" in that 10 years, with the loss of unlimited income from >>>>>> high taxes on the people who "escaped" for whatever reason... >>>>>> The high priced house they spent big money for is "post bubble" now worth >>>>>> much less, and the city they think they miss is still too high to buy >>>>>> into.. >>>>>> >>>>>> I predict some very unhappy people who slap their forehead every morning >>>>>> in >>>>>> the mirror and say "What was I thinking?" >>>> >>>> >>>> Clay >>>> >>>> >>>> inter urinas et faeces nascimur >> >> _______________________________________ >> http://www.okiebenz.com >> >> To search list archives http://www.okiebenz.com/archive/ >> >> To Unsubscribe or change delivery options go to: >> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >> >> >> _______________________________________ >> http://www.okiebenz.com >> >> To search list archives http://www.okiebenz.com/archive/ >> >> To Unsubscribe or change delivery options go to: >> http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com >> > > _______________________________________ > http://www.okiebenz.com > > To search list archives http://www.okiebenz.com/archive/ > > To Unsubscribe or change delivery options go to: > http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com > _______________________________________ http://www.okiebenz.com To search list archives http://www.okiebenz.com/archive/ To Unsubscribe or change delivery options go to: http://mail.okiebenz.com/mailman/listinfo/mercedes_okiebenz.com
