As I mentioned in a post a few days ago on www.urbanimg.com, I have been down in Phoenix with my family for the Holidays. They have been down here for the last 8 years and one topic of constant conversation is real estate. Whether it is good or bad it doesn’t matter. I always hear it. When we are golfing, eating at a restaurant, going to the movies, the grocery store, coffee shop etc….
One thing I have noticed that has blown me away is the advertised “savings” by real estate brokers. There are condo and brownstone auctions boasting 50% price reductions. Some of the homes, including large estates have shown up to 60% reductions. It is in every paper, magazine and on every billboard in town. These large price declines are contributing to much better sales velocity. The investment market has been picking up steam and the tidal wave of short sales and foreclosures are subsiding. For me, the change is noticeable and refreshing. I truly believe that life is getting back to normal. 8-12 months ago, life was different. Among the many things to be thankful for this holiday season, I’m thankful for stability in the real estate market and being a part of the recovery. For all those in Phoenix, congratulations on surviving the worst market in over 75 years!