Out-of-Staters Buying One Out of Every Four Phoenix Homes
KOLD News 13 (Tucson, AZ) reports buyers and investors from other states are now purchasing one out of every four Phoenix area homes, doubling the rate of two years ago. Californians, comprising 50% of this group, account for the largest segment of out-of-state investors.
Despite double-digit increases in 2004, Phoenix home prices remain relatively low when compared to other areas of the West. As of last December, the median price of a new home was $195,000; used homes were running $175,000. California houses cost three times more than a typical metro Phoenix home. Likewise, Phoenix houses are priced at least $100,000 less than those in Las Vegas and Denver.
Said Jay Butler, Director of the Arizona Real Estate Center, "Investors are behind the housing market's big numbers now."
Zareh Tahmassebian, a 23-year-old mortgage banker from Los Angeles, has purchased 15 Phoenix area homes since last summer. "Why buy one house with cash when you can buy 10 of them at 10% down?" he said.
9:55:30 PM 
|
