"The ZIP code 85007 in central Phoenix, which houses more than its share of Arizona blue bloods and political insiders, was largely unaffected by area foreclosure activity in 2008, even as neighboring ZIP codes saw home values lopped in half. But this year, the median home price in 85007 collapsed, falling 76.5 percent in the first eight months, according to analysis by The Arizona Republic."
Since I'm planning to move to Arizona next year, I've been constantly checking the Real Estate market out there. I ran across this article in the Arizona Republic today and thought I'd post it so that you too could see whats happening to the real estate market in "fly over country". To the uninitiated a 76% drop seems mind boggling at first, however as fast as the prices are dropping now, at the peak of the frenzy they were rising 5% per month. Funny, nobody complained when prices were on the way up, it's only now that they've started dropping down to earth that you hear the outrage. I have friends in the area so I started looking at two very large and very nice Active Adult Communities, Arizona Traditions and Sun City Grand, about five years ago. Unfortunately the prices were rising to fast I was priced out of the market and had to put my plans on hold until now.
The reason for moving is that since I've officially retired, all of my friend and business contacts in Durham have left the area and I decided that an adult community was the best way to meet new people and start a new life. There are some adult communities in the Durham/Chapel Hill area, but they are more like semi-assisted living facilities, and at 65 I'm not quite ready for that. A lot of people have told me that I shouldn't leave the "City Of Medicine" at my age, but the Mayo Clinic in Phoenix like Duke is expanding its facilities because of anticipated rising demands in the area (read More Boomers retiring). My logic is that I can draw equity out of my current house by buying down, I'll live in a neighborhood that is conducive to meeting people, and like Durham, I'll have top-notch medical facilities close by.
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