[quote=bearishgurl]
SK, if there is enough “new household formation” in the PHX area to fill 1100 new units a few weeks/months from now, there must be a lot of companies moving in, no?

Where are all these new residents going to work? I say “new” because how many of the residents filling these *new* units do you think will actually be locals? I could see moving from an apt/condo to an SFR but why move to another apt?

Isn’t apt rent and even SFR rent pretty cheap (by SD stds) in PHX?

Maybe a waitress and a bellhop or two “telemarketers” can easily buy a home in PHX … I don’t know.[/quote]

I don’t make the news, I only report it. Which is my way of saying…i have no f’ing clue who is buying these homes. I remember thinking the same thing in SD 5 or 6 years ago.

One possible answer that Phx has that SD doesn’t have all that much of is snow birds. Everything from low end to very high end condo complexes are as much as 50% part year residents. So improvement in the economy nationwide, along with some baby boomers retiring with a few bucks will drive the 2nd home market. No new household formation needed.

Rent is cheap I think compared to SD. Though for a good while, buying was even cheaper. Morseso I think than in SD. (Units that rented for $1000 to $1100 a month selling for under $100K.)