[quote=SK in CV][quote=bearishgurl]sdduuuude, McBride’s graph is for SAAR (Scottsdale [AZ] Assn of Realtors), no?
Has there been more building going on in metro Phoenix in recent years than SD County? From his graph, it looks as though there has been.
I can’t understand that since the Phoenix metro area is grossly overbuilt.
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Those are national numbers. 2012 was a bit under 400K units nationwide. (I’m not sure why the graph shows a rate of over 400K most every month.)
Believe it or not, homes are being built in Phx. It may have been grossly overbuilt 5 years ago, but prices rose pretty decently last year, and distressed sales of all kinds are on a sharp decline. There’s 700 condo units being built a few blocks away from me, and I have never seen a building go up faster. They’re working 7 days a week. Same developer just broke ground on another 400 units.[/quote]
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.
