Phoenix housing had a similar, if not more spectacular, appreciation than San Diego. Some of its hyperinflation was due to the influx of California money. Here’s what’s happening now:
Not that I really want to own a Lennar home, but it would be so cool to make enough off of shorting their stock to have a 20% down payment. JG, if you are out there, pray for me.
This isn't surprising.When real estate got too expensive in CA, a lot of CA folks ventured into Arizona, Vegas, Florida. I was one of those folks that attended real estate "investment" seminars, which were essentially out of state agents trying to convince you to buy in those areas. We had visited Arizona, Nevada, New Mexico, Florida (especially condo-hotel offerings). In the end, we couldn't get the numbers to work out for us for a rental (cash flow +) and we were skeptical about the appreciation, so we didn't motivate to do anything. Guess in hindsight that wasn't such a bad idea.
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