You have been reading about it in the paper for months. Now it is time for someone to come right out and say it. Tucson Real Estate as you have known it for the past few years is DEAD! Instead of grieving and wringing our hands we should be cheering.
Like a multi-headed fire breathing dragon that consumed the Tucson Real Estate Market we see it now dead. Some are grieving its death having made a little personal gain. Some are selling papers pronouncing it dead and seeing their revenue diminish as well. Most have found it to be a deceptive beast promising more than it delivered. And bringing a pox upon the land.
Tucson Real Estate Is Dead as an ATM Machine
Buying Real Estate as a revolving line of credit based on artificial appreciation is dead.
Tucson Real Estate is Dead for Speculation
Speculators have left this market with red ink, short sales, and foreclosure notices. Hoping to get in on a pyramid scam many speculators bought from real investors who got out of the market. They knew what the approaching dragon looked like and what it would mean. Real Investors left (till the dragon was dead).
Tucson Real Estate is Dead to Greedy House Sellers
These are the ones that seemed to profit. And many did profit greatly in a short period of time. But only if they too were leaving Tucson along with the investors. The time for making 100% profit on a house you purchase 12 months ago is gone.
Tucson Real Estate is Dead to those who can’t afford to buy
Gone are the days when you could purchase property in Tucson based on the ability to fog a spoon. Now you have to provide proof you intend to purchase and pay for the property.
Tucson Real Estate is Dead for the Quick Flipper
Buy it, throw some cheap paint over it, some cheap carpet on the floor, some cheap plants in the yard and sell it quickly for a profit. Ah, this too has past in Tucson.
Tucson Real Estate is Dead to those selling homes not built yet
I’m not talking about developers of new construction. I’m talking about those that purchased homes or the promise of a home and then try and sell it before it is built and when no one is buying an unbuilt home the Arizona Daily Star reports it as a “Home Languishing on the Market.”
Tucson Real Estate is Dead to Quick Shoddy Construction
I throw this in more as a hope than anything else. I’ve seen a lot of changes in new construction in the past 4 years. Some new materials and methods of construction are good. But in the rush to build more faster I’ve seen a lot of poor construction and construction shortcuts practiced in the recent past. I hope with the slow down to a sustainable pace will will see construction taking the time to emphasize quality over quantity and speed. Time will tell if this head of the dragon has been slain.
Amazing isn’t it how when things change for the worse in a short time it becomes the norm and some people grieve the loss of the tyrant when he is gone.
Yes, this Tucson Real Estate is Dead. May it Rest For Ever in that form.
As the fog clears and sanity returns we hope both buyers and sellers will remember what residential real estate is for. The purchase of a house as a place to make a home. This Tucson Real Estate is very much alive and getting better with the demise of the multi-headed dragon which has been the focus of Tucson Real Estate the past few years. We can now see it reemerging from the greed induced fog.
Dave,
What a great blog article! I think you should send this one over to the Star so they can set the record straight the real estate market as people knew it over the last five years is dead. WOW- I really liked the tombstone too. Way to drive the point home. Now we just need to prepare everyone for the realistic market that is sure to follow the “Fool’s Paradise” one of the past. Thanks for going where no local writer has dared to go!
Sarah,
Thanks : ) A “Fool’s Paradise” is a great way to describe what we have been in.
Nice post Dave, made me chuckle a little bit. It’s funny to me how some people give into the hype and don’t fully analyze market conditions. I think that you’re right, when the dust settles… buyers and sellers will (if they haven’t already) be somewhat more realistic about their expectations.
Dave, Thank you for your timely blog. I have bought and sold a number of homes of mine, both here and in California over 50 years. I have seen these get rich quick deals done by both seller and buyer over the years. Those of us that have bought and sold honestly, sometimes suffer by those who are less than honest. I have seen home values rise and fall over those same number of years and in the end; property trumps all other forms of personal wealth. Property in Marana has always been strong and will be strong in the future. We must wait a time with patients.
Bruce,
Thank you for your input and voice of reason. I’ve only been in Tucson for about 9 years but I’ve bought and sold 4 homes in that time. Each as my home.
Property truly trumps all other forms of personal wealth.
Great title, and great post! I’m glad I caught it in the feed reader. How could I not click on a title like that? And the pic is clever, too. Keep up the good work!
Oh, and PS, I’m hoping real estate here in Augusta is dead as a door nail.
Lydia,
Catchy Title? Here’s to an RFE in Augusta.