Anyone familiar with the real estate market in Phoenix area

[PoPPeR]

Parents were in Tempe area this past weekend looking to purchase some real estate for me to live in while I attend ASU. There are apparently some crazy things going on in that market, but being outsiders (from california), my parents were hesitant to pull the trigger on anything.

For example:
a 3 bedroom 2 bathroom townhouse in Mesa. 1500 sq ft. Two weeks ago, a bigger (1700sq ft) version of the townhouse (same planned community) sold for 170k. This 1500 sqft property was thus listed at 170k, but all the offers came in at over 190k. Final accepted offer was 195.5k.

Another example:
3 bedroom 2 bathroom townhouse in Tempe. Also approximately 1500 sqft. Two months ago, the same design (3bd/2bath 1500sqft) sold for 150k. This one was listed at 179.5k, ended up selling for 195k.

The craziest thing about these properties was that a year ago they could've been had for less than 130k. From what we were told, the AZ market has gone absolutely nuts, but even so this seems really extreme. Anyone have any knowledge about the current market there?

Also, my parents really didn't like the realtor that we found down there and plan on going back to Phoenix in a month to look for more properties. Recommendations/tips are appreciated.

 

[PoPPeR]

bump

 

[vi edit]

Uh yeah. It's EXPLODED.

Coworker of mine moved down there last August and bought in Gilbert (South of Mesa). A 4 BR home with around 2000 sq/ft, 2 stall garage and no pool.

He bought in at $225,000. He could easily sell it now for over $315,000.

*HAD* I bought in May of last year like I was considering, I would have bought a bigger, nicer home, with a pool in the same city for $197,000. It would now go for over $350,000.

Houses are being sold in a matter of days and at far and above asking prices. EVERYONE wants in the market.

 

[Drakkon]

I'll give a big 10-4 to vi_edit's remarks....I've been looking in Tucson and in phoenix and its just too much. I mean the avg price of a home in the phoenix area is something like 160K...mesa is 190K...scottsdale is like 225....glendale 175...and just outside of those like anthem and gilbert everything is 200+...and finding one for the mean price and below is like finding a needle in a haystack with the way people are scarfing them up. If you aren't preapproved and willing to make an offer on the spot its going to be hard to get a house at a fair price.
I'll add that these aren't "nice" homes in great areas. My aunt is being offered 225 for her 2bd/2ba house /w pool and she has was robbed twice last year, 4 murders in her block last year, lives right behind a circle K that was robbed at gunpoint a few times and the house itself is in disrepair as well.

 

[HappyPuppy]

Real estate speculators are scarfing everything up and driving the prices. Be careful what you pay, you may take a financial bath.

 

[PoPPeR]

yeah it's very obvious that the market is going crazy. We made 4 offers, and because we offered such a strong contract we had the opportunity to purchase all four of them if we would beat their highest bid. All four properties presented their offers after only 1 or 2 days on the market, and all sold for 10k+ above list price. I guess it's time to go apartment shopping