Phoenix redux: “the nerve” [The Real Estate Economy]

There’s a couple of posts in the thread below about “the nerve” of
“greedy” sellers in greater Phoenix. The phrase I’ve used is
“high-balling” — that is, volumes are down not because buyers are
low-balling sellers with their bids. Instead, it’s the owners who are
high-balling the market.
Tell me if you think this is an example. Look at the current listings in DMB’s Verrado in Buckeye, 25
miles west of downtown Phoenix on I-10. DMB is one of the top boutique brands in
the Arizona market, creator of the highly successful DC Ranch.
It was a gamble for them to try an upscale development so far from the
Scottsdale-Phoenix core — they sunk $150 million into bulldozing the
desert out there, and $11 million on the freeway interchange alone at
“Verrado Way.” The 8,800-acre plan is permitted for 14,000 homes. This
is a starter:

Those entry-level, Spanish Monterey-style homes, built by Ashton Woods, sold for about $180,000 in January, 2004. […]

Original post by noemail@noemail.org (noemail@noemail.org (Paul Kaihla) and software by Elliott Back