Avg Phoenix home price will hit millions of dollars in few years (Glendale: homes, neighborhoods)

[KurtAZ]

Originally Posted by mborner

What are we supposed to believe? First off, understand that the future can't be predicted. It's impossible no matter what data you have or where it comes from. Any information that relies on predicting the future is just noise, nothing more. Heck, I don't even know with 100% certainty that I'll wake up tomorrow morning. "It's tough to make predictions, especially about the future"- Yogi Berra

True...just a few months ago they were predicting home valuations continuing to go up through 2023. If anyone could TRULY predict the market...they wouldn't tell you and would be swimming in cash.

[take57]

Originally Posted by frankrj

The water shortage in Phoenix and Tucson is not ever going to improve to the point of never worrying about it.

Phoenix, yup absolutely. Tucson, not so much. Tucson has done a remarkable job in managing and planning for the future water resources and they have for many, many years. Tucson and Albuquerque are the only two 'desert' communities that have 100 year water plans on the books. Law, not recommendations.

It's worth mentioning that there are extensive aquifers already being used for water storage and those aquifers also come into play for harvesting robust snow runoff in the nearby Catalina mountain range.

Obviously Tucson will feel the impact of the water shortages but not nearly as much as the Phoenix area will be facing.

[MN-Born-n-Raised]

Originally Posted by Dw572

Seriously




Yep, there's no way people will be paying CA prices in the hot desert when they could just move to CA.
Even since Palm Springs is in the middle of nowhere hot desert aswell it's still closer to the ocean by a long shot.
The Inland Empire would be better served for desert ex pats (AZ) in this scenerio and yes will still be worth paying the higher taxas.

Yes, seriously! Where are there more job opportunities? Palm Springs or the PHX area? How about the cost of living? When you move to CA and buy your new home, you get to subsidize everyone's locked-in, outdated tax rate from years ago (locked at no more than 2% appreciation per year). Add an extra $1 per gallon on gas. Let's not forget that the top income tax rate in AZ in 2023 is now 2.5%. In Cali, it's 12.3%. And in 2024, they raised it to 14.4% https://original.newsbreak.com/@taxb...x-rate-to-14-4.

My point is, people who are buying more expensive homes generally make more money. As in, they are working. After all, Palm Springs has an average age of 56.3 years old https://www.city-data.com/city/Palm-...alifornia.html To get a synopsis of what is going on, look at the biggest employers in Palm Springs. https://www.zippia.com/company/best-...lm-springs-ca/

Top Employers in Palm Springs:
1. Desert Care Network.
2. Agua Caliente Casino
3. Desert Oasis Healthcare.
4., 5., 6., 7., are and more of the same.

If the litmus test was "living closer to the ocean", then places like Austin, TX would be suffering. Instead, the job market is going nuts in Austin and the state income tax is LOW or 0%. Gee, I wonder why people live in Austin when they could be in Palm Springs, and much closer to the ocean?

[Ponderosa]

Originally Posted by take57

Phoenix, yup absolutely. Tucson, not so much. Tucson has done a remarkable job in managing and planning for the future water resources and they have for many, many years. Tucson and Albuquerque are the only two 'desert' communities that have 100 year water plans on the books. Law, not recommendations.

It's worth mentioning that there are extensive aquifers already being used for water storage and those aquifers also come into play for harvesting robust snow runoff in the nearby Catalina mountain range.

Obviously Tucson will feel the impact of the water shortages but not nearly as much as the Phoenix area will be facing.

Tucson is not in a favorable position with respect to water. They are overly dependent on dwindling groundwater and have a CAP allocation that is not sufficiently large to offset it. Tucson will have to restrict growth at some point. However, I will concede that Tucson does a much better job of managing its water than Phoenix, mostly through pricing mechanisms. Then again, they have to as the problem is more acute there.

[OUgrad09]

Originally Posted by MN-Born-n-Raised

If the litmus test was "living closer to the ocean", then places like Austin, TX would be suffering. Instead, the job market is going nuts in Austin and the state income tax is LOW or 0%. Gee, I wonder why people live in Austin when they could be in Palm Springs, and much closer to the ocean?

This obsession some CA people (I can speak from personal experience) have with the ocean is a little bizarre. As if if they think that’s all there is to defining quality of life. I live 30 mins from the ocean and I barely ever go. Many Americans don’t care about the ocean or if they do, they are perfectly content visiting occasionally. There’s a million reasons to live in a huge city like Phoenix over some random place like Palm Springs, Bakersfield, or Fresno, and frankly it’s a little ridiculous that someone would even make the comparison.

[TheseGoTo11]

Metro Phoenix permitted 47k new housing units in 2022, trailing only the Metro areas of NY, Dallas, and Houston, and slightly ahead of not-even-close-to-water-constrained metro Atlanta. The facts and data do not align with the hype.

[MN-Born-n-Raised]

Originally Posted by OUgrad09

This obsession some CA people (I can speak from personal experience) have with the ocean is a little bizarre. As if if they think that’s all there is to defining quality of life. I live 30 mins from the ocean and I barely ever go. Many Americans don’t care about the ocean or if they do, they are perfectly content visiting occasionally. There’s a million reasons to live in a huge city like Phoenix over some random place like Palm Springs, Bakersfield, or Fresno, and frankly it’s a little ridiculous that someone would even make the comparison.

People cherry-pick what is best about the area and adapt their life to it. Or if they are chasing an activity, they might bypass an area. Like if I am a big bird hunter, maybe I don't want to be living in downtown LA. Instead, I'd be freezing my rear end off in the mostly flat state of South Dakota. A lot of people in MN like to boat, hunt, fish, snowmobile, and camp. People here in PHX metro love to hike because of the topography. And there is a golf devotion because of the sunny (mostly) ideal weather.

Still, I could not imagine myself heading out to the beach often from Palm Springs. But certainly there is a fraction of the population who are interested in going to the beach in Palm Springs. Just as there are people who frequent Rocky Point, MX dozens of times a year. But for 99.9% of the people, that's not on their radar screen.

I propose the coastal area of CA is busy because of the ocean. Because it is nice to look at and enjoyable to walk. But the #1 reason why people want to be close to the ocean in CA is how the ocean affects the weather. And make no mistake, people who live in Palm Springs, as well as PHX metro, live where they live because of the warmth of the sun. Well, other than the 4 months of summer Hell.

[Ponderosa]

Buckeye just purchased water rights from an agricultural interest in the Harquahala Valley (west of Buckeye). They paid $80 million dollars for rights to groundwater in one of the few places left where it can be exported. The deal for over 5,000 acre feet per year for 100 years will supply enough water to support roughly 17,000 new homes.

[Potential_Landlord]

Originally Posted by Ponderosa

Buckeye just purchased water rights from an agricultural interest in the Harquahala Valley (west of Buckeye). They paid $80 million dollars for rights to groundwater in one of the few places left where it can be exported. The deal for over 5,000 acre feet per year for 100 years will supply enough water to support roughly 17,000 new homes.

Which makes sense. Why wasting water on agriculture in the Sonoran Desert. Let them grow alfalfa elsewhere.

[Mike from back east]

To see how many homes in your zip code sold for all cash, see this thread.