Moving to Arizona... Need Help

[Scottsdale Bound]

Hello all, My name is Chris and I need info on moving to Arizona particulary Scottsdale. I'm 25 years old and currently work as a banker in Iowa. Since job oppurtunities here are limited, I've decided to move to the big city.

I needed info on the real estate bubble in the Phoenix area. I graduated college 3 years ago and wanted to move but didn't have enough money so I moved back with my parents until I could earn some cash to be able to have me move out.

I've been reading about this "real estate bubble" in the Phoenix area and since I do have a limited amount of funds, it's becoming a problem. I have my sites set on Scottsdale, AZ which is the more upscale city near Phoenix and the median home price is currently $420,000 which I cannot afford by any means. I'm a very stubborn person (at least my parents say so), and when I have my sites set on something, I will not budge on my descision.

I plan on trying to find a job in banking/personal finance when I get down to Arizona which should be in a few months (probobly October), and I know that after working in the field of finance it can be very lucrative for me. And after a while I should be able to buy my dream home in the Valley.

Does anyone have any advice for me? I really could use some opinions on my "gameplan". I really could use mor info on this real estate bubble in the Valley so if you live there or know anything about it, please post it.

-Thanks in advance for all your help

-Chris

[Falcon Living]

Honest opinion? I think you are crazy to move from Iowa to Scottsdale. My suggestion, if you simply are moving to south for warm air. Move to Houston. It is still the cheapest metropolitan area and the bubble is just starting there. If I had not settled down to Chicago with a business and a family, and was 25, I would do that in a heartbeat.

[Scottsdale Bound]

I'm moving to Arizona for the climate and golf. I'm an avid golfer and play a game any chances I get. I also have relatives that live in Paradise Valley and Tempe. I visited down there a year ago and fell in love with the desert scenery. I don't mind a commute to Phoenix. When I visited there a year ago, I though about moving then, and now I'm kicking myself because of this bubble that keeps rising and especially the real estate in more upscale areas keep getting more expensive.

I do appreciate your feedback, that's why I posted


EDIT: I just checked a few minutes ago at a loan calculator on yahoo. I can afford appx $650,000 home if I get a 30 year fixed rate home loan. I think that I found the way to go

I'll keep you posted on my descisions.

Thanks -Chris

[focusagent]

You may also want to consider other areas of the east valley including Chandler and possibly Gilbert. Chandler just landed the $3 billion Intel building and the area is much newer than Scottdale. Many say it is becoming the new Scottsdale with all the upscale homes and affluent (100k salaries and up) residents. House prices have soared across the valley but you can get nice brand new homes in Chandler rivaling those in Scottsdale for a lower price. Chandler also have easy access to freeways and all the amenities of Scottsdale. Both areas are a short distance from Phoenix.

[Scottsdale Bound]

I think I've found a good place for me. I really do appreciate all the suggestions, and I found a nice community in North Scottsdale that would very well suit me. I don't know when I'll move though.

Copy Paste this link

http://www.gaineyranchproperties.com/map.html

[focusagent]

I will commend you on your choice of neighborhoods. Gainey Ranch is one of the most sought after and expensive neighborhoods in Scottsdale. You will have a very good investment that should appreciate substantially over the years. Houses are currently priced at $300/sq.ft. and above for Gainey Ranch and that is just the townhomes.

I just looked at what is available in Gainey Ranch and there are only 4 active homes for sale. One is priced at $2.6 million and the other three are 2 bedroom townhomes at $339k (1040sq.ft.), $695k (2214sq.ft.), and $699k (2408sq.ft.). There are other very nice neighborhoods around this area that can give you a better price per square foot. If you need to stay under $650k or need more than 2 bedrooms you may want to have your realtor look in the surrounding neighborhoods as well.

[Falcon Living]

Congratulations and good luck. I know how it feels to realize the first time to be in the desert and realizing what the word quiet really means. 300+/sq.ft though. Tha reminds me of the days right before the internet crash. Good luck at all your endavours. Let us know how it went.

[Scottsdale Bound]

I think that I will purchase a condo. I'm young and single, so I don't need a large home and the price is right. Living in North Scottsdale, In a gated community, on a golf course. (it sounds great to me!!) And for around $425K-$450K it should appreciate in value over the years. Thanks for all the advice though. Now I just need to set a move date and get in touch with Russ Lyon Realty.

Really excited to make my second big purchase and start a life in Scottsdale. Thanks All

-Chris

[judyo]

Chris,

My Mom lives in Mesa & I, too, fell in love with AZ. We have friends in Gilbert & we're going to invest in a condo to rent out as we'd like to be snowbirds in the future. This will just be an investment condo & nothing we'd personally use or live in. Just something to get a piece of AZ as values continue to rise. I'm not picky & am interested in all surrounding areas. I've been told Gilbert is really growing/appreciating. Good luck with your move.

[AZLender]

Judyo- So that's YOU! slowing up traffic on 60. LOL! I'm kidding, I did look over and see a snowbird w/ Illinois plates with a big gap in front of him holding up traffic as if it isn't bad enough.

As far as the bubble. It isn't going anywhere anytime soon. Builders applied for and were granted 61,000 new build permits in Maricopa County alone. This compared to 31,000 last year. Everything I am seeing is we are following suit with California, as it's looking like we are going to run into Tucson as they are rapidly growing north and we are rapidly growing south.