Image via Wikipedia
The idea that the housing market has taken a steady decline has sunk in, and for most, is an acceptable reality. However, there are still areas that are being affected by the housing market crisis, and the visual reminder is in the value that is continually dropping in homes across the United States. While this may present a fantastic buyer’s market, it does mean that homes are no longer the high priority asset that most want, simply because they are not guaranteed to hold the value they once did.
Arizona is home to beautiful lakes, tranquil desert settings, and some of the most opulent homes in the country. The Scottsdale, Tempe, Estonia, and surrounding areas are considered some of the most high end that the fine state of Arizona has to offer. Homes sold in these areas, pre 2008, for an average of $2.8 million for the higher echelon real estate. Today these homes sell for an average of $800,000.00.
The issue for many of the larger homes, not just in the case of Arizona, but of the entire U.S., is that rural areas are simply no longer sustainable for those that have to either commute via plane, or cannot find work close to home. The reality is that the cities are seeing much growth, comparatively speaking, while further outreaching suburbs are still seeing decline.
Way Back When…
There was a time when people would be able to support their homes through their work regardless of where they lived. If they had rural homes, they were farmers or produced some kind of product for independent sustainability. Today’s society is completely dependent on work of another kind, and when that work is no longer close to home, people will leave those areas. This is the case with Arizona.