totally fascinating. I asked my chiropractor recenlty what he was seeing since he talks to people all day. he told me he's seeing the slow down in local real estate here. because is this the right time to buy a $400K house in Phoenix? he says real estate folks tell him they're seeing a slowdown.
Discussion
There are certainly signs. Is that expensive for Phoenix? In Costa Rica it’s multiplied by post Covid. We had a wave of what I call “millionaire refugees” coming here from USA and Canada just buying everything up so it kind of multiplied the speculative boom. I move here in 2018 as wanted out of Europe before 2020. Bought a plot for 45k usd which would now cost 200k. Absolutely nuts and totally pricing local people out of markets. The rentals have gone really stupid and I have heard of multi unit properties now vacant with owners still holding their prices at 1600usd per month for 2 bedroom place. Nuts. Average wages here are around 1200/ month
I think it's probably average, depending on neighborhood. Then again, it's probably the minimum. That's insane when locals get driven out like that. those are NGMI numbers for sure. 😢
Yeah, have to see what happens here. I think my local area had it worse than some but the topic of “gentrification” is in the national press. One of our local quiet beaches got bought a couple of years ago. Now has a golf course and private development where lowest price property is 5m and they’ve started asking people why they’re visiting the beach as if it’s private. All beaches here are public by law. All is change! Let’s see what a crash brings I suppose. I just carry on trying to orange pill people and hope people are prepared cause the rental increases are hitting everything including food and people are price gouging too. Crazy days!
Indeed. and that's all we can do, is teach whoever is willing to learn
