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| AZ land - 90% off sale | |
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| Tweet Topic Started: May 29 2011, 02:37 PM (287 Views) | |
| jon-nyc | May 29 2011, 02:37 PM Post #1 |
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Cheers
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http://www.bloomberg.com/news/2011-05-27/arizona-land-sells-for-8-of-price-calpers-group-paid-at-peak.html |
| In my defense, I was left unsupervised. | |
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| jon-nyc | May 29 2011, 02:38 PM Post #2 |
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Cheers
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And re Calpers being part of the group taking the loss, I don't know whether to laugh or cry. |
| In my defense, I was left unsupervised. | |
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| jon-nyc | May 29 2011, 02:43 PM Post #3 |
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Cheers
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Oh and is this some kind of bad joke?
http://en.wikipedia.org/wiki/Amaranth_Advisors |
| In my defense, I was left unsupervised. | |
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| Larry | May 29 2011, 05:34 PM Post #4 |
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Mmmmmmm, pie!
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It looks like the original group pad a bit over 39,000 per acre. For desert. Anyone stupid enough to pay 39,000 an acre for desert land (or just about any other land, for that matter) deserves to lose their money. The new buyers paid a bit over 3,000 an acre, more than it's worth, but a fair price. |
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Of the Pokatwat Tribe | |
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| musicasacra | May 29 2011, 05:44 PM Post #5 |
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HOLY CARP!!!
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Not just desert -- I believe Phoenix is the fifth largest city in the country. It's a big sprawl. If people were buying land or houses in 2006, then yeah, they paid a premium. |
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| Larry | May 29 2011, 05:53 PM Post #6 |
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Mmmmmmm, pie!
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It's not in Phoenix. It's in Goodyear, and says that's 60 miles away from Phoenix. |
|
Of the Pokatwat Tribe | |
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| musicasacra | May 29 2011, 05:55 PM Post #7 |
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HOLY CARP!!!
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It's all Phoenix really. It's a ginormous metro. And it's not 60 miles from Phoenix, I just checked the distance -- 23 miles from the Phoenix airport. |
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| ivorythumper | May 29 2011, 09:24 PM Post #8 |
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I am so adjective that I verb nouns!
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I'd bet it's another Goldman Sachs boondoggle. |
| The dogma lives loudly within me. | |
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| ivorythumper | May 29 2011, 09:39 PM Post #9 |
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I am so adjective that I verb nouns!
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Its incorporated city land -- in a valley that was projected for serious development. It will happen eventually -- Arizona over the next 20 years still has strong growth projections, but obviously they screwed the pooch on the timing. $3k/ acre is a smoking deal, but probably fair for that kind of bulk. |
| The dogma lives loudly within me. | |
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| blondie | May 30 2011, 04:12 AM Post #10 |
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Bull-Carp
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There are so many Arizona properties listed for sale in our papers here. At times they outnumber anything else in the rec-property market. Many are residential homes. Huge houses by our standards with pools, lovely yards. I get the impression many just packed up their families and left Arizona. |
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| jon-nyc | May 30 2011, 05:25 AM Post #11 |
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Cheers
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A good friend of mine is deeply underwater on two Arizona properties. My view is he should send the keys to the mortgage holders, but he's powering through for now. |
| In my defense, I was left unsupervised. | |
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| Jolly | May 30 2011, 05:33 AM Post #12 |
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Geaux Tigers!
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The whole problem may solve itself. As I understand it, the most precious commodity in that part of the world - water - is a rapidly vanishing resource. |
| The main obstacle to a stable and just world order is the United States.- George Soros | |
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| ivorythumper | May 30 2011, 08:52 AM Post #13 |
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I am so adjective that I verb nouns!
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Not to worry -- Arizona has a massive watershed area, and the more ag land is converted to residential, the far less water is used. |
| The dogma lives loudly within me. | |
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