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Tanya Marchiol of Team Investments and DeBianchi Real Estate’s Samantha DeBianchi on the state of the Arizona and Florida housing markets.
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Leave it or not we on not just about bad news here on -- and companies so we have I found a bright spot in the economy.
From housing of -- places right now we have two major cities -- home prices are on the rise.
Joining us from Phoenix is Tanya -- go with team investments and a Fort Lauderdale Samantha -- -- -- with the -- a real estate that's -- would you Tanya.
This is information as opposed to viewpoints -- Phoenix Arizona prices -- how much -- -- what timeframe.
12% since November -- 2011.
Which is absolutely awesome.
So people are actually making gains right now.
Okay Samantha.
You work the I'm just talking local real -- that you would you -- the full -- dial down to Miami corridor I think.
What's happened -- prices -- that and in what timeframe.
Well let me start by saying this it was only years ago that that five cent millionaire with monopoly money to get out of jail free card.
Could go to a bank.
And get this mortgage -- it's now the banks are tighter they're not letting you -- Goer collect 200 dollars cash and we're seeing how much oil prices up.
The price is -- -- 6% for single family homes vs last year it's 22% for condos.
Those condos okay back to you Tonya.
-- people buying 12% high a price in the Phoenix area.
-- this single family home Arizona was never -- market that grew up.
They -- out so it's all the single family three bedroom two -- comes you -- remember this is a lot of investors so we're still looking under that 125 price point.
Yet now that was my question who's doing the buying hear you say that this is mostly investors is is not.
-- ordinary families looking for single family home is mostly investors.
Well and there's a lot of investors because they see the value and the returns that they can make on that castle every single month.
But there are quite a few people buying and taking advantage of low interest rates.
Even though that mortgages -- to get it's time to take advantage of that low interest rates.
Okay Samantha back to you.
Split it forming 6% up single family homes 22% up more condos that's always condos are they being bought by investors will want people who gonna live and.
Majority are investors especially in Miami.
Actually nation wide out of all the foreign buyers 31%.
-- -- Florida that's a huge percentage so that's what we're seeing in Miami but overall.
I mean you have investors you have first time home buyers especially with mortgage rates being so loud.
So we -- have all of all of the buyers from all over the spectrum.
Okay what proportion of the people buying in Florida where there is a single family home moral content what proportion of just.
Walking in with cash full cash.
I mean you know that's hard to say because it at this points you can pay cash.
But it makes more sense if you can get a mortgage for as as low as those rates are yet you -- a ton again of these foreigners is -- -- left and right and they're not even looking at the properties they're making up phone call.
Because they see it on the Internet and they say you know what this makes that.
It's alright Tony back to you -- one last long.
Cash for a mortgage is a very good question and why don't get a mortgage if you paying three and a half percent -- Well even Mark Zuckerberg got a mortgage and I think that's -- because -- take advantage of that -- but honestly what it is is cash gets it done.
So a lot of people are coming in with cash and they have the cash whether it's their -- dollars or cash that they say.
They have they're coming with cash and then turning around in putting a mortgage on it just like -- And as fast I think what we really appreciate good news will -- in far it's in the sort of dog times -- you we found it in Florida and in Phoenix Arizona latest thank you very much indeed for the help we appreciate it thank you thanks.
