Friday, April 28, 2006

48 Hours in Jerome

48 are better than 30, and full-time would be better than weekends. Trying to find a place to rent in Jerome is like trying to find a place in NYC. I haven't started reading the obits yet, b/c as a statistics game it's different.

In Jerome, most people have paid somewhere between $25 and $75 grand for their houses. In the last year, like almost everywhere else in Arizona, the Jerome market skyrocketed. Houses are going for $250 to $750K now. People are just tripping over themselves to put For Sale signs on the front porch. (Because there are NO lawns, none.)

The people paying these outrageous prices are probably telecommuters or vacationers. People who are buying these homes and expecting to rent them out while their investment increases are in for a surprise. People who rent in Jerome are waitstaff, store clerks, and artists. The rents were super cheap, and some still are - I'm looking at a whole house right now, with two complete apartments, for $800 a month. I talked to a business owner who is running a storefront on the main street, but she is renting - I actually looked at this building in 1992 and it was $40K for the storefront and two apartments above - it is now $450K. The store will not support the rent that increase will require, and neither will the apartments.

So it will be interesting. Real estate prices could ruin Jerome, like they ruin most art communities. Sedona used to be cool too. Now, it is decidedly not. It could go the other way and prices could drop substantially. We'll see.

1 comment:

onna said...

Too bad - this happend in Williamsburg (Brooklyn neighborhood) as well - the artists always seem to price themselves out of neighborhoods that they themselves made cool and interesting.