Two opposing reader comments - which do you believe?

Back in April I posted my opinion that the Scottsdale real estate market, and with it the entire Scottsdale economy, since it's based on real estate, will not recover in the foreseeable future. Two readers posted two opposing comments on this ... which do you believe? You already know whose side I'm taking:

Reader #1 Says:

I sense a lot of bitterness in these posts, but also a lot of insight. The old money of Scottsdale is doing pretty well and will continue to do so. Over the past 8 years, diversification has started to take hold. The Arizona economy was temporarily propped up by easy money, but guess who was using the easy money to buy the houses? Right. A lot of people from California.

Arizona is a great place to do business. That is where the money is. Don't worry about executive jobs, and tourism businesses. You can create a national business based in Scottsdale\Phoenix and do well. There is really starting to be a strong network to build on here. The TGEN organization, the Mayo Clinic, the golf industry, the new high rise construction, the new downtown revitalization, the higher tax base, the reasonable income tax, the relatively low amount of red tape, the less liberal culture, the mix of North, South, East, and West people, the influence of Mexico, and the different economic base from the rest of the country provide unique chances to make good and do well. Go for it.

Reader #2 Says:

Kirk to Enterprise .... Kirk to Enterprise.... Beam me up Scotty (I think you know the rest). Come on guy its one thing to say I dont think things are so bad in Phoenix/Scottsdale and that the local economy will turn around soon. The things you are saying however I dont think you could honestly say with a straight face to a room full of adults. Arizona is where the money is? In a state where the average job pays 32K-38k a year do you really believe this? The "old money of Scottsdale" is doing pretty well? Who and how can you claim to know these individuals' personal financial pictures?

Diversification has started to take hold? So overbuilding, golf, and hospitals equal a diverse local economy? Overbulding is partly to blame for the crash of the real estate market here. What major city doesnt have golf and hospitals?

The part I love the most is the mentioning of the "influence of Mexico". By influence do you mean illegal aliens keeping wages low? The crime? The anchor babies? Or the using up local resources from programs these people never have and never will pay into?

Last time the Phoenix metro area went bust was 1986/1987 and it took till 1997/1998 to show real signs of recovery. What makes you honestly think things will turn around here in less than a decade?

Which side are you taking?

Comments

[raven]

Reader #1 doesn't have a clue about Scottsdale. Absurdly hilarious quote: "the old money of Scottsdale". !#!&!%!!*!!
You're kidding...right?