Distressedamania .... I don't think it's a real word. As a matter fact I know it's not. You can't find it in a dictionary or Wikipedia but it does exist. I define it as a condition caused by the overly active, highly aggressive, center focused buyer seeking distressed properties at an incredibly high value for an incredibly low price. Here in the west valley of Phoenix, Buckeye in particular, I believe it's spreading at an unimaginable rate. It's like the "best kept secret of our time". Homes selling for $70,000 to $80,000 with swimming pools, on golf courses that not too long ago sold for $200,000 or more. Cost per square foot averaging $56.91/square foot this year in Buckeye, compared with $91.26/square foot a year ago as reported by The Cromford Report www.cromfordreport.com for single family homes. It has literally brought people out of the woodwork from all points of the compass. First home buyers, investors and second home buyers from all over the country.
It's not paradise or a cake walk by any means. The Wall Street Journal today answered a very interesting question in it's article titled Are Distressed Properties Worth It? . It's a question that many have to answer for themselves but for the most part, my clients are saying it is. Their patience is stretched and frustration levels are often tested beyond belief but the final reward seems to please them all.
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