Is the metropolitan Phoenix real estate market actually at the bottom of its cycle? Many seem to think so. Consider this article from Greg Swann in the Arizona Republic. Seems that investors and second home buyers are greedily lapping up the properties that are priced low enough to be a smart investment (and there are many). It has recently been observed (by ME!) that there are now plenty of nice homes, that need very little work done, that could be rented out for slightly more than the monthly mortgage amount. That, my friends is a recipe for investment.
Consider this lender owned home in Surprise.
That's a money-maker.
Or, consider this lender owned home in Phoenix.
Both of these homes are in good shape, and are waiting for some hungry strategist to take advantage of them. There are homes like this all over the valley of the sun, and they are being snatched up at an alarming (good) rate. I currently have 4 buyer clients who are well qualified, have cash, and are ready to buy. Problem? I can't seem to get them a home! Every time one comes available, it gets picked up within 24 hours of being placed on the market. This is all over the valley. We haven't seen this type of market frenzy since mid-2005.
Let's hope these investers keep the deals rolling.