Unbelievable Phoenix Real Estate Prices

by francine Hardaway on March 27, 2010

I hang my license with a small company called Infill Realty Services, which specializes in central Phoenix real estate. The owner, Julian Blum, is a long time friend of mine, so today I'm doing something else I've never done before — I'm sitting in an open house. I sit here doing what I'd normally be doing at home on Saturday (blogging and watching TWIG) , but waiting for random buyers to come through the door. 

This is a project some poor guy really took a bath on. It's across the street from the VA Hospital just north of Indian School Road, half a mile from light rail and right in the middle of Central Phoenix. I'm sure it looked like a helluva deal to a developer during the glory days.

 It was completely gutted and rebuilt a couple of years ago, with all the fancy stuff everyone now expects: granite counter tops, stainless steel appliances, in-unit small washer and dryer, a gate. And then the market collapsed, and banks won't touch condos, so the developer lost it and the lender got it back.

Fifteen of the 28 units have never been lived in, and Infill is selling off  2-bedroom, 2-ba units for $70k-$83k. It's quiet here, it's clean, and it's carpeted. I think all the CenPho geeks should live here.

It does require about $4500 down, and then the seller will carry, which means it doesn't matter that mortgages are tough to get right now. It would cost someone about $540 a month, including HOA, to live here.

As someone who have been here for 40 years, I can honestly say I have NEVER seen it so cheap to live in a nice place in Central Phoenix.  It has become cheaper than renting.

Disclosure: Of course I am a licensed Arizona Realtor(R), or I wouldn't know all this. Investors usually buy these in bulk and rent them out.

Posted via email from Not Really Stealthmode

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danmunro March 27, 2010 at 2:09 pm

Sadly – I think the poor guy who really took a bath on this project is all of us. :dm

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