[quote=spdrun]For what it’s worth … my friend paid high $200k’s in 2007 for a 3 bdr/2 bath house with garage and pool, due south of the Deer Valley airfield (and just inside the 101 beltway). I suspect it’s worth high $100s to low $200s right now, and it was built in the mid 90s.
No HOA thugs to harass her either, the neighborhood has no HOA nor deed covenants.[/quote]
This is what I fear most about buying property in all but the very best areas of AZ. Unless one paid cash in about the summer of 2010 and rec’d a very deep discount (likely from an “institutional” seller), I feel it would be so easy to lose money upon sale of one’s property investment there. And I don’t think the supply of reliable tenants is as endless there as it is in CA coastal counties.
Mostly, I don’t feel a buyer today could recover the cost of the improvements upon sale that they made to a typical AZ residential property, ESP in the $350K and below price range. Even properties a few years old need repairs and improvements, especially if they have had distressed owners or were past rentals.
There just isn’t the “captive audience” there that we are used to having here.
