This makes me orgasmically glad that I didn’t buy in Phoenix, if 12% paper cap rates are turning into 6% in reality. Yeah, schadenfreunde, but so be it. It’s really a pestilential, mosquito-ridden (yep, they’re drawn to the moisture from swimming pools and irrigation), dusty, shitehole in the desert. There now, I said it.
Hoping at least one offer in SD that’s been “stewing” comes through this week, BTW.[/quote]
Nobody in their right mind thought 12%. 8% maybe. It may end up closer to zero.
