My bad – no I’m not landlording Phoenix’s rich and famous or local sports personalities – it’s Paradise Valley Village or HS area – 85032. Got carried away there a bit! In what I consider my general area it’s high $100s to mid $300s (track houses only – there are a few large landowners whose land makes them value themselves at $600 to $700) – I’m mid in this market. The prospective tenants that I actually get to have a conversation with are all firmly entrenched in AZ (jobs, families). To the extent we talk about CA they all like it and enjoyed visiting it.
I keep a tab on the home prices and in north and central Phoenix zips (eastern part of the valley) and it feels like the prices are stalling a bit now – not surprising given the magnitude and speed of the run up in the past couple years. As per my previous post I think the window to get a return on a rental here is narrowing due to the price rise. I’m not as worried about a bust as long as I can get a decent rental return (and it’s relatively easy to rent) and it’s cheaper to rent than buy. The other positive is it does feel like there’s an employment boom in the Valley and not just construction jobs – manufacturing, R&D, design and engineering – all good, especially for the southern part of the Valley, and I’m good with basking a bit in the reflected glow from Chandler, Ahwatuckee (oh and Scottsdale too!).
[quote=Want_to_Retire]My bad – no I’m not landlording Phoenix’s rich and famous or local sports personalities – it’s Paradise Valley Village or HS area – 85032. Got carried away there a bit! In what I consider my general area it’s high $100s to mid $300s (track houses only – there are a few large landowners whose land makes them value themselves at $600 to $700) – I’m mid in this market. The prospective tenants that I actually get to have a conversation with are all firmly entrenched in AZ (jobs, families). To the extent we talk about CA they all like it and enjoyed visiting it.
I keep a tab on the home prices and in north and central Phoenix zips (eastern part of the valley) and it feels like the prices are stalling a bit now – not surprising given the magnitude and speed of the run up in the past couple years. As per my previous post I think the window to get a return on a rental here is narrowing due to the price rise. I’m not as worried about a bust as long as I can get a decent rental return (and it’s relatively easy to rent) and it’s cheaper to rent than buy. The other positive is it does feel like there’s an employment boom in the Valley and not just construction jobs – manufacturing, R&D, design and engineering – all good, especially for the southern part of the Valley, and I’m good with basking a bit in the reflected glow from Chandler, Ahwatuckee (oh and Scottsdale too!).[/quote]
Ahhhh. 😉 OK….now your post makes a lot more sense to me. I was confused for a while but figured that is what you meant. Thanks for taking the time to follow up.
