Prices in the Phoenix area are still going up... even in the commercial markets. Last week I was contacted by a client we helped just over a year ago purchase a 4 unit (quadplex) in central Phoenix for $95,000.
He said he was real happy with the last purchase and was interested in buying another one. After we went back and forth a little on the details we got around to the price range he was looking for. Well, he said he wanted to stick with the under $100,000 price.
After searching the MLS I came up with a whopping 11 properties to tell him about. Needless to say, he was pretty disappointed that there were no longer 50+ properties listed for under that magic 100k number. The sad thing about those 11 properties was that a number of them had serious issues (missing a roof, burned out hulks, etc.) and were not even close to being 'rent ready'.
Heading into the hot part of the year now, and I expect the showings to drop, but not necessarily the prices.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment