I was previewing a few condominiums in Tempe for an out of state client this afternoon and it struck me, there are some great deals in the Tempe and Phoenix condo markets. If you are thinking about a property for yourself or your ASU student, now is a great time.
All you need to do is look at my post from last night on the March 2009 Tempe condo numbers and you will see the market is slow. While the foreclosure market in the surrounding areas is booming, the condo, and especially the luxury condo market, is lagging behind. That leads me to short list on why now is a great time to buy your Tempe or Phoenix condo.
- Plenty of inventory – no shortage of properties in every price range.
- Low prices – the market has taken a beating and prices have been slashed.
- Low interest rates – they are low, but how long will interest rates remain low?
- Banks willing to negotiate – banks are willing to work with you to get deals done.
- Compete buyers market – Most areas of the market are more balanced, but when it comes to these condo markets it is still a buyers market.
- People are moving to Phoenix and Tempe – This will help the market recover quicker.
- Stability - Did you know Tempe had more high tech jobs than any other city its size?
- Light Rail – The light rail system has made it easier to get in and out of city.
- Entertainment – Tempe’s entertainment life has exploded recently
- Kiddie Condo loan – Great option of financing if you have a student going to ASU soon.
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My parents just bought a place in Peoria and I think they got a great deal. I can’t wait to get away from cold MN for the next Christmas holiday.
Kevin Curtis @Minneapolis Real Estate’s last blog post..Q1 2009 Market Update