Market Conditions in 85222>Question Details

Concerned, Other/Just Looking in 85222

What was the average rate of increase for condo's in the grey hawk commmunity prior to the housing bubble?

Asked by Concerned, 85222 Sun Jan 10, 2010

Currently own a $340k property at The Edge in Scottsdale,AZ. Based on recent sales price, the property is worth around $130k. Trying to project when this property could become profitable. Currently have a model that projects 20% increase year over year until 2016. This in itself, seems unreasonable and I'm not sure this area has ever a 20% increase prior to the big burst. It seems like I should cut my loses and stop throwing money toward this place. It's been over a year since it's rented and I've started reading several unhappy renters with the management company, along with bankrupcy rumors.

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Perhaps you should become very active in your condo management association. One "red flag" for a condo complex is a financially unstable Condo Association. Lender's are now requiring a financial statement of the associations before lending in the complexs. If new owners require financing, they must look elsewhere for housing if they cannot finance the condo in your complex; thus squashing the appreciation of your property.

There has been a slow upward curve in the marketplace which is very encouraging to owners. Have you considered contacting a realtor to do a Short Sale for you or ask your lender for a deed in lieu of foreclosure?
Many owners have been very successful working with NACA to reduce the amount of their mortgages, interest rates and monthly payments. Simply log on to http://www.naca.com and check out your options.

Good luck and as we all are- hope for the best!!!

Elizabeth
0 votes Thank Flag Link Mon Jan 11, 2010
It is hard to tell how long it will take for values to come back It will vary by area and will be tied to demand and supply. Until the supply of homes works it way down to the 3-mouth level of listings compared to demand, there will not be increase like your model. The issue you will have consider is the age of the population and the likely hood of increases in demand due to people moving to arizonia for retirement. No matter what you decide it will be a hard decision.

Good Luck

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee


http://www.milwaukeebailout.com
0 votes Thank Flag Link Sun Jan 10, 2010
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