what is your opinion of a canadian buying a condo in Chandler to rent out as a winter vacation home and use?

Asked by Doug, alberta canada Fri Dec 28, 2007

it ourselves as well? I can get a 7 year old unit in a large complex with lots of greenspace and nice pools for much less than property in scottsdale. I am just wondering what the dark side is to chandler if any. dc.

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Mr.P, , Arizona
Fri Dec 28, 2007
Hey Doug,
No Dark side in Chandler. However your dollars will go a long way right now. I would look for that single family residence in a golf community, close to restaurants and shops, with a community or private pool.
Considering that we are in such a buyers market, you should make the most of it.
If you insist on a condo, consider the REO / Lender owned auctions in January and February. There will be several newer, higher end condos auctioned at steep discounts.

Patrick
480-543-9899
1 vote
Rick Leforce, , Tempe, AZ
Thu Dec 16, 2010
Hi Doug, I'll answer your question with a question. "How would you like to own a condo for less that what it would normally cost to build one, or for less than replacement cost!?"

I think that it is good to compare a condo to single family home and I would consider some other areas as well depending on your price range and what kind of activities you like do (golf, hiking, mountain biking, horseback riding, tennis, etc.) If you know Chandler well enough, then you should know that it is now a fairly centralized located neighborhood with freeways all around it which is great for quick and convenient travel and making it easy for property managers to get to when managing the property.
0 votes
John Groves, Agent, Chandler, AZ
Thu Dec 9, 2010
Hello Doug,
You should be sure that you understand the tax ramifications of an investment property in the US. If you have already been through all of that then great. If you have not then feel free to email me and I will send you the pertinent information to help educate yourself. As for Chandler, my wife and I chose it back in 2004 when we could have picked anywhere. A very nice community, good business climate, and a city with better financials than most. Best of luck with your search.
0 votes
Mr.P, , Arizona
Sun Dec 30, 2007
Doug,

Thanks for clearing that up. I am looking at this strictly from a pure investment angle.

Single family home gated golf course community. Community pool and clubhouse. Under 200K is going to be a challenge, however not impossible. Right now West Valley, Peoria, Surprise, East Valley Queen Creek. I would hold out for a better location.

alternative angles and ideas as well.....
Have you considered one or two time shares?
Have you considered forming an investment group in Alberta with friends or family for this purchase?
0 votes
Doug, Home Buyer, alberta canada
Sat Dec 29, 2007
You think a residential house has better vacation rental opportunities than a condo in a complex with pool,spa, tennis, etc? I can't imagine it would be feasible to have a house and have to pay a pool service to clean it weekly?
I am not limited to the Chandler area however it does appeal to me personally. Scottsdale is great but you do get smaller , more concrete jungle condos for the dollar. My goal is not strictly from a pure investment angle, but also from a family angle......I want something that I can use during non rental weeks with my family, as well as something that I can snowbird in down the road in 15 years. I do agree a single home likley has more appreaciation value however I can get more ammenides with a condo and I am not taking on the task of hiring maitenance people from out of the country.....I think it would eliminate a lot of stress by writing an HOA chq every month. This is where Im coming from but I love alternative angles and ideas as well.....thats why Im posting here. Thoughts?
0 votes
Mr.P, , Arizona
Sat Dec 29, 2007
Doug,

There are about 10 very nice single family Lender Owned homes in the Chandler area that are offered at or below 200K. Not short sales.

There are many more Condos in all stages of sale, Re sale, Pre foreclosure, Lender owned. From Chandler north to Tempe.

At this time 200K will go a long way. It is my opinion that a single family home will be a better long term investment.
I think with the maintenance investment of a landscaper, and caretaker, Versus, the expense of a Condo HOA Your single family is the better way to go, it will be worth the extra risk.

Again, if it is the Gated Condo that you want, I would not limit myself to the Chandler area. The Condo market has a high percentage of short sales, pre forclousers. Right now 90% of short sales, and pre forclousers become REO/Lender Owned property`s.

On Dec 8th & 9th of 2007 Auctioneer Hudson & Marshall auctioned off 200 plus REO/Lender Owned property`s at the Mesa convention center at a Market value discount of 20 to 40%. Yes unbelievable, I was there and have a podcast of the auction.

If I had a spare 200K and wanted to buy a Condo. I would be at there next REO auction in February.

Just my 2 cents, however with the currency conversion is 4 cents.

Patrick
480-543-9899
0 votes
The Amy Jones…, Agent, Chandler, AZ
Fri Dec 28, 2007
Hi Doug,
There are several condo options in the $200,000 range. I would be happy to put together a search for you if you'd like to contact me. http://www.amysellsaz.com

Thanks!
Amy
Web Reference:  http://www.amysellsaz.com
0 votes
Doug, Home Buyer, alberta canada
Fri Dec 28, 2007
If I stay under 200,000 I can write a cheque on a line of credit here thus protecting my currency exchange and not having to take a usa mortgage out. Not sure if I can get a residence with all those features for that range....also if Im not in the area having a condo with permanent grounds and building workers is a comfort.
0 votes
The Amy Jones…, Agent, Chandler, AZ
Fri Dec 28, 2007
I have several clients from Canada that I am currently working with. The trend seems to be finding a location that has some amenities such as golf or views and restuarants and entertainment nearby. I live in the Chandler area so obviously like the area. Scottsdale and the Foothills of Ahwatukee are also favorite locations for a second home. I have a condo listing in Ahwatukee with a virtual tour that is featured on my home page (link below) to give you an idea of the area.

When our market turns around (and it will), everyone will be glad they purchased during this downturn.

I wish you the very best!

Amy Jones
Web Reference:  http://www.amysellsaz.com
0 votes
Brian Bell, Agent, Las Vegas, NV
Fri Dec 28, 2007
Hi Doug,

I have helped a number of folks from canada buy a second home or an investment property here lately as the canadian dollar is so strong right now that it is a great time for you to buy! Chandler is a wonderful town and has grown tremendously inthe last 5 years...good investment area. If you want to see more go to http://www.bellhomesaz.com.
Web Reference:  http://www.bellhomesaz.com
0 votes
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