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.