Condos in Tempe? (Phoenix, Mesa, Scottsdale: real estate, apartments, rental)

[tfox]

Hey, I used to live in Tempe a long time ago and am thinking about going back.

However, as I'm sure everyone knows, property has gone insane there and unfortunately in Tempe all I can afford is a condo. No big deal; I can live with that. I realize I could get something better further out, but to be quite honest Tempe is really the only town in the valley that I like. (I could live with some of the adjacent areas of Scottsdale or Phoenix too, I guess, probably not Mesa though). My apologies to all you readers -- it's just my personal preference, nothing against your respective towns.

Anyway, I'm a little scared of buying a place only to see the property values drop substantially, and I know that condos are more vulnerable to falling values than single family homes. I do realize that it's definitely a buyer's market, so that's good for me, but I'd feel more comfortable in a stable market versus a falling one.

Anyone have insight there as to the perils or pitfalls to condo ownership in Tempe? How about the real estate market cycle?

[sweattea]

Originally Posted by tfox

Hey, I used to live in Tempe a long time ago and am thinking about going back.

However, as I'm sure everyone knows, property has gone insane there and unfortunately in Tempe all I can afford is a condo. No big deal; I can live with that. I realize I could get something better further out, but to be quite honest Tempe is really the only town in the valley that I like. (I could live with some of the adjacent areas of Scottsdale or Phoenix too, I guess, probably not Mesa though). My apologies to all you readers -- it's just my personal preference, nothing against your respective towns.

Anyway, I'm a little scared of buying a place only to see the property values drop substantially, and I know that condos are more vulnerable to falling values than single family homes. I do realize that it's definitely a buyer's market, so that's good for me, but I'd feel more comfortable in a stable market versus a falling one.

Anyone have insight there as to the perils or pitfalls to condo ownership in Tempe? How about the real estate market cycle?

We are in a downward spiral for sure due to the speculators that came in ran the prices up and dumped everything. It's up for debate when we will stabilize. Some say soon, some say another year, some think we are stable now. Why don't you rent for a little while and see if you still like it here and by that time if you still enjoy living here you will probably get a better price for a condo. You have nothing to lose, they aren't going to go up on you again. Tempe has some cute condo's.

[adogslife]

I agree with Sweatea, rent for a while to reaquaint yourself with Tempe and the Valley. IMO, it will not hurt you to sit on the sidelines momentarily (in regards to property values) while the market settles.

[barbie3526]

HELLO,
I am moving to Az in the near future. I have a friend in Chandler.
Do you know of any condos for rent in Tempe I have been having a hard time finding them on line. Thanks
Barbie3526

[Master Shake]

Originally Posted by barbie3526

HELLO,
I am moving to Az in the near future. I have a friend in Chandler.
Do you know of any condos for rent in Tempe I have been having a hard time finding them on line. Thanks
Barbie3526

Try realtor dot com. They have a rentals section that includes houses, apartments, and condo/townhomes.

[sheena]

Originally Posted by barbie3526

HELLO,
I am moving to Az in the near future. I have a friend in Chandler.
Do you know of any condos for rent in Tempe I have been having a hard time finding them on line. Thanks
Barbie3526

Just don't rent by those college kids if you have to get up to go to work in the morning.

[Barry Cox]

Getting reaquainted by renting will probably work out well for you. It will give you a chance to really figure out where you want to live. People are right about the market being a little slow right now. Predominantly though the biggest problem areas are places like Surprise, Queen Creek etc. Places on the outskirts of town where home prices weren't real expensive and investors could get in at a lower price point. Those investors dumped their properties and there is a ton of inventory right now.

Places like Scottsdale, North Phoenix, Tempe etc that offer a central location and are easy for people to commute from have not suffered nearly as bad as the outer areas.

It will be interesting to watch this market for a while. I've noticed a little more activity since the Feds cut rates a week or two ago, but it will definitelytake a while for us to get back to "normal."

[amatrine]

Try Desert Wide properties. You can find the site by putting that in the search engine.

Ama