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Old 01-27-2011, 11:55 AM
 
33 posts, read 66,967 times
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I guess when you are looking at a complex..the best idea might be to knock on a few doors and ask what they think of living there?
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Old 01-27-2011, 12:22 PM
 
418 posts, read 1,308,789 times
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Quote:
Originally Posted by candygirl39 View Post
I guess when you are looking at a complex..the best idea might be to knock on a few doors and ask what they think of living there?
There are good and bad in all complexes. Be careful too, for a lot of "condo" in Phoenix areas are nothing more than converted apts from the 70's and the R.E. agents for some reason get away with listed it as a 90's or 00's condo.

When you read reviews telling you about how people don't p/u their dog poo and the Mgrs of HOA don't do anything about it, I would pay attention. I found what were gorgeous looking high end condos I liked, but reviews say how they have let it run down. Always mainly due to so many renters and problems with management company. That is why nearly everyone I have known that has bought even a new condo have eventually wanted out. If it wasn't due to the lack of screening the renters, it was something to do with the HOA.

It is sad really, because I would have liked and preferred condo living. But as I said in earlier post, it just isn't worth it for me any longer. But I am old now. A young 20 or 30 something person could overlook more things, at least for a while. They probably don't plan on keeping it long anyway. As you get older you hope your next purchase/move will be your last.
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Old 02-03-2011, 12:11 PM
 
Location: Eugenius
593 posts, read 1,408,929 times
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I'm also looking at the same MLS listings CandyGirl39, I'm looking to buy a condo in Tempe too (or West Mesa or South Scottsdale or certain parts of east Phoenix if I get desperate...), I guess we will be competing for the same ones. Let's not be scared off by these people, you have your needs and I have my needs and they don't include a "traditional" house. And Tempe is an awesome city!!

And definitely don't buy ones that were former apartments (called condo conversions), they were not built as individual condos and therefore the inner workings are meant for an on-site management/maintenance team. Lots of headaches!! Especially if you aren't going to be there for long stretches of time!!
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Old 02-03-2011, 12:53 PM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,744,914 times
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Candygirl, the primary issue with condo's is that if there is a certain percentage of rentals, then the condo complex will not be approved by FHA, meaning that a buyer cannot get FHA financing in that complex.

That would affect you at the time you choose to sell. It eliminates potential buyers who can only qualify for an FHA loan, if the rental percentage is still over the limit at the time you wish to sell. That does not mean you can't sell the unit. I just means the potential pool of buyers is lowered.

The fact that some of them have a high percentage of renters and the units can't qualify for an FHA buyer loan, caused their prices to decline more.

That does not make them any less desirable.

In fact many of them are selling well now. A client of mine looked at a condo in Scottsdale which was on the market 16 days. The day after we looked at it, it went Pending (under contract). There are no other units for sale in that complex.

You can telephone the Condo Management and ask them questions like:

What is the percentage of rentals?
Is the complex FHA approved? (if this is a concern to you)
You can ask any other questions that are a concern to you.
How many units in the complex are for sale? Of course your Realtor can help you with some of this research; especially the number of units for sale and determine the current market value for you.

Most all condo's will include outside wall and roof maintenance, in addition to the common area maintenance.

Most will include a blanket insurance coverage in the monthly fee. You'll still have your own homeowner policy.

Most will include water, sewer and garbage in the monthly fee.

That will cost around $200 a month, and a little more if they have more amenities.

It sounds like a condo is perfect for your needs.

So just look up the telephone numbers for the management and give them a call.
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Old 02-03-2011, 01:20 PM
 
33 posts, read 66,967 times
Reputation: 16
thanks I will find the number...just got to work on house insurance and inspection...
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Old 02-03-2011, 03:20 PM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 14,744,914 times
Reputation: 3876
Your Realtor can refer you to a home inspector.
Get an insurance quote from Geico, AAA, and any others you wish to check out.
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Old 02-07-2011, 10:42 AM
 
33 posts, read 66,967 times
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So how are you making out scratchn sniff? any luck with property?
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Old 02-08-2011, 01:05 AM
 
Location: Eugenius
593 posts, read 1,408,929 times
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I'm driving out on Wednesday to take a look at the ones the realtor and I have narrowed it down to so we shall see!! I'm trying to stay in the Tempe borders, but may branch out to Mesa or Phoenix if worst comes to worst.

I've lived slightly east of downtown Phoenix almost my entire life and I just really want something different and exciting, but there are some good deals in the old 'hood that I might not be able to pass up.

How are you faring in your quest???
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Old 02-08-2011, 01:35 PM
 
33 posts, read 66,967 times
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we are waiting to here back from a couple of offers...very nail biting though! I am dying to start figuring out furniture and paint...design ideas...lol oh and wanting to book a trip back, with the girls of course
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Old 02-08-2011, 05:27 PM
 
Location: Eugenius
593 posts, read 1,408,929 times
Reputation: 580
I hate moving but I LOVE picking out new paint colors and shower curtains and towels and furniture and... well I guess it's not all bad!! Good luck, I hope you hear from them soon!
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