Can you guys weigh in on this area in North Phoenix? (real estate, rental)

[ImAPepper]

Hi all! -

Thanks again for all of your help and suggestions as I prepare to relocate to the area!

We took your advice and tried to find something a little closer to downtown - what we came up with was a fabulous rental condo in what I think is North Phoenix. It's in the Canyon Gate Condominiums at 7887 N 16TH ST. Less than 20 mins (on off times) to my husband's office and it's got just the right amount of space for us. Is anyone familiar with this area? Is it recommended?

Thanks in advance!

[khuntrevor]

Excellent location. I remember when they built those in the late 90s. How many square feet and how much....I would think 1.25 psf or more per month.

[ImAPepper]

Originally Posted by khuntrevor

Excellent location. I remember when they built those in the late 90s. How many square feet and how much....I would think 1.25 psf or more per month.

Thank you! Sounds promising

1539 sq ft. and $1350 rent. And it's 3 BR/2BA, one car garage. Fabulous on the inside and the view of (some) mountain is breathtaking!

[Kimballette]

You got a great deal. I love that area of Phoenix.

[observer53]

Jump on it. Sounds perfect for you.

[khuntrevor]

Originally Posted by ImAPepper

Thank you! Sounds promising

1539 sq ft. and $1350 rent. And it's 3 BR/2BA, one car garage. Fabulous on the inside and the view of (some) mountain is breathtaking!

Your skills in finding a good location and home from out of state are commendable. I would verify that the owner has been paying his mortgage. If you give me the specific address (DM); I will run it through the public records......also, beware of craigslist.....the deal your getting is so good that it is a little close to being suspicious....you don't want to move in three or four months...it has been a big problem. People pocketing rent and not paying their mortgage.

[ImAPepper]

Originally Posted by khuntrevor

Your skills in finding a good location and home from out of state are commendable. I would verify that the owner has been paying his mortgage. If you give me the specific address (DM); I will run it through the public records......also, beware of craigslist.....the deal your getting is so good that it is a little close to being suspicious....you don't want to move in three or four months...it has been a big problem. People pocketing rent and not paying their mortgage.

Thanks so much - had a lot of help from a realtor (and my husband, who had a weekend to pull all of this together and has been running around tirelessly using his flip camera to document his rental viewings, lol). I actually didn't go through Craigs' List for this one - got it through the MLS listings from the realtor. Although I do worry about how inexpensive this place is. Scorpion problem (naivete of an east coast-er)? Horrible neighbors? Mold? LOL, what could it be?

[khuntrevor]

Default

Have a look. There are 72 units. Yours probably peaked at about 325,000 in 2006. BTW, you are in the highly acclaimed Madison School District.

[ImAPepper]

Thanks! Good to know, maybe when we have kids we should consider buying in that area!

[khuntrevor]

OK, here are the dark skeletons of your unit: Sold new in 98 for 171,900. It was resold on 3-12-2008 for 251,500. They re-listed 3 months later for 236K, and it didn't sell. The owners are in the midwest, and a licensed property manager is required by law. So they bought in the biggest danger year. There were some head fakes, and the real estate cheerleaders were telling people to go in head first as the prices were down off the peak and heading back up. Condos went down 10% in 2008--PER MONTH!

So your landlord may be negative about 700 per month after management fees, commissions, taxes, hos fees, and vacancies. Some folks couldn't care less; though, for most it would be a fairly big crisis. So while they have paid their taxes on time, they might be really strapped to do an a/c repair or replacement or things like that. They have probably at least thought about walking away. I think your unit would have sold for about 110K a year ago. The condo market has been a huge slaughter, and it is very difficult to get a loan, which has had a lot more impact on prices than the desirability of living in an hoa. You provided your credit report; maybe they should show you theirs.