Condo Purchase Advise (Tucson, Oro Valley, Green Valley: real estate, foreclose, condominiums)

[Mountainsofmisery]

My wife and I (low 50's) are visiting Tucson this week. If we were to buy a condo, what areas have the best chance of price appreciation when the market recovers? Prefer something in the northeast but from an investment perspective, what do you think?

[Marcy1210]

I would suggest TARMLS which is the MLS listing for our area. You can narrow your search to just condos, and Northeast. That should help you...

[Bummer]

Originally Posted by Mountainsofmisery

My wife and I (low 50's) are visiting Tucson this week. If we were to buy a condo, what areas have the best chance of price appreciation when the market recovers? Prefer something in the northeast but from an investment perspective, what do you think?

Good question, Mountain.

Considering the present market and the number of forecloses, I have a feeling any purchase in a decent area would be a great investment.

Are you set on a Condo or would you consider a Townhouse? What is your budget and must haves?

There are a couple of forecloses in my area that are about 35% below selling price of about a year or so ago.

[Marcy1210]

As usual, Bummer has better ideas than I do! He's right, though. Don't limit yourself to a condo (consider a townhouse) unless you don't mind owning a home and yard, and you really have tons more options. Our area is depressed, interest rates are low, and you might really get a good deal here.

[azdr0710]

Originally Posted by Mountainsofmisery

what areas have the best chance of price appreciation when the market recovers?

the ol' "location, location, location" rule would still be most important when looking for appreciation, I think.....based on that, stick to the foothills, Oro Valley, and any desirable area of Tucson.....that's basic stuff, of course......

avoid condo conversions and look for something with a unique edge of some sort that sets it apart from run-of-the-mill developments, like a great view or a very small development or an incredible floor plan.....and be ready for a wait of several years before significant appreciation sets in!.....

[sierraAZ]

Well, I don't know if a condo is such a great idea... I personally decided against it even though it was going to suit my needs way better because they historically never appreciate as well as a SFR, even during normal times. The times now are such, though, that there's no telling...

There seems to be a trend of moving to the urban cores. A condo closer to downtown may make more sense from an investment standpoint, but that may not be the place you want to actually live.

[Mountainsofmisery]

Thanks for the good insight. Having a place to spend a few weeks in the winter that is convenient to road cycling routes, hiking and backpacking is primary with the investment aspect slightly secondary. After we sell our primary residence in Ohio in a couple of years we can upgrade to an entity with property in the Tucson area if it turns out we like the area. If not, we can sell the condo and face the implications good or bad.

[VA-to-AZ]

My wife and I are also in our early 50's and we spent months looking for a home in Tucson. Most of our searches were concentrated on the Northeast, East, and Southeast sides of town. We considered almost every possibility -- older resale homes, newer resale homes, a land purchase for a custom home, modular, manufactured, you name it. In the end, we purchased a new Pulte home in Vail (Rincon Trails) for roughly the same price as many of the older resale homes on the market. We close later this month. Our realtor did a great job, I can give you his name if you send me a private message.

I'm not a real estate investment expert, but I can't imagine that a condo would be a good investment in the current Tucson market. Our experience is that most resale homes are overpriced, and the really good deals are new homes in new developments -- the new home builders are anxious to sell and willing to deal.

Good luck!!

[Canoa Ranch]

Sent you a Direct Message about the luxury resort condominiums at the Wyndham Canoa Ranch Resort in Green Valley. Worth a look!

[adventuregurl]

Originally Posted by Mountainsofmisery

Thanks for the good insight. Having a place to spend a few weeks in the winter that is convenient to road cycling routes, hiking and backpacking is primary with the investment aspect slightly secondary. After we sell our primary residence in Ohio in a couple of years we can upgrade to an entity with property in the Tucson area if it turns out we like the area. If not, we can sell the condo and face the implications good or bad.

I would not count on being able to resell a condo in a couple of years, I'd think of anything you buy as a 10 year plan. the economy may or may not have recovered enough to sell the condo in a couple of years - my money's on it taking longer.