Questions about Scottsdale area and Aventura condos (bank owned, for sale)

[chris55]

My wife and I are considering the purchase of a condo in the Scottsdale area, and have found several very nice looking condo units for sale in the Aventura development just off of Shea Blvd and 101. We are curious to know if anyone has any experiences to share (good or bad) about this condo development or the general area of Scottsdale in terms of quality of life, crime, etc. Thanks!

[observer53]

"The general area of Scottsdale". Hmmm. There really isn't such a thing. Scottsdale is a very long, narrow city, if you look at it on the map. The difference between the northernmost parts and the south is extreme. The area you are looking at should be just fine... it would be considered northern Scottsdale, but older than the far north region. It's a very nice area.

I'm not specifically familiar with those condos, but I don't think there would be a significant crime problem in that area, and the proximity to the freeway system will help you get around the Valley as well.

[azdr0710]

I know that area well....but don't know about "Aventura" condos....make sure they aren't condo conversions (from apartments) as quality can be a bit lower...there are many condo, townhouse, and condo conversion developments in this area of Scottsdale (from the Shea and Scotts Rds area to east and beyond 101 on Shea)...prices are way down, of course, and you should be able to find a smallish, but decent, townhouse/condo for less than $150K if you really shop around....check out the HOA fees, too, and find out the history of each HOA....well-run?....assessments coming up?....

this particular 101/Shea area is a very busy, fast-paced region...many people drive fast and you need to be a bit aggressive behind the wheel at times, unfortunately....honking is not uncommon and some drivers are very self-important....a large nearby hospital, many shopping centers, restaurants, the freeway, dense population, and "the Scottsdale lifestyle" contributes to this situation....

this area is now full of everything you need to live your entire life....very convenient spot....clean, upscale, well-planned, but very crowded and busy....

EDIT: googled this development and they are probably condo conversions...didn't mean to disparage conversions in my main post so much, but this means you should be able to find one there for less than $125K depending on size...there will be lots of resales by people who thought they'd make some money and didn't foresee the recent price drop being so much...if you pursue Aventura, find out when the condo conversion took place, what original prices were and what recent sales comps are for similar units, how many are currently for sale, and if the original "converter" still has some for sale from the conversion in addition to the resales

[crystalys]

These are definitely condo conversions. As far as I can tell they finished converting them in 2005 and sold them in 2006 in the low to mid $200's range depending on their size and upgrades. There are now several short sales and a few that are bank owned on the MLS. If you are going to make this your primary residence and don't mind waiting, I would say go ahead at looking into purchasing. If you are thinking about it as an investment and having it as a rental, I would advise against it at this time. My son rents a one bedroom there. He got a very good deal on rent and he says it is a nice place to live. I have looked at the rents recently and most of them started out around $800 or above and then after sitting for awhile have adjusted to the $600 to $700 range. There are one or two one bedrooms that are renting for below $600 and one 2 bedroom that is at $799 a month. Good luck!

[chris55]

Thanks everyone for the great feedback! We appreciate all of your insights.