Retiring in tucson - which neighborhood (Oro Valley, Green Valley: bank owned, short sales, sublet)

[tracigib]

My husband and I are looking at tucson for retirement. We would like to buy a condo now because of the good prices on short sales and bank owned properties. We would then need to rent it out for the next two years until our actual retirement. We need to be in an area which would be attractive for seasonal renters so we could recoup some of our costs until we are ready to move. Any suggestions on areas or condo complexes that may fit our needs. We had hoped to spend around $85000.
Thanks for your help,
Traci

[AnnK78]

Oro Valley is a great area. Saddlebrook is a retirement community. I would look in those places first.

[Marcy1210]

$85K won't really buy much of a condo in Oro Valley. It's more expensive than other parts of Tucson, but it is also pretty desirable. You might find a studio or one bedroom for that price in Oro Valley or Saddlebrooke. I'd suggest realtor.com, or tarmls.com then locating a ZIP code map online to find areas that you might be interested in. Preferably NW, Catalina area or NE. Also, Green Valley is a mecca for seniors, although it's south of Tucson. If you find a condo or two that you like, come back here and ask about the location and most posters will be more than happy to describe the neighborhoods for you.

[tracigib]

Thanks for your replys. I have been looking at the following condos which appear to be in my price range: Summertree, Villas at Sabino Canyon, Veranda at Ventana Canyon and Moonrise at Star Pass. I am coming to Tucson in March to look at properties and hope to be able to narrow down my serach to a workable group. I have been to the area a couple of times, but not enough to be real familiar with neighborhoods. As I wrote, I am looking for a condo that would not only be desirale for my retirement, but also for snow bird rental until I retire. Thanks for your help.

[TwoWheelMan]

Originally Posted by tracigib

Thanks for your replys. I have been looking at the following condos which appear to be in my price range: Summertree, Villas at Sabino Canyon, Veranda at Ventana Canyon and Moonrise at Star Pass. I am coming to Tucson in March to look at properties and hope to be able to narrow down my serach to a workable group. I have been to the area a couple of times, but not enough to be real familiar with neighborhoods. As I wrote, I am looking for a condo that would not only be desirale for my retirement, but also for snow bird rental until I retire. Thanks for your help.

It would be wise to inquire at these condo communities if they would allow you to rent it out. Some of these HOA's are very restrictive....so be sure you know what you can or cant do before you committ...Good luck on your visit and eventual retirement...I too am planning to return to Tucson in a couple yrs to retire.

[Marcy1210]

Originally Posted by TwoWheelMan

It would be wise to inquire at these condo communities if they would allow you to rent it out. Some of these HOA's are very restrictive....so be sure you know what you can or cant do before you committ...Good luck on your visit and eventual retirement...I too am planning to return to Tucson in a couple yrs to retire.

That's a good idea. I know my condo complex's HOA doesn't allow for sub-lets. We have quite a few snowbirds (as were we once) and in the summer, it's quiet as they've gone back north. It's bustling now, though!

[tracigib]

Thanks for the replies. I will make sure to enquire about subletting. I see that Veranda at Ventura Canyons, Villas at Sabino Canyon and Moonrise at Star Pass advertise for rent on VRBO so I assume it may be okay to sublet at these Condos. Anyone have an opinion on the desirability of any of these Condos?

[RickTucsonHomes]

Originally Posted by tracigib

Thanks for the replies. I will make sure to enquire about subletting. I see that Veranda at Ventura Canyons, Villas at Sabino Canyon and Moonrise at Star Pass advertise for rent on VRBO so I assume it may be okay to sublet at these Condos. Anyone have an opinion on the desirability of any of these Condos?

One thing to be aware of on Condo's is that many banks will not or are reluctant to make loans on Condo's. If you are a cash buyer then it's not a problem. Many of the Condo complexes are condo conversion projects. Veranda at Ventana is a lovely complex, however almost all of the condo's listed in the MLS are either short sale or bank owned. The ownership versus rental rate there is around 50% if my memory serves me right. It could be very tough to find a bank that would make a loan there. Cash is king in the condo business.