Phoenix Arizona has been well covered as one of the first real estate bubbles to burst. The loud pop heard in Phoenix and similar inflated markets was caused because prices were artificially inflated by people buying houses with risky mortgages (those who borrowed the most with the most aggressive mortgages). But phoenix is a large geographic area with specific parts showing huge potential for market growth. Additionally, prices have essentially stabilized with most new construction condominiums and many experts believe that the worst is over.
Today, developers are offering incredible financing opportunities for new condo buyers. Mountain Ridge Condominiums offers $0 down and payments as low as $800 per month for condos starting in the 100’s! With over $35,000 in incentives and upgrades, there might not be a better value in Phoenix, especially for first time buyers.
Yes, the days of buying and flipping for a healthy profit after 3 months are gone. But if you’re in the market for an affordable home and can hold as an investment, second home, or primary residence, this is the time to buy. Don’t let these great deals from developers slip away, purchase your new condo today.