A City On The Rise – Finding Phoenix Condos For A Great Price

A City On The Rise Finding Phoenix Condos For A Great Price

If you are in the market for a home in Phoenix, the market for finding great prices for Phoenix condos is the best it has been in many years. Mainly because of the economy the inventory is diverse, from 20,000 dollars to 400,000 dollars. Many, of course, are bank owned. Nevertheless, the market is ripe for those who are looking for great prices and investors who are taking advantage of the market conditions by paying cash for units that have lost more than half of their market value since 2007.

The situation is similar in others areas of the country. Chicago condos, for example, can be purchased at great prices in many areas of the city from the low to mid 100,000 dollars range. Although there are many differences between Phoenix and Chicago, the most obvious one is the weather. While Chicago is snowed under most of the winter, Phoenix will often have 70 degree days, which makes commuting much easier and more pleasurable.

While prices for all Phoenix condos have hit close to or are at rock bottom, there are still many foreclosures to choose from in nice areas of the city that are close to major roads, freeways and public transportation. Some of these may need some work to restore them to their highest market value. But they are worth the money and can be fixed up and used as primary, secondary or rental homes.

On the higher end, Phoenix condos are available in some of the nicest parts of town surrounded by mountain views and close to upscale shopping and entertainment. These, of course, cost more. But the amenities are usually much greater and they are usually newer, which means they usually need less work.

The current economic downturn, mainly because of a lack of commercial financing, has halted plans for building many new condo developments in Phoenix. However, the prices for those new units that are available are excellent and often come with great buyer incentives, especially for new home buyers with interest rates at around 5 percent for a 30 year mortgage.

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