What’s hot in Scottsdale real estate? Well, that certainly depends on what’s important to the individual answering the question. For me, there are three things I look for before spending my hard earned money on a property: 1) location, 2) condition and 3) overall value.
In my opinion Scottsdale is a very safe bet over the long haul, especially central Scottsdale. The area has been popular with the locals for decades and is a huge draw for winter visitors. With the millions of dollars being invested in Scottsdale Fashion Square, the Waterfront, and the Old Town plus the close proximity to North Scottsdale points of interest like Kierland Commons, DC Ranch Market Street, and the coming One Scottsdale, it’s my opinion that anything located north of Indian School and south of Indian Bend Road is a sure thing. While outlying areas are getting hurt by a stagnant market, Scottsdale real estate just keeps chugging along. We’ve all heard that you “can’t keep a good man down” well that goes for good real estate as well.
I believe in buying property that is already in great condition; I’ll leave the “fix-n-flips” to the folks who don’t mind those types of headaches. I don’t like any down time. Instead, give me the property that is in “move-in” condition so that I can either move right in or rent the property out right away. I always buy a home warranty to cover any unexpected repairs because I like to keep my life simple. With the home warranty I call one toll free number anytime day or night and know that the problem will be handled vs. having to keep my own list of dependable contractors.
I like to buy when the market “makes sense.” I don’t care how long you’ve been doing this, there’s no way to know where the absolute bottom or the absolute top of the market is. It’s impossible. Many fortunes have been lost by “experts” trying to time the market. Instead, I look at fundamentals and act on those.
I know that real estate started slowing down in the summer of 2005. Since then, I know that over 200,000 people have moved to the Valley and that almost that many jobs were created. Even with this increased population and job creation, home sales are down. This means that there are thousands of people who want to buy but they’re waiting until the “market bottoms out.” Guess what? Those people will end up buying as prices begin to go up because they waited too long.
I can further support this opinion when I talk to the many people I know who work at new home subdivisions. They tell me that the “traffic” at their subdivisions is surprisingly good although buyers are slow to pull the trigger. Buyers are returning to a community three or four times before making a decision. Why…because they don’t want to make a mistake. They want to buy but they want to buy smart.
I also know that even though it took all of 2006 and most of 2007, developers and home sellers finally got it through their heads that the market has changed!!! They’re no longer in the driver’s seat and they haven’t been since mid-2005. It just took almost two years for them to understand this. What’s that mean to me? I can get a fair deal now.
Finally, I believe in real estate in the United States. I particularly believe in real estate in high growth areas of the Sunbelt like Scottsdale. I know that our state is about to get a ton of national attention with the upcoming Super Bowl, Phoenix Open, Barrett-Jackson auto auction, Spring Training, etc… I also know that after the New Year, real estate always picks up in the Valley; yes even in 2006 and 2007.
With the New Year right around the corner, even more attention focused on our city this coming year, and with the hundreds of thousands of new inhabitants, I believe that now is the time to buy!
OK, So Where’s The Place to Buy
One of the communities that makes a lot of sense to me is Bella Vita Condominiums located at 78th Street and McDonald, along the very popular Hayden Greenbelt in Scottsdale. There you can buy a one or two bedroom condominium, with great floor plans, modern finishes, fantastic amenities, all located literally three minutes from Scottsdale Fashion Square at prices starting from $141,600. I don’t know of a better value anywhere.
The developer has fantastic solutions for first time home buyers, winter visitors, and true investors. They even offer a rent to own program that is unparalleled in the Valley.
In case my opinions don’t hold water in your book here’s a closing thought. Many of you know the names Robert Kiyosaki, author of Rich Dad, Poor Dad, and Ken McElroy, author of The ABC’s of Real Estate Investing. Both of these guys have invested in Bella Vita. I figure if Bella Vita is good enough for these money gurus, its good enough for me.