This apartment is a steal in Scottsdale at less than $1500 per sq. foot (Seriously. No, seriously). At only $4.2 Million, this 2-bedroom condo (it's not really a loft) would have a low, low monthly payment of $25,181, plus your condo fee of $1200 a month of course. But it would make a great investment, as rent for this two-bedroom charmer would be at least $2,500 per month - so no worries there! 
This charmer sits next to the busy 101 freeway in Tempe, under the flight path of Sky Harbor, and in an area surrounded by junk yards, a horse stable, a porn shop and an In and Out burger for those nights you'd like to dine out.
Enjoy the hum of the freeway and roar of the jet engines as you contemplate why you just paid $1 Million (or $7000+ per month) for a place that would rent out for $2000 a month max.
Folks, have people lost there minds? Are you seeing listings that make no sense in your neck of the woods too? And after all the bubble press, bad housing numbers and rising interest rates who in their right mind would be out today making an offer on one of these insanely overpriced units?
December 26, 2005
Here's some listings from Phoenix - hurry these won't last!
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8 comments:
Eco - when I chose to move to Arizona (from St. Louis) 10 years ago, here were the reasons:
1) cost of living
2) weather
3) jobs
Well, the housing bubble has killed the cost of living quotient. People will no longer move here because they can buy an affordable house for their family (until the bubble bursts)
The weather - well, our stupid near-sighted politicians (who are almost all connected to the "we love sprawl" real estate industrial complex) did no urban planning to speak of, and we now have incredible sprawl, concrete and asphalt that go on and on, and surburbs 50 miles out of the city center. So it's getting hotter. It's still amazing here this time of year and I'll take it vs. any city in America, but the summers are noticibly hotter with the urban heat island radiating heat back at night.
And jobs - ha! We have I think 2 Fortune 500 companies, 40% of the jobs here are tied to real estate and construction, and the majority of the rest are in the low-wage service sector. There are no good jobs in Phoenix folks.
I'm lucky in that I have my own consulting practice, can live anywhere, and will be moving to London in January. But I fear for this city (as the bubble bursts) and I hope it learns from its mistakes. It's a great canvas to work off of.
I'll likely be back in a few years, but I hope it's gotten better and not worse when I do.
And I hope that now $1.2 Million home is back down to about $400,000 where it recently was, and where it should be again. We'll see.
LOL
Now that blog was funny!!!
For a mil i can get a 2800 sq ft house 10 miles from Silicon valley. And I think thats outrageous. 1 mil+ condo in Phoenix! What are these people smoking?
SPECULATORS,
YES, YOUR BUDDIES ARE LEAVING FOR UNSPOILED GROUND! FOLLOW THEM OR IT WILL BE TOO LATE! DON'T FORGET TO NOT LET THE SCREEN DOOR SLAM YOU ON YOUR SLEASY BUTT ON YOUR WAY OUT. AND THANKS FOR RUINING THE RENTAL PROPERTIES (ESPECIALLY ALONG SHEA BLVD.) AND CREATING HOUSING INSANITY. HOPEFULLY IN YOUR NEXT LIFE YOU WILL BE DESTITUTE AND HOMELESS.
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