Canadians investing in Arizona real estate
The deep decline in the Arizona real estate market in recent years has hit local homeowners hard. But with prices beginning to stabilize, investors — many from Canada — are starting to snatch up the great deals that can be found all around the Valley, from Scottsdale to Chandler.
Canadians in particular have been swooping in to the Phoenix area for great real estate opportunities, and what better place to buy Arizona land than Sereno Canyon, tucked away in North Scottsdale?
“We’ve always looked at Western Canadians as our feeder market,” said Phoenix-based Cambridge Properties broker Keith Mishkin in a recent article posted on WalletPop.com. “They made up about 1 percent of our marketplace before, but that number has now doubled.”
According to Mishkin, Canadians make up about 10 percent of the buyers at one Scottsdale, Ariz. residential property – that’s a larger percentage than even local Arizona buyers.
Key draws for Canadians and anyone else thinking about investing in the Phoenix housing market include the huge drop in prices in everything from condos, to townhomes, to single-family homes to land.
According to data from the Maricopa County Tax Assessor’s office, real estate prices have declined dramatically across the board. The most recent full cash value analysis data based on the 2010 and 2011 tax year, shows Arizona land prices have declined about 35 percent, single-family residential property dropped more than 15 percent and condominium prices tumbled by about 27 percent.
According to Mishkin, some condominiums currently on the market are going for $75,000 to $200,000 less than at the peak of the housing boom.
The weather is also a significant bonus for our neighbors to the north wanting to escape their cold and snowy winters in favor of sunny, 70 degree average temperatures between the months of November and March.
But no matter what the reason, this is a great time to invest in Arizona property.
Purchasing a home is a big decision with many factors to consider before signing on the dotted line. Recent data reveals now is a good time to buy, as well as build. Sereno Canyon is a secluded North Scottsdale, Arizona gated community offering estate-sized home sites averaging an expansive 2.5 acres in size. Take an online tour of the community today or schedule an in-person tour and discover the desert paradise that is Sereno Canyon.
