I received an email from a listing agent on a property that I had made an offer on a couple of months ago. The property was carefully analyzed and the offer made based upon comparable sales, anticipated trends, etc. The agent wanted me to know that she had received a full price offer. I could not justify the property being worth more than 75% of list price.
I, since, was able to purchase a comparable property in the same area for 1/4th of the list price of the property the agent just placed under contract.
On a separate note, bulldozers and trackhoe’s have moved onto a site in north scottsdale. The significance is that there has been no new development since 2007.
Something is changing out there. There is “quiet” anticipation of better days to come. Keep your radar screen on high alert for values. In the crystal ball of real estate, it’s not whether or not its a good buy, it’s how long do I have to hold it before it generates a profit. My instinct after so many years in the industry is that the timing issue of the investment equation has been answered.