USA Real Estate

[desmond]

Is it really the right time to buy a property down there for investment? Where should mortgage be applied, in US or in Canada?

[KappaSigma]

I would like to know the same thing.

[dirtsniffer]

from what i know you should get a canadian mortgage because then you only have to worry about the interest rates, and not about the dollars value

[el-nino]

As far as I know you get the mortgage in the states. RBC centura should be able to help you out.

[autosm]

Canadian banks won't lend on USA property.

LOC here or try to fiance with US bank.

[asp integra]

just purchased a home in scotttsdale az today!
very excited, in as litte as 5 years the property value should atleast double, if not more!

[RickDaTuner]

yeah Phoenix is the place to buy right now, newly built condos for 30k, can go wrong with that.

[kaput]

.

[Neil4Speed]

Originally posted by asp integra
just purchased a home in scotttsdale az today!
very excited, in as litte as 5 years the property value should atleast double, if not more!

Congrats, my parents bought a place about a year ago - why do you think that in as little as 5 years the property value should atleast double, if not more! ?

[whodiman]

Originally posted by asp integra
just purchased a home in scotttsdale az today!
very excited, in as litte as 5 years the property value should atleast double, if not more!

congrats. can you give us some details of your property and what you did for financing (if you financed)? thanks

[Eibbus]

Originally posted by RickDaTuner
yeah Phoenix is the place to buy right now, newly built condos for 30k, can go wrong with that.

I was just in Phoenix / Scottsdale AZ for work. New houses for sale for 80k everywhere...

I wish i knew more about real estate everything down there is so cheap right now.

Scottsdale is AMAZING so grats to asp integra!

[Mark_Nguyen]

Originally posted by RickDaTuner
yeah Phoenix is the place to buy right now, newly built condos for 30k, can go wrong with that.

can you give any info on how you bought it. I have the cash just want to know where to look and who you used. Thanks. Any help would be awesome

[bimmere92]

Originally posted by Mark_Nguyen


can you give any info on how you bought it. I have the cash just want to know where to look and who you used. Thanks. Any help would be awesome

Ditto... I am interested as well.

[Mar]

If the house is selling for that cheap it's probably built very cheap.

[mr2mike]

Yes, I'm thinking a how to buy US property sticky. Much like the How to Import a car from the US thread.

Coming on here saying, you bought a place in AZ and it's going to double in value in 5 years is an unfounded statement. Ya, we're happy, you like to eBrag. Help others out.

I agree Mar, but I also think that the market is flooded with condos in that area further reducing the price. Seemed like on a weekly basis I knew someone who was buying a place down there last year.

The market will recover but double in 5 years? Not so sure. I wouldn't buy a place down there in hopes of that happening. Buy because you like it there and will spend time down there.

[kaput]

.

[RickDaTuner]

Originally posted by Mark_Nguyen


can you give any info on how you bought it. I have the cash just want to know where to look and who you used. Thanks. Any help would be awesome



Originally posted by bimmere92


Ditto... I am interested as well.

all you guys really need is to search the real-estate for AZ, then find a place you like and talk with a local realtor. they will guide through the whole process.

I personally have not bough property there, I have just seen ads for low priced condos every time I am there on a layover.

[HondaKid]

Originally posted by asp integra
just purchased a home in scotttsdale az today!
very excited, in as litte as 5 years the property value should atleast double, if not more!

I doubt it, when three of my aunts buy the same thing as you (three houses with pools), in the same place, you gotta know it is a dead cat bounce.

[autosm]

Originally posted by Eibbus


I was just in Phoenix / Scottsdale AZ for work. New houses for sale for 80k everywhere...

I wish i knew more about real estate everything down there is so cheap right now.

Scottsdale is AMAZING so grats to asp integra!

Just a FYI but you wont find much for 80k that is not in the out skirts. A house in Anthem, 1900 square feet single story with a pool for 150k. Cleaned, Painted and carpeted relisted for 180k. To buy at 150k you need to purchase 20 properties as a package to get the really rock bottom pricing. Anthem is at least 1/2 hour of freeway driving. from old town Scottsdale.

Not much for houses in Scottsdale for less than 100k and at that it does not get you much.

[autosm]

Originally posted by RickDaTuner
yeah Phoenix is the place to buy right now, newly built condos for 30k, can go wrong with that.

You might need an assault rifle to visit the property though. LOL. In Phoenix its going to be a rough area for that much.

[ARIZONAREALTOR]

Originally posted by asp integra
just purchased a home in scotttsdale az today!
very excited, in as litte as 5 years the property value should atleast double, if not more!

Congratulations! Scottsdale is a great choice for AZ real estate.

[ARIZONAREALTOR]

Originally posted by RickDaTuner
yeah Phoenix is the place to buy right now, newly built condos for 30k, can go wrong with that.

Yes, you bet! You can buy condos built in 1999-2002 that were condo conversions in 2004-2006 for as low as $30,000 for a 1 bedroom 1 bathroom and starting at $40,000 for a 2 bedroom 2 bathroom. Off the top of my head there is only 3 condo complexes in all of greater-Phoenix in this price range. The majority of the inexpensive condos are in the $70,000-$120,000 range.

[ARIZONAREALTOR]

Originally posted by kaput
What are the Canadian tax implications of owning foreign property? I ufile asked me if I owned any but I didn't think about it at the time.

Well, there is a difference between owning foreign property and selling foreign property as a Canadian. Here is a link from the IRS website you should read:

http://www.irs.gov/businesses/small/international/article/0,,id=105000,00.html

[ARIZONAREALTOR]

Originally posted by Eibbus


I was just in Phoenix / Scottsdale AZ for work. New houses for sale for 80k everywhere...

I wish i knew more about real estate everything down there is so cheap right now.

Scottsdale is AMAZING so grats to asp integra!

I wouldn't say "new" houses for $80,000. New construction homes are selling in the suburbs for as low as $120,000, but definitely not in Scottsdale. The majority of the inexpensive "newer" homes (2005-2008) are located in the suburbs.

West Valley - Avondale, Goodyear, Buckeye, Peoria, & Glendale
East Valley - Gilbert, Chandler, Mesa, & Queen Creek/San Tan Valley

[HondaKid]

Realtor love in begins... hand on wallet... must not buy crack-house or some old ass empty hockey rink...

[Speed_69]

Anywhere else good for a real estate investment other then Arizona?

[7thgenvic]

We just listed one of our houses in Anthem today.... It's still a shit market to say the least. We probably have one of the nicest largest lots in Anthem on their golf course overlooking the valley and we are still selling at a huge loss.

If anyone watched 60 minutes the other day you might get a better idea of what's going on in the Arizona market. People who can afford their houses are still walking away from their homes.

I HIGHLY doubt the market is going to boom in even 5 years. Maybe break even....

[ARIZONAREALTOR]

Originally posted by Speed_69
Anywhere else good for a real estate investment other then Arizona?

If you're looking to buy a condo or house for as little as possible, Arizona, Nevada, and Florida have seen the largest drop in property values since 2005. Nevada is #1 in the country followed by Arizona.

[ARIZONAREALTOR]

Originally posted by 7thgenvic
We just listed one of our houses in Anthem today.... It's still a shit market to say the least. We probably have one of the nicest largest lots in Anthem on their golf course overlooking the valley and we are still selling at a huge loss.

If anyone watched 60 minutes the other day you might get a better idea of what's going on in the Arizona market. People who can afford their houses are still walking away from their homes.

I HIGHLY doubt the market is going to boom in even 5 years. Maybe break even....

Our market is currently driven by short sales and bank owned listings. It's hard for a traditional seller (one with equity or willing to take a loss) to compete with the banks and short sales. Even if you have a superior lot it doesn't add as much value as it once did. It's a great buyer's market under $417,000 with 98% of the sales occurring under this price point.

[HondaKid]

Three Mile Island and Love Canal were and are still good bets for real estate. Better wire your cash to Newbie and get in on the goods while the market is ready for a dead Penguin bounce.

You can get season tickets for free, for life, to the Coyotes, all the realtors are offering this as a sales draw. Free hockey tickets and a certain double on your Canadian cash in five years, I am so on this. Anything in the newer Bre-X community in Arizona?

[autosm]

Nice shack can be had in Anthem for 180k. Same house in Calgary would be more than 500k and no pool.

[D. Dub]

Originally posted by asp integra
just purchased a home in scotttsdale az today!
very excited, in as litte as 5 years the property value should at least double, if not more!


Your crystal ball must work better than mine.

[ARIZONAREALTOR]

Originally posted by autosm
Nice shack can be had in Anthem for 180k. Same house in Calgary would be more than 500k and no pool.

There is plenty of inventory in Anthem of your typical 2,000 square foot 3 bed 2 bath without a pool in the low 100's. If you want a pool & spa the price jumps to $160,000 and up.

[whodiman]

Originally posted by ARIZONAREALTOR


There is plenty of inventory in Anthem of your typical 2,000 square foot 3 bed 2 bath without a pool in the low 100's. If you want a pool & spa the price jumps to $160,000 and up.

Which areas would you recommend to buy if you wanted to buy for rental? I see you listed East and West Valley. Are any of the specific areas in each of those better or worse?

[7thgenvic]

So here is an idea of our listing in Anthem.

http://public6.superlativestudio.com/IDXDetail.aspx?sp=y&segmentid=2387342&mlstableid=ARMLSRES&mlsnum=4388300&uid=64585&htmlfile=shell_idxsearch.html&bpgb=&revisable=&origurl=&showaddress=

It's funny how low you guys think some of the prices are still. We put this house up for sale yesterday and already received a full offer.

If you guys only saw some of the places for 100K you wouldn't probably wanna live there.

Some of the houses in lower Anthem are complete dives that would need alot of TLC..

Our house was purchased as a foreclosure and we probably put another 200 K into reno's

For those who buy alot of property.... If you received a full offer from two buyers in less than 24 hours would you think the asking price is too low?

[HondaKid]

Originally posted by 7thgenvic
So here is an idea of our listing in Anthem.

http://public6.superlativestudio.com/IDXDetail.aspx?sp=y&segmentid=2387342&mlstableid=ARMLSRES&mlsnum=4388300&uid=64585&htmlfile=shell_idxsearch.html&bpgb=&revisable=&origurl=&showaddress=

It's funny how low you guys think some of the prices are still. We put this house up for sale yesterday and already received a full offer.

If you guys only saw some of the places for 100K you wouldn't probably wanna live there.

Some of the houses in lower Anthem are complete dives that would need alot of TLC..

Our house was purchased as a foreclosure and we probably put another 200 K into reno's

For those who buy alot of property.... If you received a full offer from two buyers in less than 24 hours would you think the asking price is too low?

200K into a house built in 2005? Interesting, was the money put into general upkeep or the pool, etc.? When you list and get a full offer in a really short time, one begins to wonder if it was priced a bit too low. Now if the offers come in at higher than the asking price, well that is an obvious tell. As is, did the offers come with strings attached, any out clauses? Bulls make money, pigs get slaughtered as it goes, are you 90% satisfied with the full asking price?

[7thgenvic]

Originally posted by HondaKid


200K into a house built in 2005? Interesting, was the money put into general upkeep or the pool, etc.? When you list and get a full offer in a really short time, one begins to wonder if it was priced a bit too low. Now if the offers come in at higher than the asking price, well that is an obvious tell. As is, did the offers come with strings attached, any out clauses? Bulls make money, pigs get slaughtered as it goes, are you 90% satisfied with the full asking price?

Ummmmm not fully satisfied. The house was a foreclosure at 890K and we stripped the entire house down. the pictures don't do the upgrades justice. Pool was redone with new heaters and new pumps and the all the tiles were done, new crown moulding. chipping greens. List keeps going on and on. The whole house was redone compared to what condition it was when we purchased. No conditions on the sale. They want the patio furniture which we are not going to give them. There are outdoor plasmas as well around the pool and there is also a Casita and pool house which they did not picture.

[Chandler_Racing]

Originally posted by 7thgenvic
So here is an idea of our listing in Anthem.

http://public6.superlativestudio.com/IDXDetail.aspx?sp=y&segmentid=2387342&mlstableid=ARMLSRES&mlsnum=4388300&uid=64585&htmlfile=shell_idxsearch.html&bpgb=&revisable=&origurl=&showaddress=

It's funny how low you guys think some of the prices are still. We put this house up for sale yesterday and already received a full offer.

If you guys only saw some of the places for 100K you wouldn't probably wanna live there.

Some of the houses in lower Anthem are complete dives that would need alot of TLC..

Our house was purchased as a foreclosure and we probably put another 200 K into reno's

For those who buy alot of property.... If you received a full offer from two buyers in less than 24 hours would you think the asking price is too low?

Can you elaborate on the comment about you not wanting to live in the ~100K areas?

My work requires that I travel around once per month to Phoenix and I thought given the market it makes sense to purchase a house / condo and charge the company rent equivalent to the hotel fees while I am down there while covering the remainder out of my own pocket as a "vacation property."

I really like Leveen, Arizona and have seen some very nice properties for $125,000 - $150,000. 1,800 - 2,500 sq feet, relatively new, modern styling (hardwood, granite, stainless, etc.), and often with large yards, pools, and over looking a body of water or a golf course. Know anything about this area in particular?

[autosm]

When I was in Scotsdale in feb I looked at lots of property.


One in Anthem was nice 2000 sq foot single story no basement with a pool 3 car garage maybe 60 foot wide lot for 180k. Problem is it was purchased 45 days previous for 150k.

Not even close to the home pictured above.......... but I can tell you in AZ not to many people are making the kind of money in we make in Alberta.

Count on 1 hour of free way to down town Phoenix from Anthem, more in bad traffic.

[911fever]

I love Arizona. I love the heat and the prices.

[ARIZONAREALTOR]

Originally posted by autosm
When I was in Scotsdale in feb I looked at lots of property.


One in Anthem was nice 2000 sq foot single story no basement with a pool 3 car garage maybe 60 foot wide lot for 180k. Problem is it was purchased 45 days previous for 150k.

Not even close to the home pictured above.......... but I can tell you in AZ not to many people are making the kind of money in we make in Alberta.

Count on 1 hour of free way to down town Phoenix from Anthem, more in bad traffic.

Anthem is a great area for a vacation home. You probably won't ever go to downtown Phoenix living in Arizona. Our downtown is not like Vancouver or Calgary. Our best restaurants, shopping, night life, etc.. is in Scottsdale.

[outrageousrich]

Anyone consider pooling monies and making several cash transactions. Has anyone looked at properties in Las Vegas?