Some condo investors got a great deal today. The Arizona Republic reports that Orion Residential LLC paid $70,000 for each of the remaining 178 condos in the Citi on Camelback Development. Some of the original condo owners bought their units for as much as $300,000. The $1 billion investment group said it is looking at additional deals in the valley as well. This might look painful but it is the only way we can get back to equilibrium with supply and demand.
I would not be surprised if a lot of the units bought for $300,000 end up back with the banks. New foreclosures will lower the average price even further.
Brewer Caldwell manages properties in this complex and we are having trouble finding a renter for the $970 price tag. View the listing here. We dropped the price to $750.
Read the article here.
Travis J. Bohling
Brewer Caldwell Property Management
480-212-7041 (Direct Line)
480-212-7042 (Fax)
Travisb@brewercaldwell.com
Tags: arizona real estate, brewer caldwell, foreclosure, landlord, phoenix, property management, real estate investing, REO, tenant, Trustees Sale
Valley Sprawl 
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