Every so often some incredibly inexpensive properties come open at my condo complex here in CenPho.

See here for three of them. Two are 1br, 1ba and one is a totally renovated 2br, 1.75ba.

The reality of most condos is that you probably won’t be able to get financing for them. However, if you are in the market to pay cash, or can work out a private loan with a family member, the world is your oyster.

The $55,000 property would cost $260 to live in per month in HOA fees (which covers water, exterior maintenance and structural insurance).

Figure you borrowed money at 5% from a family member, and you can get a 2br/1.75ba, 1,100 square foot condo for about $560 per month. The 1br/1ba units would be as low as $343 per month under those conditions.

Oh, and by the way, I think that $55,000 price tag is too high. I would work to lower that.

My condo complex is shady, retro, built like a tank, with a groovy pool and a huge back yard where you can harvest pecans, dates or figs.

I’d really love to see some more owner-occupants here. Investors are great, but I would love to see us preserve the balance between investors and owner-occupants.

So, if you have any questions, please give me a call. I don’t represent these listings, but I can help you grab them before they are gone. 602-456-9388.

Please see this link to learn more about the property. This is from an old listing, but the price is the same and the house is still great.

So, I bought a house a few years ago and renovated it. It is a 1925 Bungalow with a new bathroom, kitchen, laundry room, paint and landscaping. It also includes an ADT security system.

People on this block actual, you know, TALK to each other. Can you believe it?

It is a work of art, if I do say so myself.

It is also walking distance to pretty much everything in our newly vibrant downtown. I always liked walking over to Matt’s Big Breakfast, or to First Friday activities.

So, I’ve had wonderful tenants here for the last few years and I’ve had good feedback.

Please see this link to learn more about the property. Please give me a call at 602-456-9388 if you are interested to rent. I’m looking for renters who respect historic and love downtown.

Photos!

I’ve reported in the past that we as a society have so many choices that we don’t know what to do.

There was a book that came out a couple years ago called The Paradox of Choice by Barry Schwartz. The author spoke about how our multitude of choices actually stresses us out, rather than add convenience. It used to be that we had 5 watches to choose from at the department store. We pick one that is not perfect, but over time it becomes us. Now we have thousands to choose from and the moment we pick one we think that perhaps we picked the wrong one. The author also suggested that this might apply to our love lives, too. But, I’m not going there.

But I do believe that this is the same with real estate.

There are tens of thousands of homes out there and if you look on line its overwhelming. What do you do?

When confronted by so many choices, the first reaction may be to put off the decision. After all, interest rates are really low and you keep hearing that there are more homes ready to “flood” the market.

Well, interest rates just started to move up last week and I’ve covered previously in my blog why you won’t see a flood of new foreclosures in the market.

But, as for the process of choosing the best house when confronted by seemingly unlimited choice, my suggestions:

1) Before you look at even one listing, write your priorities on a piece of paper. Don’t want to renovate? Don’t want to live next to a school? Then refer to that later in the process. You list need not be unchanging, but it should serve as a guide.

2) Weed out the ones that are unacceptable, put them in a pile and don’t look at them again. They won’t get any better.

3) Split the rest among those that you really love and those that you think have some good features, but which are not perfect. Save that “imperfect” list for later.

4) As you go and see the properties in person, take lots of notes. If you are looking at homes with me, I’ll give you a clipboard with all of your listings. Make lots of notes to trigger your memory. It is easy to forget all of the details and you first impressions. After about the 5th house you see, they all blend in to one blur.

5) Don’t let the perfect be the enemy of the good. Once you’ve looked through your favorites in person and if you are not finding what you want, consider seeing ones from your “imperfect” list. The experience of looking and what you’ve learned about the neighborhoods might actually change what you consider perfect and imperfect.

6) Don’t procrastinate. Once you are in the market, see it through. If you hold off your purchase, you risk seeing the inventory of homes shrink and the interest rates go up.  An imperfect house that you passed up could have been the perfect house with a little work. Or the price could have been negotiated. Then all that work will be wasted and you won’t find the house that fits your needs, despite all the choice. Now, that is irony.