Explore Condos for Sale Near Me
Interested in condos for sale near me? A condo can be an attractive investment opportunity, especially in a hot market like the Phoenix metro area. Whether you are looking for a condo for sale near me as a traditional rental property or a vacation rental, the region’s warm-sunny climate, healthy job market, cultural and entertainment offerings, exciting nightlife, premier shopping and restaurants, popular events and festivals, 4 professional sports teams, Cactus League spring training baseball and over 200 golf courses make it highly attractive to renters and vacationers alike.
Rents and median sale prices have been increasing in the Phoenix metro area year after year and real estate experts are expecting prices to increase by more than 25% over the next few years. Now has never been a better time to purchase a condo for sale near me while the Phoenix area market is still a relatively affordable place to invest.
According to the Arizona Regional Multiple Listing Service, Phoenix-area home prices were up 23.7% compared to last year, selling for a median price of $402K, which is around $80,000 more than last year's median price. That’s also more than $100,000 below the median home prices in Los Angeles, San Francisco, Seattle, Portland, and Denver.
Although the Phoenix area market is very competitive, available condos here will often have lower prices than comparable single-family homes and fewer maintenance issues to be concerned with. And since cost is usually the biggest hurdle to overcome when getting started in real estate investing, a condo can be an affordable option to get your foot in the door.
Condos may come with additional fees but typically have fewer maintenance expenses compared to single-family properties. Depending on the condo building, fees and services may include building insurance, cable/internet, trash service, water utility, pest control, and other items. Condo buildings usually have a homeowners association that assesses a monthly fee, which can be worthwhile, depending on what the fees cover.
When purchasing a condo as an investment property, make sure you can rent it out as you would like to as some condo associations have specific rental restrictions. Additionally, make sure your condo will generate acceptable cash flow for you over time while taking into account maintenance costs, vacancy periods, and/or special assessments.
It’s also wise to take a conservative approach by setting aside at least 10% of the rent to cover any vacant times as well as another 10% to cover any maintenance costs or special assessments. All in all, a condo that produces a reasonable amount of cash flow can be a great investment. A qualified agent can help you find the right condo investment opportunity in the Phoenix area that meets your budget and real estate goals.
Cathy Carter is a top-rated REALTORⓇ in the Phoenix East Valley with over 25 years of local experience. Highly knowledgeable, Cathy primarily serves the East Valley communities of Chandler, Sun Lakes, Gilbert, Queen Creek, San Tan Valley, Mesa, Tempe, Ahwatukee, and Scottsdale, each offering their own distinct personality and appeal.
One of the fastest-growing innovation and technology centers in the country, the region’s strong technology and excellent educational facilities along with outstanding amenities provide the foundation for a quality lifestyle. The Phoenix East Valley is also home to the Phoenix-Mesa Gateway Airport, a fast-growing reliever airport for Phoenix Sky Harbor International Airport. Area leaders see the airport as a major financial catalyst and attracting over 100,000 new jobs to the area over the next decade.
Over the years as a top East Valley REALTORⓇ, Cathy has worked with many local and out-of-town investors. She has all the experience, real estate tools, and resources to assist you in making the most informed real estate decisions. Whether you are a first-time investor or a seasoned one, you’ll benefit from partnering with a skilled agent like Cathy on the ground in the Phoenix area.
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Partner with Top-rated East Valley REALTOR - Cathy Carter
For more information about condos for sale near me or buying or selling real estate in the East Valley, please give Cathy a call today at (480) 459‑8488 or get in touch by email.
RE/MAX Cathy Carter Real Estate & Luxury Homes
ABR, CRS, CDPE
RE/MAX Alliance Group
725 W. Elliot Rd., Suite 111
Gilbert, AZ. 85233
Email or Call: 480‑459‑8488