What’s going right in our part of Metro Phoenix? Everything that hasn’t gone wrong…
Arizona is reopening – like it or don’t. We never shut down as much as other states, and businesses are opening back up now, with the leader of our V-formation of geese racing to keep up.
So far, we have had no notices of tenants in trouble. That’s day-to-day until things settle down, but we’re over 25% guaranteed income, and we shop hard for income stability on the way in. Cross your fingers, we won’t have a problem.
Over the past year, I’ve warned that we were nearing the top of our market, so the choice was to sell or risk another turn of the wheel. We haven’t actually crested even yet, but Notices of Default will start hitting mailboxes soon, so we could be looking at another glut of listings shortly. Still a good market to sell into, but that may not last long from here, and, sadly, we may be looking at bargain-basement buys again before long.
And yet: The future’s so bright… Vertical, high-density, transit-dependent real estate development will suffer nationwide from here, where the kind of Arizona homes you already own will profit immensely from America’s rediscovery of open spaces, fresh air and unlimited (ahem!) sunlight. I anticipate much higher than normal population growth over the next few years – to the benefit of every current property owner.
So you know, my biggest day-to-day concern is the ongoing landscaping problem, and that’s a good way to manage your worries from afar: The virus and the response have hurt the state, but not us, and our concerns are largely unchanged from two months ago.
I hope every bit of news in your life is this good.
Best,
Greg
