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 May 29, 2008 Canadian considering Scottsdale vacation home purchase We are thinking of buying a vacation home in Scottsdale and rent it out until we retire in 7 years. The prices have come down and the dollar is par. Do you think the market has bottomed? A: Lots of questions on 'Has the market bottomed'. If I had a dollar for every question I been asked in my lifetime on whether the market has bottomed, I would ... wait a minute, I do have a dollar for every time I've been asked that question. Unfortunately, the only time you will know whether any market has bottomed is six months after it has. More important are these questions: How much research have you done and are you doing on an ongoing basis to allow you an intelligent assessment of what is available and whether it is a good deal? Do you have a good realtor? You need a 'Canadian oriented' realtor that understands your problems. Do you have money lined up? Financing is very, very tough to get down there. Have you converted your likely down payment now when our dollar stands at over par? Invest $200,000 and if the dollar is down to 95 cents that will cost you $10,000. Do you know you are not allowed to collect rent, repair or even paint your rental unit yourself? Do you have a property manager? Do you have a good area (A and B type only)? Most foreclosures are on tough areas. Finally, if you wait for the magic 'bottom' is it likely the good deals you want are still there, or have the banks and tough luck owner divested themselves now. Take a few days, go there, subscribe to the local paper, get daily listings and price reductions...get your (mortgage, property management) ducks in a row. Then - stay in touch ...and make offers. In life you do not get what you deserve - you get what you negotiate. (prepared by Ozzie Jurock/Vancouver Sun) Go Back To The Market Updates Page Questions? No problem! For more information, please feel free to contact June Conway toll free at +1.888.657.7123. Of course, you could always just email June Here . |
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