The life and times of an Arizona Investor

This will be my personal journal to document my failures and successes during my real estate experiences in Arizona. All stories, thoughts, and successes will be documented..

Monday, May 09, 2005

My buddy had a bidding war!

I have a friend that bought a house for 160-170k two years ago. He did some fixups (5k-10k), but decided to sell for another investment. He listed his property late friday night (5/6)and sold it on Sunday(5/8). He asked for 220k and the bidding war started! After four to 6 counters between other buyers, they sold it for 257k! Good for him!

I love real estate ;-)
|| Bginvestor, 11:46 AM

2 Comments:

Awesome, Brian! M yadvice would be to ride this RE boom for all its got. BTW, why is Arizona now becoming a hotspot? What is luring buyers to the state in droves?
Blogger Steve, at 7:03 AM  
Steve,

The reason why prices are going up is because the house inventory is very low.

The reason why the inventory is low is because Californians are moving in by the masses. Retired people are coming in by the masses. Parents are buying properties for their kids for college (& investment). And finally, Arizona is getting the second wave of the price increases of Cali.

Its a great market if you have 50 properties that you want to get rid of. Its not that great of a market if you want to buy 50 properties.

Brian
Blogger Bginvestor, at 7:16 AM  

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