If you’ve ever dreamed of owning a home in the sunny southern United States, the time to buy could be now.
Imagine watching the sun rise in the Arizona sky every morning, or relaxing by your own pool on a March afternoon.
It’s the dream Tony Wells and Larissa Hass are hoping will becomes reality, as they hunt for a Phoenix vacation home.
With the help of former Calgary realtors Laurie and Carol Lavine, Tony and Larissa have been eyeing a two bedroom condo with a price tag of $120,000.
Laurie Lavine was a Calgary realtor for 15 years. Three years ago, the dual citizen moved to Phoenix full-time.
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In fact, so many Canadians are buying in Arizona that many realtors specialize in selling just to Canucks. Lavine says he’s never sold a property to an American buyer.
However, is a piece of property south of the border a good investment? And what can you afford?
“When you decide to get into the market you think, ‘oh God, could it go lower’? Or, ‘are we on the upswing’?” says Larissa.
It’s the million dollar question.
Phoenix’s depressed market is already starting to see some signs of recovery.
With the number of foreclosures decreasing, demand for homes and condos on the lower-end is rising, as are the prices.
On their third house hunting trip to Phoenix, Tony and Larissa have brought cash financing with them. The couple is hoping equity from their Calgary home and some savings will help them speed up a possible deal and avoid American lenders.
“When you’re looking five to ten years down the road, you know this market has to turn around because all the people who lost their credit now will be getting it back in five to ten years… and with that demand, the prices are not going to stay at $100,000,” says Tony.
Is the sun setting on your opportunity?
These Calgary buyers say it’s worth a trip before it’s too late.
Would you consider buying a vacation home in the United States?
And there’s good news for Tony and Larissa; the offer they put in on their condo was accepted, and they now own a piece of the Arizona sun.
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