Who know the Phoenix metro market?
I have an interest in a luxury apartment in Phoenix (close to the airport). Phx has been hit hard due to all the residential foreclosures and job losses. We've had to take a 50% cut in our monthly distributions. Asset manager and property manager are working hard to keep occupancy up and expenses down. Just wondering... does anyone here know this market well, and if so... based on your research data what do you think 2010-2012 will be like for Class A's in this area... much worse? will go sidewards? will begin a slow and small trend back up? etc? Thanks in advance.