What is the highest price you've ever paid for a property?

[Karen Margrave]

What is the highest amount you've ever paid for a property? What type of property was it? Where was it? What is the highest price you've sold a property for?

[Justin S.]

Hi Karen

I'm pretty bearish on the Phoenix market. We are seeing appreciation faster than we saw in the boom time right now. We have a lot of "dumb" money here buying up rentals and investors buying on speculated appreciation. I'm being very careful when I buy and trying to turn everything in 60 days or less. The good side, of course, I'm getting multiple offers at or above list and a lot of AS-IS sales.

As to the rental market, most people are shooting for 1% purchase price for rent. (100K would rent for $1,000). I see rentals taking longer to fill right now, but it is still strong if you are okay with 1%. A lot of investors are buying anything with a tile under $120K.