Hi, We are out of state investors under contract for a 3BD/2 BA in Glendale, Arizona and are getting cold feet regarding the location of the house. We are basing our decision solely on numbers and knowing there will be appreciation in Phoenix and surrounding areas in 2022, but have never visited.
The numbers make sense but we have also heard that Glendale is hit or miss and that the Golf course right next to the house will be converted to 173 houses which can potentially decrease the value of surrounding older homes. Or increase it?
Hi, We are out of state investors under contract for a 3BD/2 BA in Glendale, Arizona and are getting cold feet regarding the location of the house. We are basing our decision solely on numbers and knowing there will be appreciation in Phoenix and surrounding areas in 2022, but have never visited.
The numbers make sense but we have also heard that Glendale is hit or miss and that the Golf course right next to the house will be converted to 173 houses which can potentially decrease the value of surrounding older homes. Or increase it?
Hi Ana! What does your realtor say? I'd be happy to give a 2nd opinion if you private message me the purchase price and your plan for the property after COE (buy and hold str cash flow, etc). I'm not servicing the Phx area, but I am willing to take a look as an outside casual advisor.
As @Chad McMahan said, you should be asking your agent these kind of questions in order to curtail these thoughts before offering on a property.
With that being said, the area isn't neither great nor awful. Glendale is a rather large area to be honest. I can show you a $2 million home in North Glendale and homes under 400k in South Glendale next to Maryvale. You can certainly do a lot worse than this property as it appears to be in good shape and has a pool as well.
New homes tend to make areas more desirable, and that should benefit the surrounding homes to an extent. It will ultimately come down to the condition of the property to determine it's value. If the numbers make sense, go for it. Your property was purchased for 265k not even 2 years ago. As long as supply and demand and population growth are what they are, you should have some equity (don't ever just bank on appreciation) going forward. Good luck with your purchase.