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Joe Frazzano

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Lemonade from Lemons!

09-10-08
Joe Frazzano

I was talking to a broker friend of mine tonight from the Phoenix, Arizona marketplace. I have always understood how completely different the Arizona market place was but after speaking to him today I really became aware of just how different the Arizona market has become.

It was concerning to hear how many of the homes in Phoenix were bank owned or short sales. The numbers are staggering, close to 50,000 homes on the market at one time, with over 50% of the pending sales either bank owned or short sales. Now, I am not a stranger to short sales or handing bank owned properties but when you hear how much bank owned activity that is in that market, you start to wonder about all the tremendous opportunities that there are to invest in.

I recently heard this about the Phoenix marketplace:

Foreclosure filings soared 566% in 2007!

I am not a stranger to being an Arizona landlord, having owned several properties in Arizona and still own two. I am fascinated at buying a 4,000 sq. ft. home for under $75 per sq. ft. and with rents being close to. .60 cent + per square foot. In the long run, I think Arizona will continue to attract those families and investors looking for the American dream of home ownership at ridiculously low prices.

I encourage anyone who has not been to Arizona to take a trip there. It is a great Fall and Winter destination.

I recommend this hotel:

The Arizona Biltmore Hotel

Known throughout the world as the "Jewel of the Desert," the Arizona Biltmore Resort & Spa provides a restful oasis of lush gardens, glistening swimming pools, and Frank Lloyd Wright-influenced architecture. Set in the heart of Phoenix, the Arizona Biltmore has been a favorite of celebrities and U.S. presidents throughout its colorful history. The Arizona Biltmore Resort & Spa is nestled on 39 acres at the foot of the Phoenix Mountain Preserve. Considered one of the most spectacular resorts in the world, the Biltmore features 738 guest accommodations, including 78 one- and two-bedroom villas, eight swimming pools, seven tennis courts, an 18-hole putting course, and a full-service European spa, salon, and fitness center. The adjacent Arizona Biltmore Country Club offers two 18-hole PGA golf courses, The Links and The Adobe.

I have stayed at the Biltmore a few times and always find it very comfortable.

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