Trying to find investment property in a hot real estate environment like Arizona can be a real challenge. Arizona has experienced a population explosion; with more and more people moving in each year. It’s one of the fastest growing states.
As property prices increase, and demand for homes increase, it becomes harder and harder to find investment properties that a guarantee the kind of profit margin investors demand. Fortunately in many of the cities in Arizona, there are a number of older neighborhoods that offer great investment potential and considerable real estate appreciation.
Some Arizona towns have experienced such incredible growth that new housing divisions are pushed to the very outskirts of the city. More and more residents are finding lengthy commutes and suburban sprawl not to their liking. These home buyers are eyeing older neighborhoods as an opportunity to find a home that features quality construction, mature landscaping, large lots, and custom details, all within neighborhoods with an old-fashioned feel.
For real estate investors, there’s no better time for investment. These neighborhoods are ripe for investment and regentrification. Often, the homes have been lovingly cared for by older generations. The homes may appear tired and neglected, but with a little tender loving care, they’ll rebound quickly. Best of all, most of the changes are cosmetic – a little updating and the property will shine, there’s usually not a lot of major renovation work required.
As a new generation of home owners look for properties, the demand for homes in urban settings increase. Many of these neighborhoods have experienced dramatic changes in the business environment – more coffee shops, galleries, book stores, and retail shops. These charming neighborhoods with amenities help support the demand for homes, and real estate appreciation is almost guaranteed.
Some of these communities also feature apartment complexes or duplexes that are ripe for conversion to condominiums. With the regrowth in these neighborhoods and regentrification, condos and rental properties are ideal for the younger generation that wants to be closer to the downtown corridor. They also offer starter home pricing that is attractive to the new home buyer, or those that simply want to rent with an option to buy in the future.
For investors that are looking for an opportunity to turn property quickly with a considerable profit, Arizona has a number of cities that offer the perfect real estate market. With Arizona real estate appreciation skyrocketing, finding real estate value can be a challenge, but older neighborhoods make that challenge rewarding – and profitable.