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Time to cash out of Arizona ... if you want

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Guest | 28 Jul 2013, 08:25 PM Agree 0

“I recently sold two Arizona properties that were bought in 2012, the last in November had a 50 per cent gain,” Phil Wazonek, of Distinctive Realty Services, told CREW Monday. “I would say that if Canadians now have use for the money, they can cash out for significant returns.”
But they may not, in fact, want to. Arizona home prices rose another 16 per cent in May relative to the year-ago period and helped restore prices to within range of prerecession levels.
The speed of recovery eclipses the expectations of even the most optimistic economists, convinced it would take a decade or more after the 2007 crisis to recapture lost glory.
The sped-up pace means the thousands of Canadian investors responsible – at least in part – for helping drive up prices with their glut of purchases over the last five years are now presented with two very enviable options.
Many of those foreclosure buyers are choosing to sell up, with demand for single-family homes winning them capital appreciation of 200 per cent or more.
Still, others are sitting pat and enjoying the kind of cash flow that limited rental supply guarantees them, said Wazonek, whose company holds 500 doors in the U.S. and Canada.
That buy-and-hold position makes sense if the Canadian investor has no immediate use for the cash from an Arizona sale, he told CREW.
“A lot of investors are now cash rich and supply poor," he said, "so if you sell where are you going to buy?”
  • alfonso | 30 Jul 2013, 01:24 AM Agree 0
    greta new but your returns in mexico could have been much greater
  • Jay | 30 Jul 2013, 05:52 AM Agree 0
    Invest in Belize!
  • Beverly Amerman | 30 Jul 2013, 05:27 PM Agree 0
    Central Florida/Disney area is hot right now for investors. We have foreclosures at good deals and have renters looking for property to rent. This is a great investment area.
  • Brent May | 31 Jul 2013, 12:57 AM Agree 0
    We have many investment opportunities in the rising state of Oaxaca, Mexico. Billions in infrastructure dollars, 340 days of sun, 28 degrees C average daily temp, no rain in the winter. www.ownmexico.org
  • Michael Perretta | 31 Jul 2013, 10:31 PM Agree 0
    The bargains are not only for homes in Arizona but also for vacationers looking for reasonable hotel & resort accommodations. If you have not visited Lake Havasu City Arizona, it has good quality hotels rooms & suites at bargain prices...The sunshine & views are free!
    Check this website as an example of the bargains: www.LakeHavasuSandsHotels.com
  • Lesson of the Day | 31 Jul 2013, 10:52 PM Agree 0
    Let's be reasonable here, Mexico is unstable and issues of corruption abound...this is still prevelant today. Mexican government needs to step it up if they want to exit their 3rd world classification. Brazil is doing a much better job but they have their own set of issues with punative taxation and restrictions on moving cash in/out of country. Stick to North America for your real estate investments, there is plenty of profit to be made without the unnecessary politcal/social risk!
  • Maureen Porter | 01 Aug 2013, 12:53 AM Agree 0
    If you want to get the most for your Arizona property, contact the company who has the most international buyers at info@arizonaforcanadians.com. We have helped over 300 Canadians buy homes in Arizona and many of our clients have now decided it's a good time to sell and we're able to attract multiple offers and get the highest prices for our clients.
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