I’ve had an eagle’s eye view of the changing landscape of the Phoenix real estate market the last few years, and I have to admit it’s been nice. Buyers clamoring over each other for our properties starts to make you feel like a sinister character from a Disney movie…”Hahahaha, minions! Fight for this dilapidated abode!” (as I throw my head back with a belly laugh and bang my staff on the ground.)
However, I’ve been hunting for a small multi-family property, and decided to use MLS as a source. “Why not?” I thought, cradling the thought that I am an experienced real estate professional, I should be able to scrape a deal together easily, right? And then reality set in.
Ever seen that scene from Boiler Room where the newbie is waiting in the lobby, having arrived for the interview of a lifetime? The synopsis of it is, there’s many well-dressed, aggressive, young men sitting around waiting for the same job, and he purveys them. His curiosity gets the better of him and he sneaks past the lobby and covertly opens the door to the trading-floor like room where the main business is done. In an instant the yelling, cursing, siren of the telephones pierces the calm and he’s taken aback at how wild it is, in just a glimpse. THAT’S what hunting for a cash-flowing multiplex here in Phoenix has felt like lately.
Being privvy to both sides of the transaction now, and being somewhat war-wounded (not really, just looking for pity I guess), let this limping soldier impart some insight if you are also in a hot market. Or, simply use this as fodder for your own entertainment. It’s ok…I would too!
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