Commercial Real Estate In Buckeye
Many areas on the edges of Phoenix were constructed and overbuilt through the boom time periods in Arizona real estate. One city just starting when the recession began was Buckeye Arizona. Realtors in this city did not suffer as badly as some other places, because the overbuilding had not reached Buckeye yet.
This developed a sweet spot in the Arizona real estate market. On the one hand, the attractive locations in close proximity to Buckeye had been way overbuilt and oversold – because of this, most of the locations have significant commercial property foreclosure rates. As any investor can let you know, foreclosures could cause an otherwise desirable neighborhood to drop.
Purchasing Commercial Real Estate In Buckeye
Realtors understand the signs of a high foreclosure community. Without warning, residences cannot appraise at the adequate values, and therefore the potential property sellers can’t sell, and potential buyers are not able to borrow anywhere close to the full asking price of the selling party. Resulting in a downward spiral of property prices, decreased property taxes, followed by very low city services and growth, which in turn fuels the cycle.
Buckeye Arizona was lucky enough not to have been as influenced by the bubble as some other places. Although it was built up, and did grow fast, it was still somewhat virgin neighborhood, nearby the heart of downtown Phoenix. Buckeye experienced a tremendous drop, though not as huge as the average place.
At present, Buckeye is leading Arizona with city ventures ongoing, and the location has started growing at a great clip. To cash in on the Buckeye real estate boom, you’ll need a real estate agent that knows Buckeye.