The condo market in Arizona is nuts right now. People can't go to California because you have to pay a million dollars, and condos in Vegas got expensive really fast. A condo on the outskirts of Vegas will cost $500,000. Arizona has been really hot for the past year, and probably will be for the next two years.
Just about every apartment complex in the north part of town is being converted. The price is so much better than a single-family residence.
It shouldn't take more than 18 months to sell off the condos. We don't kick tenants out. We let them stay until their lease expires. We try our hardest not to upset people.
The majority of investors would like to keep the current tenant, and if someone wants to stay, we will try to match them up with an investor. The ones that really want to stay express an interest and come talk to me.
The condo market is going very well here in Tucson. Prices are escalating, and tenants have a great opportunity.
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