Real Estate Investments
For the past few months, a virtual flood of investors have been coming into the Valley of the Sun intent upon pouncing upon any and all new home developments. Their favorite targets were Anthem and Surprise. Their story begins in the real estate markets of California and the real estate boomtown of Las Vegas. As we are all aware, these markets had been heating up to somewhere near solar temperatures. Prices were skyrocketing and supply was plentiful. HOWEVER, something happened to slam the breaks on these happy campers.
(Read this to mean quality developers) One such developer still allows up to 30% of their subdivisions to be owned by either second homebuyers, or investors. The manner some of these are done is through an investor raffle. Some people refer to these at “lotteries”, but as those are reputed to be illegal in Arizona, raffles are the name of the game. An investor puts their name in the ring (through their local Real Estate Agent, of course) and when new lots are released the developer stipulates to a certain allowed number of lots. The investors names are then drawn and the lucky soul gets to play “The Game”.