Real Estate Pro Articles

Advantages of Investing in Townhouse Foreclosures in Gilbert

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
There are at least five advantages of investing in townhouse foreclosures in Gilbert over investing in other Arizona areas: the high median income, the access to Phoenix, quality K-12 education, fast-growing population and a relatively high foreclosure inventory.

Among the 11 municipalities tracked in 2000, Gilbert has the highest median household income, which was $68,032, far above the second-highest median in the ranking, which was that of Chandler.

Last year, the median income in Gilbert, which was $86,077, again was among the highest in Arizona. This is expected as 34.13 percent of all Gilbert residents have a bachelorís degree, far above the national median. The average household income was $98,213.

The surge in number of people migrating to the area is also a positive factor for Gilbert foreclosure investing. Since the 1970s, the population has grown continuously, from just a thousand to 215,000 in 2008 and to an estimated 218,397 last year.

Statewide, real estate foreclosures still surged in May, but the pace has slowed. Total foreclosure postings increased by only 0.06 percent between April and May, with the total just about the same at 16,088 in April and at 16,097 in May. Of these May filings, a total of 6,112 homes were bought back by banks, a jump of 12.1 percent from 5,452 in April. Included in these figures are townhouse foreclosures and foreclosed condos and single-family homes.

For those considering areas other than Gilbert, there are also still plenty of cheap houses in Arizona. In the first five months of the year, Arizona posted more than 33,000 repossessions.

While the average foreclosure sale price statewide is $185,598, average prices in Gilbert hover between $172,400 to $192,803, based on a major real estate website. This website currently has 8,742 foreclosures, with the foreclosed homes on its front page being sold for $243,200.

On the whole, investing in townhouse foreclosures in Gilbert is workable because of the relatively large inventory and the strong prospects for resale.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles