Phoenix | Skye on 6th | 285 FT | 26 Floors

[biggus diggus]

I'd like to chime in on that, just had the conversation with my hair guy last month after finding out he too owns a few properties in Garfield.

Coronado is mostly single family homes and there's consistency in the neighborhood with just a few small apartment buildings mixed in, most of which are nice. Garfield is peppered with low cost apartments, many of which have seen years and years of deferred maintenance. The owners of those buildings (Ronaldo and me for example) are not doing anyone any favors by operating them as income generating rentals. We're far from the only old-school landlords who don't want to sell to developers interested in value add projects and flips. Slowly our generation will die off and as that happens you'll see our old crappy apartments be renovated or even scraped for new builds.

It's some of the last affordable single-family housing bordering downtown Phoenix and the land value is high but as long as my $85K purchase in 2003 keeps making me $4,500/mo in rent I'm not selling it.

Anyway, that's just the theory two guys came up with during a haircut.

edit: @downtownphxguy12 got his post in while I was typing mine and I find it funny we are saying the same thing.