The cheapest homes in Arizona are a result of rampant speculation in real estate investment. In 2010, The Arizona Republic newspaper estimated that, in that year alone, 50,000 Arizona homes were bought as investments--not for people to live in them. It's an elementary part of any economy that if you more supply than demand, the price of the market falls. When that supply greatly oversupplied the demand, the market craters.
That's what's happened in Arizona in the last three years. Many of the properties bought last year are being dumped back on the market this year, as the price of rent is also crashing. This is bad for the investors, but it means legitimate home buyers have a chance to get into a home for a fraction of the cost they once would have paid. Here's some of the best deals on the market right now.
Phoenix is easily the largest city in Arizona and the 6th largest city in the United States. You should have all sorts of living arrangements in the Phoenix-Tempe area, meaning you should be able to find the kind of properties you want at the price you need. For instance, you can buy a 3 bedroom, 1 bathroom living spot on West McNeil Street for $41,900. This house has 1,229 square feet of room.
If you value not having to share the bathroom with a house full of people, you can buy a 3 bed, 2 bath house on North 61st Avenue for $43,900. This house is smaller overall, though, with only 952 square feet. The photo is a good indication of this, since the tree in the front yard dominates the foreground.
You don't have to worry about that too much on West Avalon Drive, where a 3 bed, 2 bath house is on sale for the exact same price of $43,900. This lot has 1,794 square feet and has a picket fence around the large front yard. North 89th Avenue has a 3 bed, 2 bath house with 1,314 square feet which is selling for $35,900 right now. Meanwhile, West Monterey (or Monterrey) Way has a 3 bed, 2 bath residence with 1,140 square feet selling for $38,900.
West Montebello Avenue also has a 3 bed, 2 bath place complete with 1,302 square feet. The price tag on this home is $42,900. East Desert Drive in Phoenix also has a 3 bed, 2 bath residence currently selling for $44,900 on foreclosure. West Harmon has a 3 bedroom, 3 bathroom, 1,576 square foot abode selling for $54,900, while North 14th Drive has a 3 bedroom, 2 bathroom, 1,056 square foot home selling at $59,900 on foreclosure.
That's a strange number of homes in the Phoenix area on the market right now which has three bedrooms and two bathrooms. Most states I've discussed have a little more variation, with a fairly even breakdown between one, two, and three bedroom homes, as well as a smattering of four bedroom places. Maybe the one and two bedroom homes just aren't in demand in the Phoenix area.
Moving over to Tuscon, we start with a (surprise) 3 bedroom, 2 bathroom single family home on East Wyoming Street selling for $49,900. Another three bedroom residence on East McKain Road is selling for less than half that amount, though this 1,792 square foot place is a mobile home selling at $20,000. Another 3 bed, 2 bath house is selling for $34,900 on North Mohave Avenue. This property has a square footage of 1,680. East Hidaldgo Vista has a foreclosure house with 3 bedrooms and 1 bathroom, along with 1,913 square feet in the home. Meanwhile, South Doreen Vista breaks the pattern and gives us a 3 bedroom, (only) 1 bathroom home with an asking price of an even $33,000. This 986 square foot home has a chain link fence running around it, so it's a good place for a family with a dog.
Mesa, Arizona is found in the same county as Phoenix and is roughly 20 miles distant from the larger city. With 440,000 people as of 2010, Mesa is the third largest municipality in Arizona.
We start the familiar pattern of a 3 bedroom, 2 bathroom home in Mesa selling for $41,000. This foreclosed property has 1,326 square feet. North 75th Street has a 1 bedroom, 1 bathroom apartment (condo) selling for $29,200. East Elton Avenue has on offer a 3 bed, 3 bath arrangement with an asking price of $37,900. You'll find a $39,000 home on East Royal Palms Drive, which has 3 bedrooms and 2 bathrooms.
Glendale is only 9 miles from Phoenix. In fact, Glendale is in such close proximity that many parts of Phoenix you might be familiar with are actually in Glendale. Examples include the home of the Arizona Diamondbacks Major League Baseball team and University of Phoenix Stadium, where the Arizona Cardinals play NFL football. Glendale also happens to be the antique capital of Arizona.
Among the houses for sale in Glendale is a $31,000 home on North 54th Drive, which fits two bedrooms and one bathroom into 924 square feet. West Pasadena Avenue has a $55,000 asking price for a 3 bed, 2 bath residence boasting 1,107 square feet. North 62nd Avenue features a 3 bedroom, 2 bathroom single family structure containing 1,308 square feet. This home sells for $52,500. And on Rose Lane, you'll find a 4 bedroom, 2 bathroom foreclosure home selling for $56,000. This is a bigger place, with 2,160 square feet.