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I am invested in various rental properties in Arizona (Phoenix burbs). The general partner/managing member is exploring converting two of the projects into condominiums and selling off the units. He believes there is the potential for substantial profit.
I know Phoenix has been booming for some time. Anyone know what the condo market is like down there? I am somewhat concerned because it would probably take months to do the conversion and who knows where interest rates and the real estate market will be at that point.
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