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Old 10-29-2005, 11:23 AM
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Default Locals Jump In on Arizona's real estate market

Zareh Tahmassebian began buying homes in metropolitan Phoenix last year. The mortgage banker was living in Las Vegas but was so bullish on Arizona's real estate market, he decided to move into one of his 15 investment houses here early this year.

The 23-year-old has since sold half of his metro Phoenix homes and pocketed as much as $700,000 in profits. But he is not done speculating on the area's real estate.

As he cruises the Valley in his 2005 Cadillac Escalade looking for the next hot spots, he has become part of a new trend. Investors continue to snatch up Phoenix homes at a record rate, hoping to cash in on the area's growth. But now, more of those speculative home buyers are local.

At least one of every four houses sold in metro Phoenix last month went to an investor, but the number of out-of-state buyers was down..

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