It seems that homes in the VOC are getting less showings than homes in West Sedona for the past few months. I've heard plenty of people attribute it to the construction going on Hwy 179 and the Village. Because showings are down and inventory is high - there are some really good prices if you're ready to pull the trigger. A smart investor might buy now (while the prices are down) and wait for construction to be completed (2010?) before thinking of selling. By that time, construction will be done, the VOC will look nice again, and you should be able to have some appreciation.
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