http://www.azcentral.com/business/realestate/articles/2009/10/09/20091009biz-condos1010.html

Unfortunatley these high rise buildings and other condos that were built are not immune to the pricing that has plagued the outskirts of metro Phoenix.  When you purchase a condo you are relying on your neighbors so much more than a neighborhood as if they become delinquent the ability to get financing becomes vulnerable.  If the average person can’t get financing then you’re having to deal with cash buyers who are mostly going to be investors and investors are going to be savy enough to know not to over pay.  Condos will come back but buying at the right time or wrong time will effect all in the building.