Williams: Northern Arizona Property Bargains with Owner Carry

The credit crisis might an opportunity for lovers of the part of Northern Arizona that includes a nice little amenity called the Grand Canyon. John Rushton of Bankers Real Estate, a broker in Williams, AZ, the gateway town to the canyon from the south. told me last week that prices on such vacation-home sites as golf fairway lots, as well a lovely soon-to-be-developed pine and meadow-surrounded community called Escalante, have dropped dramatically -- over 45 percent in some cases. There are numerous parcels of land for under $100,000 and plenty of first-class homes for under $300,000. The key, says Rushton, is that since many owners need cash for mortgages on their primary residents they are willing to talk "owner carry" deals.

Williams, the closest major town to the Canyon, is right off I-40 and features a town devoted to the nostalgia of the old Route 66 that once ran through it. The area has lovely views of the San Francisco Peaks and fine fishing and hunting around the Kaibab National Forest (pictured above.) It's about a 2 1/2 hour drive to Phoenix's Sky Harbor Airport, but a world away in terms of traffic, heat, and pollution.