Monday, September 7, 2009

The Highs and the Lows 2

Wherein I periodically post about the highest and lowest priced homes in the local MLS. Properties must be:

  • single family, detached homes

  • bank owned

  • currently Active in the ARMLS (AZ Regional Multiple Listing Service)

  • located in the general metro Phoenix region (Wickenburg, Florence, Coolidge, etc are excluded but Surprise, Buckeye, Queen Creek, etc are included)

$20,00 Fire Damaged Tear Down

Fancy yourself a handy person? You’ll need to be. This 4 bedroom, 2 bathroom house in Maryvale Terrace was torched.

The Low 09 06 09 damage

The exterior might be salvageable though and it seems like a nice big yard.

The Low 09 06 09 EF

The Low 09 06 09 BACK

Recently, same-sized homes in the area that are move-in ready and remodeled have topped out at $80,000 to $90,000. I’m no contractor but it seems like you could rebuild this poor fire damaged little casa for $60,000. Again, I’m not a contractor but I’m not sure there’s room here to rehab it and sell at a profit.

Paradise Valley Acre Plus, Rebuilt in 2007 - $4,085,000

The High 09 06 09 EF

Check out that view of Camelback Mountain in the upper left of this picture! That’s worth a million right there. The lot is 1.14 acres, so there’s another $900,000 or million in value.

The house itself is 8,422 square feet, 5 bedrooms, 6.5 baths, with a 4 car garage. It was completely rebuilt in 2007. Pictures seem to show it was 100% torn down and rebuilt, not just remodeled.

The High 09 06 09 POOL

The High 09 06 09 PAT

The high 09 06 09 KIT

Based on this picture, the home has everything you’d expect in a home in this price range: built in island and cabinetry that can pass for being hand carved in the mythical Old Country, miles of slab granite and travertine, stainless steel double stoves (probably Viking), high ceilings and crown molding … just enough to make your neighbors jealous.

The High 09 06 09 DIN

Personally, I say “so much for the idea that bank-owned homes are screaming great bargains.”  I think this house is probably worth about what they’re asking for it, maybe even less.

What do you think?

View other Highs and Lows posts.

Technorati tags:  Phoenix real estate