Thursday, December 10, 2009

The Highs and The Lows #3

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)

$12,500 – The Value’s in the Land

12,500 REO Dec 10 2009

Once again, a crispy fried special for the guy or gal itching to prove their handyman skills. Seems there’s a lot of those lately. Hmmmm. Former owner rage?

From the MLS description:

Property has been damaged by fire and is sold AS IS. Seller will not make any repairs. PLEASE DO NOT ENTER THE PROPERTY DUE TO SAFETY ISSUES.

The poor house might be hexed. It’s been foreclosed on 3 times since 1992. First, HUD took it back in 1992 and sold it in 1993. A mere two years later it was foreclosed on again, and resold to a new owner. That owner was foreclosed on this past summer and the bank relisted it as a foreclosure/REO property for sale for $31,000 in September. The fire must have happened sometime in September or October, after which the price was dropped to the current $12,500.

$6,500,000 – View in Exclusive Silverleaf Community

6,900,00 REO Dec 10 2009

13,700 square feet of Italianate luxury. Marble, travertine, barrel vaulted ceilings, etc., ad naseum. Wretched excess at it’s finest. Consumerist Keeping Up with the Joneses to the max.

The land (2.48 acres) was purchased in 2004 for just over a million dollars. The owner tried to sell it as “land + house plans” from December 2006 through May 2007 for $2,600,000. Sometime between May 2007 and May 2009 somebody built the existing home and tried to sell it for $8,900,000.

Mind you, they tried to sell it with no interior photos other than this

6,500,000 REO Dec 10 2009 Seriously? You want me to shell out nearly $9 million dollars and you’re going to show me only this?

The seller finally dropped their price to $6,950,000 before the bank repossessed it in October 2009.  I bet you could get the house from the bank for about $5.5M. ‘Course, it probably needs about a million bucks in finishing and furnishing. Feeling flush? Call me!

View previous Highs and Lows posts

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