Luxury Foreclosures

[Ex-SD]

If this is starting to happen in the Washington, DC area, (an area that had similar prices to San Diego) you can bet your bottom dollar that it will also happen in San Diego.

Growing Number of Affluent Homeowners Can No Longer Afford Their Mortgages

By Kendra Marr
Washington Post Staff Writer
Thursday, May 15, 2008; Page D01

For sale: Spacious home outfitted with six bedrooms, 5 1/2 baths, granite countertops, stainless-steel kitchen appliances, a three-car garage, exercise room and wet bar — all for $875,000 in the Red Cedar West subdivision of Leesburg where houses once sold for $1-million-plus.

“I thought I’d try to take advantage of the low prices in the foreclosure market,” said Ryan Magazine, who owns a Leesburg carwash and signed a contract on the foreclosed property as an upgrade to his previous home. “Right now is a great opportunity to get a house.”

The foreclosure signs that have been sprouting up in less-affluent communities since 2006 are beginning to appear in the well-off suburbs, attached to houses that once cost $1 million or more. Although those kinds of homes are in the minority now, real estate agents predict the numbers will swell.

Story here: http://www.washingtonpost.com/wp-dyn/content/article/2008/05/14/AR2008051403698.html?hpid=topnews

[Ex-SD]

A couple of excerpts from the article:

“Nationwide, from 2006 to 2007, the number of foreclosed properties listed at $1 million or more rose 50 percent, to 7,642, up from 5,091, according to RealtyTrac. And the number of foreclosed homes priced from $500,000 to $999,999 jumped 88 percent, from 52,836 to 99,457.”

Real estate agents said this was only the beginning for luxury home foreclosures.

“We’re going to be back to the prices we were at 15 years ago,” said Bill Milletary, an agent with Century 21 Redwood Realty.

[Ex-SD]

A couple of excerpts from the article:

“Nationwide, from 2006 to 2007, the number of foreclosed properties listed at $1 million or more rose 50 percent, to 7,642, up from 5,091, according to RealtyTrac. And the number of foreclosed homes priced from $500,000 to $999,999 jumped 88 percent, from 52,836 to 99,457.”

Real estate agents said this was only the beginning for luxury home foreclosures.

“We’re going to be back to the prices we were at 15 years ago,” said Bill Milletary, an agent with Century 21 Redwood Realty.

[Ex-SD]

A couple of excerpts from the article:

“Nationwide, from 2006 to 2007, the number of foreclosed properties listed at $1 million or more rose 50 percent, to 7,642, up from 5,091, according to RealtyTrac. And the number of foreclosed homes priced from $500,000 to $999,999 jumped 88 percent, from 52,836 to 99,457.”

Real estate agents said this was only the beginning for luxury home foreclosures.

“We’re going to be back to the prices we were at 15 years ago,” said Bill Milletary, an agent with Century 21 Redwood Realty.

[Ex-SD]

A couple of excerpts from the article:

“Nationwide, from 2006 to 2007, the number of foreclosed properties listed at $1 million or more rose 50 percent, to 7,642, up from 5,091, according to RealtyTrac. And the number of foreclosed homes priced from $500,000 to $999,999 jumped 88 percent, from 52,836 to 99,457.”

Real estate agents said this was only the beginning for luxury home foreclosures.

“We’re going to be back to the prices we were at 15 years ago,” said Bill Milletary, an agent with Century 21 Redwood Realty.

[Ex-SD]

A couple of excerpts from the article:

“Nationwide, from 2006 to 2007, the number of foreclosed properties listed at $1 million or more rose 50 percent, to 7,642, up from 5,091, according to RealtyTrac. And the number of foreclosed homes priced from $500,000 to $999,999 jumped 88 percent, from 52,836 to 99,457.”

Real estate agents said this was only the beginning for luxury home foreclosures.

“We’re going to be back to the prices we were at 15 years ago,” said Bill Milletary, an agent with Century 21 Redwood Realty.

[raptorduck]

I have noticed an increase in short sales, preforclosures, and forclosures in RSF for while now. I have even put an offer in on a forclosure and a short sale in recent months. I am also contacting slect owners in preforclosure.

There one house in RSF I would never buy, but that I have been watching do the price roller coaster ride for quite a while as it lists, relists, and obviously as the bank approves or reapproves a short sale price as it heads into forclosure. I toured this house last year and then it dissapeared and came back on the market at $700k more than it was when I toured it, then dropped to $500k more, then right up to $700k more again. Quite entertaining.

[raptorduck]

I have noticed an increase in short sales, preforclosures, and forclosures in RSF for while now. I have even put an offer in on a forclosure and a short sale in recent months. I am also contacting slect owners in preforclosure.

There one house in RSF I would never buy, but that I have been watching do the price roller coaster ride for quite a while as it lists, relists, and obviously as the bank approves or reapproves a short sale price as it heads into forclosure. I toured this house last year and then it dissapeared and came back on the market at $700k more than it was when I toured it, then dropped to $500k more, then right up to $700k more again. Quite entertaining.

[raptorduck]

I have noticed an increase in short sales, preforclosures, and forclosures in RSF for while now. I have even put an offer in on a forclosure and a short sale in recent months. I am also contacting slect owners in preforclosure.

There one house in RSF I would never buy, but that I have been watching do the price roller coaster ride for quite a while as it lists, relists, and obviously as the bank approves or reapproves a short sale price as it heads into forclosure. I toured this house last year and then it dissapeared and came back on the market at $700k more than it was when I toured it, then dropped to $500k more, then right up to $700k more again. Quite entertaining.

[raptorduck]

I have noticed an increase in short sales, preforclosures, and forclosures in RSF for while now. I have even put an offer in on a forclosure and a short sale in recent months. I am also contacting slect owners in preforclosure.

There one house in RSF I would never buy, but that I have been watching do the price roller coaster ride for quite a while as it lists, relists, and obviously as the bank approves or reapproves a short sale price as it heads into forclosure. I toured this house last year and then it dissapeared and came back on the market at $700k more than it was when I toured it, then dropped to $500k more, then right up to $700k more again. Quite entertaining.

[raptorduck]

I have noticed an increase in short sales, preforclosures, and forclosures in RSF for while now. I have even put an offer in on a forclosure and a short sale in recent months. I am also contacting slect owners in preforclosure.

There one house in RSF I would never buy, but that I have been watching do the price roller coaster ride for quite a while as it lists, relists, and obviously as the bank approves or reapproves a short sale price as it heads into forclosure. I toured this house last year and then it dissapeared and came back on the market at $700k more than it was when I toured it, then dropped to $500k more, then right up to $700k more again. Quite entertaining.

[cv2]

Same thing is happening in the Hamptons

http://www.nypost.com/seven/05122008/news/regionalnews/trouble_in_li_paradise_110497.htm

[cv2]

Same thing is happening in the Hamptons

http://www.nypost.com/seven/05122008/news/regionalnews/trouble_in_li_paradise_110497.htm

[cv2]

Same thing is happening in the Hamptons

http://www.nypost.com/seven/05122008/news/regionalnews/trouble_in_li_paradise_110497.htm

[cv2]

Same thing is happening in the Hamptons

http://www.nypost.com/seven/05122008/news/regionalnews/trouble_in_li_paradise_110497.htm

[Author]

Posts