As many who follow my blog regularly have probably noticed, I took a recent break from my series of posts dedicated to locating the best foreclosure home values in Scottsdale. This was not necessarily by design. A recent surge in market activity has left me with less time to devote to this series, so I have put it on the backburner until today. With so many new foreclosure listings inundating the market daily, it can require a great deal of time to separate the truly outstanding values from the mere great ones.
I am bringing the Scottsdale Foreclosure Value of the Week out of hibernation for the listing I stumbled across this morning.
Located smack dab in the center of Scottsdale, near Cactus Rd and 64th Street, the price tag on the 2000+ square foot house is inconceivable given the size of the lot upon which it sits. The house may be, and probably is, a complete train wreck. Many of these old ranches are. The value of this property is in the dirt. Over half an acre (24,000+ square feet) of prime Scottsdale land will usually run you several hundred thousand dollars ... if you can find it.
This price on this brand new listing is less than $170,000.
It does not sit on a busy street, and at this price, I don't particularly care if it sits on a haunted pet cemetary (for the record, I am aware of no haunted pet cemetaries in the greater Scottsdale area). This appears to be one smoking deal.
Originally purchased by the former owner in 2007 for nearly $500,000, the bank is into the place for $425,000. Even by my rudimentary math skills, that translates to an amazing buy. Allow me to put it in the proper perspective, the bank has invested 2.5 times the list price into the property!
Whether you are looking to take advantage of the lull in the market to secure a great deal on both a suitable property site and plentiful labor force to build your dream home in Scottsdale, or just want to work with the existing structure for a modest point of entry price into Scottsdale, this just might be your ticket.
Give me a call or drop me an email if you have any interest in taking a look at this home or any other Scottsdale foreclosure property. Better hurry on this one, though. Despite what you hear on the news, the best values do not last long with investors again on the prowl in our market.
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Paul Slaybaugh
Realty Executives
(480) 948-9450
paul@rayandpaul.com
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