Holy leaping catfish! The Scottsdale Foreclosure of the Week is the deal of the century! Perusing the foreclosures this morning as I am wont to do, I stumbled across one of those bargains that make you re-read the price about seventeen times to make sure you read it right.
DC Ranch is home to some of the priciest Real Estate in the Valley. A master planned community in North Scottsdale located at the base of the McDowell Mountains, just north of McDowell Mountain Ranch and east of Grayhawk Golf Club, it features a mix of custom and production level homes.
Today’s insane value is a 3275 sq ft home that was built in 2006. Purchased in January of 2007 for $765,000, the bank which foreclosed upon the previous owner is into it for $600,000.
The price on this newly listed REO property … drum roll, please …
$369,000!!!!!
Let me put this price in its proper context. Two years ago, I sold a 1400 square foot red-brick home in South (entry level) Scottsdale, 1950s construction for $335,000.
I have a hunch that there will be a feeding frenzy on this one that drives the price well over list, but so what? The lucky new owner will still buy this home for several hundred thousand dollars under market.
I don’t understand banks. They stonewall short sale efforts only to turn around and lop a couple hundred thousand dollars off of market value once they foreclose.
No fear. It’s not up to me to save them money. Only you. Shoot me an email or give me a call if you are interested in more information on this tremendous value.
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Paul, WOW!!! That is a bargain! I still keep up to date with the real estate market in Scottsdale (thanks to your great posts) because I lived there for 7 wonderful years and still have friends there. Never fear...if any of them ever mention selling and buying another home, you'll be the first person I contact.
Paul,
What a great deal....my only question, of course, is are leaping catfish really holy?
Paul,
You did look at the pictures right? It needs $75,000 in work at least. Half the house was missing. No kitchen, the bathroom cabinets gone, carpet removed, etc. The backyard was not even landscaped. Definitely a great write down from the 900k the homes in the Engle portion of DC Ranch sold for 2 years ago but one definitely needs a FHA 203k loan or a chunk of dough to fix it up out of pocket, and some time. I think if one fixes it up and resells it they at least make 6 figures. But this could also be a ploy to get a bidding war going on a...project. I have an architect interested in it. If we make an offer and we buy it, I will let you know how it goes.
Marc
Marc - No pictures at the time I wrote this, but I am not surprised that a bunch of the place was missing. Financing is always an issue on many of these, but for a contractor or an architect, lke your client, who cares about pumping 75k into a place with this kind of upside? Matter of fact, the condition of this one will limit the demand due to inability of most to either finance or commit the resources to fix this type of property. Could prove beneficial to such a buyer. Call me crazy, but I still like the math. I hope your guy gets it. Good luck.
I wish I could move there and buy it . . .but my own house lost $200K in value. .I couldn;t sell it even if I fly two helicopters over the top . .with two topless bikini models waving people to my open house
Well shoot, Fernando. I'd buy under those terms. Or at least have a sudden hankering for a helicopter ride.
Rob, thank you for visiting my blog. I kindly ask, however, that you remove the link and refrain from advertising your services amongst the comments. Spam is so 2008.