Bank-owned homes, REOs, or Foreclosures: whichever term you use, there is a stigma associated with these homes that gives a consumer the impression of a less-than-attractive piece of property. While there are plenty of ransacked foreclosures for sale, there are also plenty of high-end luxury homes that end up being bank-owned sales.
In our area, there were six recent Seattle bank-owned homes that closed for over $1 million. While one might expect these to be mostly waterfront homes, half of them were actually just high-quality, luxury homes that for one reason or another went back to the bank. Buyers of luxury property are clearly seeing past the distressed property designation and realizing that there is a real market for high-end foreclosures.
Seattle's Million Dollar Foreclosure Sales (Homes sold within the past 6 months):
Arroyo
10859 Arroyo Beach Place, Seattle WA 98126 - $1,075,000
From the listing: "Modern waterfront retreat with 50' feet on Puget Sound and three stories of stunning views! Soaring ceilings and walls of windows highlight the unobstructed views from this custom built 4,014 square foot home. Huge outdoor living space with 3 decks that are perfect for entertaining. Master bedroom with luxurious master bath and soaking tub. Located on a quiet dead-end street, the boat lift and 3 car garage complete this modern masterpiece!"
Mt Baker
3423 Cascadia Ave S, Seattle WA 98144 - $1,125,000
From the listing: "Enjoy great views of Lake Washington and I-90 bridge from porch and upper deck. Huge windows in most room allowing for a light filled home. Kitchen is designed for you, the cook, the baker, with food prep island, two sinks. Loads of built in Queen Anne style cabinetry. Great yard in back . Bring your creative ideas to make this marvelous home your personal statement."
Seward Park
5009 S Oregon St, Seattle WA 98118 - $1,150,000
From the listing: "White oak floors accentuate the full-scale freedom of furniture capacity, people flow, stunning bursting view perspectives. A handsome posture of sterling distinction...portrayed by a highly respected craftsman. Enter from garage into elevator lobby or thru secured gated entry. Striking kitchen ~ generously proportioned (12 ft granite island, maple and ebony cabinets, glass tile). Master ste. extends to personal deck; deluxe bath; 2 walk-in closets. Coffered ceils. Home office (guest quarters?)."
Magnolia
3036 23rd Ave W, Seattle WA 98199 - $1,160,000
From the listing: "Magnificent showcase of style & elegance! The views of Puget Sound, Mt Rainier & Interbay will please. One-of-a kind custom home offers an open floor plan on the main level-perfect for entertaining. Full suite of Viking appliances + expansive use of granite travertine throughout. This thoughtful yet sizeable home is ideal for multi-generational living w/top level guest wing + lower level nanny quarters. The mid-level offers 3-beds,lounge,wet bar & more. Each & every room is detailed beautifully!"
Rainier Beach
9954 Rainier Ave S, Seattle WA 98118 - $1,250,000
From the listing: "Highend Luxury - Private lane seclusion on large waterfront lot. Chef's kitchen, SS appliances, gas range, granite, 2 ovens, Grand master w/dbl entry hallway, fp, jetted soaking tub. Entertaining room w/kitchen & fp. Wired for the finest in technology, surround sound speakers throughout & exterior security cameras."
Seward Park
5370 S Kenyon St, Seattle WA 98118 - $1,655,000
From the listing: "An extraordinary property: well over half an acre of spectacular manicured grounds leading to 100 feet of waterfront with deep-water dock. Original 1949 home taken down to the studs and completely reimagined over the last two years as a lush contemporary. Granite & stainless kitchen, open living & dining areas, multi-chambered master suite, family room, solarium & more. All new systems including double furnaces & heat pumps. Secure gated courtyard, & garage for up to four cars. Remarkable value!"
Currently, there are over 250 Seattle bank-owned homes for sale, including two for over $1 million.
Tomorrow: Million-dollar foreclosures on the Eastside.
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