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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