Unfortunately, like the rest of America, foreclosure is taking place in the Averill Park area as well. While these homes are often great for first time homebuyers they are often left in an indecent state and require the ability to see potential. They are also one of the saddest things to preview and show - they are often left quickly and many of the homeowners belongings are left behind - including personal belongings and furniture. You will see babies toys, pictures on the walls, and once loved clothing hanging in the closets.
Current bank-owned properties on the market:
54 Seneca Road, Averill Park, NY $109,900
What a great opportunity for someone who is handy looking for their first home, or maybe someone looking for a second residency. This home sits very close to Racquet/Reichards Lake, and offers a Lake View. What a peaceful retreat this could be, from the hustle and bustle of everyday life. Settle down in the evening by taking a nice long walk down by the Lake! This home does need a lot of tlc, it has been let go a bit, currently has electric baseboard, and noticeable patching on the roof etc. Currently listed by Coldwell Banker Prime Properties.
Updated July 6, 2008: Many people discuss why foreclosures are taking place in abundance and what made the bubble burst ... I wanted to share what I think is one of the most well-written and concise explanation of the problem (from Forbes.com writer Matt Woolsey):
Historically, housing affordability has ebbed and flowed with the economy and buyers' ability to pay. But during the recent housing boom, price growth significantly outpaced income growth. Between 2001 and 2006, the number of homeowners paying more than half their income on housing rose to 8.8 million, from 6.5 million, the largest such increase in history, according to the Harvard Joint Center for Housing Studies.
Much of that run-up had to do with loose lending standards including no-documentation loans in which borrowers weren't required to prove income; home prices rose as a result of demand. Once the nation's credit shores dried up, there were few buyers who could reasonably afford the inflated prices, which quickly began dropping once inventory grew and buyers stayed home.