Million Dollar Foreclosures On The Rise
- Date: Oct 28, 2011
- by Jeff W.
- Category: Buying, Short-Sales, Foreclosures
According to RealtyTrac.com, luxury homes (priced at one million or more) are the fastest-growing segment of today’s home foreclosures. The banks foreclosed on approximately 335% more homes in 2010 compared to 2007.
"I think high-end homeowners have a little more 'padding' to get through tough times if they experience a job loss or other trouble. But as the tough times continue, more and more of these homeowners are succumbing to foreclosure" said Daren Blomquist of RealtyTrac.com.
So what does that mean? Well-positioned house shoppers may be able to purchase million-dollar luxury foreclosures at a significant discount.
According to RealtyTrac’s data, foreclosed homes sold nearly 27% less than non-distressed properties did in the 1st quarter of 2011.
Blomquist concluded, “… we definitely see a built-in discount with foreclosures. There are really big opportunities to get good deals."
Jeff Wimpy is a licensed Colorado Real Estate Broker with Cherry Creek Properties in the metro Denver area. With over 20 years of leadership and management experience, Jeff is passionate about helping others find success. Jeff began his career working in the non-profit sector where the "cause" and the needs of others were always top priority. He also…
Ron and Pat have been full time real estate brokers since the 90’s when they started their career with Perry and Butler. They have helped almost 700 people relocate from all walks of life -- from first time homebuyers to baby boomers looking to "right size". They have built two real estate…
Betty Wimpy has been serving the needs of homeowners for more than 15 years. While she's a veteran in buying and selling residential real estate, she is also an expert in short-sales and foreclosures, mortgage financing, and title preparation. She has worked for and served the public for more than 25 years. 
