Most buyers assume that every foreclosure is a great deal. In general, most foreclosures are priced significantly below market value and are priced to move. However, that is not always the case. There is a particular new foreclosure in Desert Mountain that is way overpriced. When I first saw the price I blurted out “Are they on crack?”. The home needs some work, has a funny floor plan and worst of all, backs onto Desert Mountain Parkway. It is priced at $1.5 Million and in no way resembles other foreclosures in that price range.
This home is located in the Village of Arrowhead and includes 4 bedrooms, 5 bathrooms, and no golf club membership. I mean it’s not the worst house at Desert Mountain. I have seen a few that are completely trashed and need tons of renovations, but it simply is not worth $1.5 Million. In comparison, there is currently a foreclosure in Saguaro Forest of Desert Mountain for $1.7 Million that blows this house away. An overpriced foreclosure is an anomaly but it does happen occasionally.
I tell my clients the truth. I am a very frank person and I will readily tell you if a home is overpriced. If you have any questions give me a call at 1-800-300-0263. Feel free to visit our website for all Desert Mountain Real Estate at www.DesertMountainHomesOnline.com.
Carmen Brodeur BA, LLB
Scottsdale Realtor / Former Attorney
Carmen@ScottsdaleExperts.com
1-800-300-0263
www.DesertMountainHomesOnline.com
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You are most definitely right, way too many buyers assume that REO’s (and short sales as well) are a great deal. Many conventional sales (fueled by motivated sellers looking to upgrade) in my market offer an even better value than distressed properties.