Desert Mountain Foreclosures – Another Example of Inappropriate Pricing

There was recently a new foreclosure in Desert Mountain that has demonstrated another example of inappropriate home pricing. Many buyers assume that all foreclosures are well priced and a  good deal. This is not always true. If priced appropriately,  foreclosures can be a great find. However, some banks and outside Realtors just don’t get that. This home is another example of somebody that does not have a grasp on the current market in this community.

It was previously on the market as a short sale and priced at $1,400,000 but is now back on the market as a Bank Owned Property for $1,999,900. How does the bank expect to sell this home for $500,000 more as a foreclosure? It is NOT worth $2 million. I have been in this home and in my opinion, it is outdated and will require a lot of work. Sure it is in Saguaro Forest, so it has beautiful views but so do a lot of other homes in Desert Mountain at this price point. The buyer will have to spend a lot of time and money to get this home back to its potential. Most homes in Desert Mountain are purchased as vacation homes so this is not for the average buyer.

As a Scottsdale real estate specialist I feel that it is very important to be completely up front and honest with my clients when it comes to purchasing and selling their homes. Feel free to contact me with any of your questions.