Archive for SCOTTSDALE FORECLOSURES

Jan
26

Scottsdale Foreclosures

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When it comes to the word Foreclosure, everyone is talking about it, and even if you are talking about Scottsdale, Arizona. If you are a buyer, looking to purchase a property, you are looking for any information about foreclosures, as you are most likely thinking that you are going to get a fantastic bargain, if you purchase a foreclosed home. Let me just say here, before I go to far into this article, that buying a foreclosed property, may get you more than you think you are buying, and it may not be the best deal you can make, when buying a home, be it Scottsdale, Arizona, or any other city in Arizona.

Everyone likes to look at pictures, so I have included the picture below, of a Bank Owned property, which is also another term used in real estate to describe a foreclosed home that the bank is now trying to sell. The home pictured below, is as of the writing of this article, an active listing, being offered for sale at 6.5 million. The home is sitting on 2.48 acres in the subdivision of, Silverleaf at DC Ranch. The home is a new build with the following features, 13,700 sq-ft of luxury living space, among which, the master is 3,800sq-ft, 5 bedrooms, 6 baths, heated pool and spa, 5 car garage, and you can purchase it, below the replacement costs.

Scottsdale Foreclosure

Scottsdale Bank Owned Home For Sale At 6.5 Million

If you are a seller, of a home in Scottsdale, Arizona, or any city in Arizona, when you here the word foreclosure, you are either wondering how it will affect your home value, or what to do if you are facing foreclosure. If you are thinking about selling a home in Scottsdale, Arizona, it will depend on many different factors, that need to be looked at on an individual basis, as to whether your home sale will be affected by foreclosures in your area or not. If you are a Scottsdale home owner, and you find yourself not being able to pay your mortgage payments, there are alternatives to foreclosure, and one of them is the possibility of doing a short sale.

OK, let’s get into the numbers, and figure out just how many foreclosures there are in the Scottsdale AZ homes for sale, that are currently on the market. We are going to divide them into price range points, as not every Scottsdale homes are affected the same. When anyone starts to talk to you about the number of short sales, pre-foreclosures, or bank owned properties, be it in Scottsdale, or any other city in Arizona, they need to tell you the number of active listings in the given area they are talking about. We are talking about the amount of Scottsdale AZ homes for sale, in this article, and that number is 2,932. There are currently 2,932, single family, Scottsdale AZ homes for sale in the city of Scottsdale mls, as I am writing this article. Now that we know the total number of active listings, we can talk about the number or short sales, bank owned, and pre-foreclosures, and really understand the numbers, and percentages

Let’s start with the number of short sales. A short sale is basically, when a seller needs to sell, and owes more to the bank than the home is worth, and the bank accepts the lesser amount, and allows the home to be sold to a buyer, at the current market value. Short sales take longer than a normal sale, and there is more paperwork involved, and in the long run, a short sale is better than a foreclosure. If you need more information about short sales, you will find it HERE.

Now for the numbers. In the city of Scottsdale, there are a total of 449 of the 2,932 Scottsdale AZ homes for sale, that are short sales, or just over 15%. We really need to dig a bit deeper into that number to understand how it may affect your home value. Let us break down the short sales into price points. In the range of Scottsdale AZ homes for sale, 250K or less, there are 235 homes for sale, and 89 are short sales, or almost 38%. In the Scottsdale AZ homes for sale, 250K-500K, there are 745 homes for sale, and 196 are short sales, or about 26%. When we look at the Scottsdale AZ homes for sale, 500K-750K, there are 565 homes for sale, and 91 are short sales, or just over 16%. In the 750K- 1 million range, there are 448 Scottsdale AZ homes for sale, and 41 are short sales, or about 9%. When we talk about the Scottsdale AZ homes for sale, over 1 million, there are 982 homes for sale, and 41 are short sales, or 4%.

Looking at the numbers in this way, we see that of all the short sales, the price point that has the most short sales, and being affected the most, are those 250K or less, at 38%. The Scottsdale AZ homes that are affected the least, by short sales, are those over 1 million dollars, at 4%. When we look at the number of active listings in the city of Scottsdale, we see that of all the 2,932 Scottsdale AZ homes for sale, 33.5% or 982 are over the million dollar mark. In the homes for sale in Scottsdale, 250K or less, we see that of the 2,932 active listings, 235 are in this range, or about 8% of all the listings. It is easy to see that in the city of Scottsdale, AZ. where a third of the active real estate market is over 1 million dollars, that the market is really not being affected, all that much by short sales.

Now, let us take a look at the pre-foreclosures, and see how they affect the Scottsdale real estate market. When we look at the Scottsdale AZ homes for sale 250K or less, we see that there are 22 that are pre-foreclosures, or just over 9%. In the 250K-500K range, there are 59 Scottsdale Arizona houses that are pre-foreclosures, or just about 8%. Checking out the 500K-750K Scottsdale Arizona homes listed as pre-foreclosures, we find there are 22, or just under 4%. Looking at the Scottsdale Homes for sale in the 750K-1 Million price range, we find there are 10, or just over 2%. In the top range of Scottsdale AZ homes for sale, we find there are 31 pre-foreclosure listings at a price of 1 million or more, or just over 1%. So, now we can see by the numbers, that the 25K range, is once again, the price range that is most affected, and the million plus range, is the least affected, by pre-foreclosures. To get a picture of a pre-foreclosure listing in Scottsdale, in the million plus range, the home pictured below, is just such a home. This property is currently offered at pre-foreclosure sale, for the asking price of 3.5 million. The home features, 3 bedrooms, 3.5 baths, 3 car garage, heated pool and spa, and sits on 12.09 acres. This property has been on the market for 358 days, and started at an asking price of 8.9 million.

Scottsdale Arizona Houses

Scottsdale Pre-Foreclosure For Sale At 3.5 Million

OK, now for the last category, the Scottsdale Arizona houses, that are listed as Lender Owner, or Bank Owned, which is to say that the bank has already foreclosed on the property, and is now offering the property for sale. Here we will look at all the Scottsdale AZ homes for sale, that are lender owned in the same way, starting with the 250K price or less. In the 250K or less range, we find 58 Scottsdale Arizona homes for sale, or just under 25%. In the price range of 250K-500K, there are 87, Scottsdale AZ homes for sale, that are bank owned, or almost 12%. Looking at the 500K-750K, bank owned Scottsdale homes for sale, we see there are 24, or just over 4%. In the 750K-1 Million price, there are 18 Scottsdale homes for sale, or 4%. Finally, in the million plus range, we find there are 31, Scottsdale bank owned homes for sale, or just over 3%. In the category of bank owned Scottsdale homes for sale, we find once again, that the 250K or less homes, are the most affected, and the million plus, is the least affected.

To sum things up, we can look at all three categories combined, short sales, pre-foreclosures, and bank owned, and see how the numbers stack up. In the 250K or less range, there are 235 Scottsdale homes for sale, and 169 of those Scottsdale homes for sale are in one of the three areas, or almost 72%. In the 250K-500K range, there are 342 Scottsdale homes for sale, or about 46%. In the range of 500K-750K, the number is 137, or just over 24%. When we look at the 750K to 1 Million Scottsdale homes for sale, we find the number to be 72, or 16%. Finally, in the million plus range of Scottsdale AZ homes for sale, there are 83 homes in all 3 categories, or just over 8%. So we can clearly see that the 250K is the most affected, in fact, there are only about 28% of those homes for sale, that are a normal sale. In the million plus range, we see that 92% of the sales are of a normal type of sale.

When it comes to buying,selling, or investing in real estate, be it in Scottsdale, or any city in the valley, you need the help of a real estate professional. When you are ready to get that professional help, Contact us, you will be glad you did.

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