Featured foreclosure deal: A desert gem marked down $285,000
Posted on RealtyTrac, this 6 bedroom, 4 bathroom bank-owned home on Sapphire Ridge Ave in Las Vegas has an asking price of $244,600, 54 percent below the $529,900 price it sold for back in 2005 to the foreclosed homeowner. The 2005 purchase was 100 percent financed through a first loan of $423,900 and a second loan of $106,000, so the lender is basically taking a $285,000 haircut on this 3,422 square foot property that sits on a lot of 6,733 square feet.
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In some markets like Las Vegas, one of the epicenters of the nation's foreclosure crisis, foreclosure bargains are being snapped up by bargain hunters looking for both investment property and homes to live in. That is evident in this Las Vegas neighborhood, where 15 properties within a half mile of this property have sold in the last three months, according to the Comparable Sales on RealtyTrac. The sales prices on those comps range from $129,000 on a 3 bed, 2 bath home sold on Nov. 26, 2008, to $1,116,253 for a 6 bed, 4 bath home sold on Dec. 22, 2008 (see below).
For more information about the Las Vegas real estate and foreclosure market, check out the March 2009 edition of the Foreclosure News Report, which includes an in-depth analysis of the local market, along with perspectives from local foreclosure investors, real estate agents and market researchers. The March Foreclosure News Report will be available March 16, and you can subscribe to the newsletter today to have it mailed to your address.
