Million-Dollar Homes Not Immune to Foreclosure
Oct
12
2009
12
2009
SCOTTSDALE - More and more homes in upscale neighborhoods are going into foreclosure. Real estate experts say 30 percent of the nation's foreclosures in June were higher-value homes.
In the valley last month there were 15 foreclosures that were million-dollar homes, according to an ASU study.
A 5-bedroom, 5-bathroom home in north Scottsdale that was once on the market for more than $4 million is now going for a lot less. The 6,600-square-foot luxury home is in ultra-exclusive Estancia neighborhood.
"There are $15-million houses in Estancia. This is some of the cream of society. It is probably one of the best addresses in the entire Phoenix and Scottsdale area," says realtor Preston Westmoreland.
It is now going on the market for $1.3 million. Westmoreland said he once showed the home two years ago when it was $4.1 million. The home was built in 2005 and has never been lived in. The builder owned it before it foreclosed.
The number of million-dollar homes in foreclosure is on the rise, possibly because the wealthy can hold on to their homes longer within an economic downturn.
Listing Courtesy of New Broad Street Realty LLC
