7 figure foreclosures…$1,000,000+ bank owned homes in Palm Beach County

When the word “foreclosure” is used, the image that is conjured up is normally one of a dilapidated home on an overgrown plot of land owned by some down-on-their-luck real estate agent, that will be lucky to sell for pennies on the dollar.

But, here in Palm Beach County, even the 1%’ers fall victim to the faltering economy occasionally. But, with almost 2200 properties on our MLS with an asking price of $1m or more…there are only 4 are bank-owned, foreclosure sales,of  $1+ million:

• In Wellington, there is a 6800 sq foot home on 6.5 acres with an asking price of only $1.1M. The last time this home sold was in December of 2004, for $2.3 million. It was once listed (in 2006) for $4.9 million!
• In Palm Beach Gardens, in Old Palm, there is a 5700 sq foot home on the golf course, built in 2004, with an asking price of $1.2 million. This home sold for just over $2 million when new in 2004.
• In Jupiter,directly on the Loxahatchee river, there is a partially completed 6700 sq foot home with an asking price of $3.5 million. Back in 2009 this home was listed on the MLS for $5.9 million.
• In San Michele, off of Donald Ross Road in Palm Beach Gardens, is a 4500 sq foot home with a detached guest house, with an asking price of $1.3 million.

There are 3 other $1+ million foreclosure sales currently under contract:

• There is one in Vero Beach…a 4200+ sq foot home built in 2007 and listed for $1.2 million
• A 3700 sq foot home in Old Palm, built in 2005 and listed just over $1 million. This home was previously mortgaged for $1.6 million.
• In Boca Raton, in Long Lake Estates is a 7200 sq foot, 6 bedroom, 4 car garage mansion, with an asking price of $2 million. The home sold for $3 million in 2005.

And the top sale of a bank foreclosure in the last 12 months was a home on West Indies Dr., on the island of Palm Beach. That one sold for $2 million…in an all cash sale!

If you’ve been hoarding your cash for an opportunity to rub elbows with the Trumps…now may be the time! I’d be happy to work with you on one of these homes.

 

And, as always, thanks for reading!

Steve Jackson…561.602.1258

Bloomberg Law with an insightful commentary on the recent $25B mortgage fraud settlement

Fourth Quarter and Year-End 2011 U.S. Foreclosure Sales Report: Shifting Toward Short Sales

RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q4 and Year-End 2011 U.S. Foreclosure Sales Report™, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 24 percent of all U.S. residential sales during the fourth quarter — up from 20 percent of all sales in the previous quarter, but down from 26 percent of all sales in the fourth quarter of 2010.

“We continued to see a shift toward pre-foreclosure sales, or short sales, and away from REO sales in the fourth quarter,” Moore continued. “Nationally, pre-foreclosure sales increased 15 percent from a year ago while REO sales decreased 12 percent. Pre-foreclosure sales outnumbered REO sales in several bellwether markets, including Los Angeles, Miami and Phoenix, where REO sales had outnumbered pre-foreclosure sales a year ago. That trend will likely show up in more local markets in 2012 as lenders recognize short sales as a better option for many of their non-performing loans.”

PLEASE READ THIS: 2012 is shaping up  to be the “perfect storm” in the realm of short sales. A) the banks FINALLY realize that it is in their best interests to approve a short sale rather than take a home back in foreclosure, B) the Mortgage Debt Forgiveness Act  is still in place, but only until the end of 2012 (and I wouldn’t bet the farm on the deadlocked politicians/bureaucrats in Washington easily coming to an extension agreement),  C) the inventory of decent single family homes here in Palm Beach County is extremely low, and D) many lenders are offering cash incentives to underwater and delinquent homeowners if they complete a short sale and meet other, minor benchmarks.

If you are upside-down..don’t wait..call me today, please. This year may be your best opportunity to sell your home in a manageable and dignified way.

My direct line is 561-602-1258.

Thanks for reading, Steve Jackson