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