Hi Prospects & Friends,
I wanted to share a foreclosure with you all that just hit the market a couple of days ago. The property is a bank reo, and it is priced well below market for this subdivision. The price/sq.ft. for this subdivision is $173.24 as of 8/2009, but the property is currently being listed for $102.82/sq.ft. See data below for this foreclosure:
Listed for $940,500
Lot sq.ft. 37,608
4 car garage
So for a 9,147 sq.ft. house listed for $940,500, that has a market price of $1,585,000 you can't beat that deal, the house stands with $644,500 in market equity just by being a foreclosure. Great deal for the person going to buy this house, they will be of great fortune. This is one of those deals where you have to analyze the estate tax laws also which if not renewed after 2010 will cause this house to be heavenly estate taxed on top of the capital gains and other required taxes. If I bought this house I would just never sell it and enjoy realizing someday who ever I leave the house too will be of great fortune, once the home is paid off. I would make sure I've analyzed every possible tax scenario to keep the prior wealth accumulated with this house.