Thursday, September 4, 2008

Foreclosures Sink Property Values

Property owners in Scottsdale, Arizona are getting hammered with sinking property values.

In one North Scottsdale neighborhood two homes were auctioned of in a foreclosure auction. One house sold in the auction for 39% below the current average price per square foot. The second house sold for 42% below the current average price per square foot. This foreclosures auction took place one week ago.

Just this past weekend I was in Carefree, Arizona and a Scottsdale real estate agent asked me for directions to a house that was for sale. It turns out she was doing a preview of a bank owned Carefree, Arizona house. The agent showed me the MLS print out of the listing and I think the house was listed on the MLS for $455,000. Take a look at the video to see this Carefree house. On just the next block homes are listed for over a million dollars.

Bank owned property in Carefree Arizona.
Video taken by Peter Kosednar.

You may see a for sale sign on a house and not know its a foreclosure. I have seen this happen in all areas of town. Not sure why listing agents don't post that info when they install the real estate signs at the house. Other times the for sale sign will note it's a bank owned property or foreclosure.

To keep up to date on local homes for sale I always use its easy, free, and a quick way to stay informed.

The real estate market in Scottsdale is getting really crazy right now - fasten your seat belts folks!