Not all REOs (Real Estate Owned) or foreclosures are created equal. While the under $300k market has been significantly hit by foreclosures and short sales, there are subsequently fewer at the upper end. Yet, those dreaming of a real 'steal deal' are not snapping up these delightful foreclosures at the top end of the market.
In part it could be because the financing of higher end properties means fewer foreclosures so the market value appears to be less hit. It could also be because of the higher the dollar amount, statistically, there are going to be fewer buyers.
Either way, the following properties are delightful and worth considering. Comparable sales in the past year have triggered market value ranges that are in the parentheses following each brief.
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- One Watergate, 3154 square feet of beautiful wood floors and long views across Sarasota Bay at $825,000. ($1 million to 1.1 million)
- In Laurel Oaks, 7650 Albert Tillinghast's 4607 square feet has marble and Brazilian hardwood flooring, volume ceilings and an outdoor kitchen and entertaining area meant for the Florida climate, being offered at $840,000 ($699k to 828k)
- If altitude is what you are after, there's an REO condo on the 14th floor in Bay Plaza, being offered currently at $1,200,000 with expansive views and an updated kitchen ($1.1 to 1.6mill).
- Siesta Key has two luxury REOs on the market at the moment: 3333 Higel Avenue, a well-appointed-canal-front-with-dock-and-pool on at $1.499 million ($1.6 to 2.03mill), and 3919 Solymar with deeded beach access and 4184 square feet of luxury appointments, being offered at $1.6million ($1.5 to $2.5mill). It is interesting to note that Solymar sold in 2008 for $2.6million.
- Finally, right off St. Armands Circle, near Lido Beach, with its own pool, boat dock, travertine marble and wide plank hardwood flooring, one of the smallest at just over 3000 square feet, is 323 S. Washington, being offered at $1.7 million ($1.3 to 1.4 million)
If you want to know more about any of these properties, you can contact the listing agent (whose details are associated with the photos) or your agent. Please let them know you read about it here.
