High-end Distress: American Foreclosures for a Million Dollars Plu$
Friday’s here and we look back at our week focusing on foreclosures. Monday we showed you how this segment of the market affects two popular American cities; Wednesday we advised you how to buy a foreclosure. Today, we look at actual foreclosed listings.
But these aren’t just any listings, dear readers: no, these are unique foreclosures indeed. These are million dollar foreclosures, the kind that make you wonder who possibly could have owned them, and what possibly could have happened? Not to mention speculation on the original cost of the home, since foreclosed prices usually represent deep discounts!
So, without further ado, we bring you 4 examples of high-end distress: million dollar foreclosed listings.
1. $19,950,000 for a foreclosed Laguna Beach mansion along Southern California’s coast?
Sure, if it’s 11,000 square feet of luxury nestled on over 11 acres, including a pool, spa, theater and a 20-car garage. 20 cars! Had to belong to someone famous and dangerously attracted to automobiles, don’t you think? Could this have been the home of wildly famous — but somehow still bankrupt—actor, Nick Cage?
2. Here’s a multi-mil foreclosed mansion that doesn’t even include walls -— just the basic bones of an 8,500 square foot Mission Revival style home that is, as you can see, far from finished.
So, yes: The asking price of $3,850,000 is just the beginning of what you’ll pay to live here.
Still, within ½ mile of this property is a smaller mansion (2,000 square feet smaller!), not a foreclosure, selling for $7,995,000. Maybe this place is a deal after all?
3. Moving north, we visit San Francisco’s famed Marina District/Cow Hollow neighborhood. Though the city as a whole hasn’t been as hard hit by foreclosures as some other parts of the nation, we can still find them even in posh ‘hoods like this one, so they’re still in the way-over-a-million price range. Here’s a triplex with a garage (the holy grail of real estate in this city of too few parking spaces!), listed for close to 2 million.
4. Further north still, to the Emerald City. Seattle too has its over-a-million dollar foreclosures. Right on the water we find one for $1,329,000.
Along with the multiple beds and baths, you get a roof-top deck and a dock. Care for a morning row? A brisk summer swim? Someone else’s financial hell could be your own little slice of aquatic heaven.
So, we ask you, whether you’re an investor, possible foreclosure buyer, or just enjoy a little high-end voyeurism, are these “bargain prices” enough to win you over?