Luxury Deals: 5 Ultra Expensive Foreclosed Homes For Sale

I would not be surprised to find some celebrity homes on that list. According to official data, 335 percent more properties priced at $1 million and above were foreclosed in 2010 as compared to 2007. Daren Blomquist of foreclosure watching company RealtyTrac revealed that more foreclosures are taking place in the high-end market. The tough economy, coupled for some with job loss and other troubles, is pushing many homes into foreclosure. Back in 2007, million-dollar foreclosed Homes for Sale accounted for only 1. Even with high incomes, it can become difficult to make regular payments on mortgages for high-end homes. In recent times, many rich homeowners have begun to cease paying their mortgages simply because the property value of their home has dropped below the unpaid balance on the mortgage. In such cases of negative equity, it makes financial sense to walk away from a home. This trend is more visible in the high-end home market than in the low-end one. The large number of million-dollar foreclosed homes indicates that interested buyers can now purchase high-end homes at low rates. According to RealtyTrac, the first quarter of 2011 saw foreclosed homes selling for 27 percent less than other properties. And here is a look at five of the most expensive foreclosed homes that are currently up for sale. The four-bedroom, seven-bathroom home has a home theater, an infinity-edge pool, a spa and tasteful interiors. But it also offers jaw-dropping high-end features like a private heliport and a garage that accommodates 20 cars. The luxury home has sprawling gardens, as well as terraces that offer fantastic views of the Pacific Ocean. Interested buyers should purchase the property earlier to avoid entering a bidding war. Located 15 miles from San Diego, this contemporary-style luxury property offers beautiful views of the Pacific Ocean. It features a heated pool, a dog run and a two-space carport. Moreover, Calvin Klein and Visa have used it as a backdrop for their advertisements. Plus, there is a Dolby sound system equipped home theater done up in mahogany. An on-site solar power stations provides all the power needs of the home. There is also a 21-car, climate-controlled garage and a $1. The spacious seven-bedroom, eight-bathroom home also features a ballroom, a music room and four fireplaces. The rooftop deck showcases a whirlpool that overlooks the ocean. An artificial pond and waterfall adorn the grounds. People who love entertaining will adore the balconies and the al fresco patios as well as the outdoor terraces that can be used for dining and dancing. The trend was seen in all the ten cities that topped the foreclosure list back in 2010. All ten of these cities were located in three states – California, Nevada and Arizona. All these states require a court procedure for foreclosures. Some quarters are hopeful that rental plans might provide a required nudge to property prices. The housing market is on the road to recovery, but the large number of properties for sale is an obstacle. This makes it difficult for people who want to sell a smaller home and buy a larger one, because there are not enough buyers for their property. The rental idea could hold some promises, but many Realtors remain skeptical. They feel that this would be logistically difficult to implement. Plus, given that markets operate in various ways, administering the rental plan could prove a complicated process. In the meanwhile, Realtors have to work on wooing buyers, especially luxury buyers, to purchase foreclosed homes. You can leave a response, You can also follow any responses to this entry through the RSS 2. Homes for Sale