Yes, even the posh northern upscale neighborhoods of Scottsdale are experiencing foreclosure. In many cases, the old saying, the bigger they are the harder they fall can't be closer to the truth. In the majority of the Phoenix Metro Real Estate market the average home has dropped in price somewhere between 40 and 50 percent and Scottsdale Real Estate is pretty much in the same boat. From what I have been seeing, there are many homes that were selling for between three and four million dollars that have since foreclosed and dropped in price as much as 30 to 50 percent on average. That's not to say all of the North Scottsdale homes are worth 50 percent less. There are plenty of homes that are on the market that have not dropped to near those levels, but many of those homes have been on the market for over a year and they have not been foreclosed on yet. However, for the ones that have either foreclosed or had been a short sale, there are some AMAZING deals out there.
If you are an investor and want to make a good investment, I believe the Scottsdale Real Estate market is ripe for the picking. One thing that is helping in the upper end areas of North Scottsdale is that although there are some foreclosures in these upper end neighborhoods, there hasn't been enough to negatively effect the appraisal process, which means the right investor who does his homework can get an amazing deal and actually be in a situation to flip the home for a profit.
The market in a given area and the specific neighborhood has to be watched closely in order to make this work, but the payoff can be big!!! I hope this sparks some good ideas for the high end investor out there. If you are interested in any of the upper end homes in these areas just get in touch with me I am always following the Scottsdale market and well equipped to help.
Good luck out there and good hunting.
Thanks for reading.
Ken Cuellar
Team Cuellar
Tyler Properties
teamcuellar@qwest.net
623-340-3139
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