As my last few posts (#1 and # 2) will reveal, I've driven my clients from one end of the Valley to the other lately. The best deals we found today both had pools ... and very nice pools at that. Here are the details:
House # 1
- 1,558 sq ft built in 1999
- 3 bed / 2 bath / 2 car
- pebble tec pool with waterfall and heated spa on a 13,392 sq ft lot (over 1/4 acre)
- Original price: $276,000 on 11/05; price at trustee's sale: $266,172 on 5/08
- REO Foreclosure LIST PRICE: $140,000 ($89.90 per-sq ft)
backyard nice pool
House #2
- 1,668 sq ft built in 2001
- 3 bed / 2 bath / 2 car
- plaster pool with waterfall & pop-up self cleaning heads on a 7,776 sq ft lot
- Original price: $280,000 on 6/06; price at trustee's sale: $135,920 on 5/08
- REO foreclosure LIST PRICE: $134,900 ($80.90 per-sq ft)
The fact that a professional investor did not pick house #2 at the trustee's sale for the opening bid of $135,920 would indicate that they cannot compete with the current prices on REO's.
I have mentioned it before on this blog, but prices were at -- or higher -- than this BEFORE the boom of 2004-2005. Prices have become low enough to even attract some doom sayers I know. After all, the principal and interest payment on a $135,920 loan (list price for #2) at 6.25% interest is $836.88.
My client was impressed with both these deals, but is actually more interested in a house that is listed for more money. It's 1,868 sq ft with a pool listed at $149,900 ($79.70 per-sq ft). Surprise is a good deal for him because he just landed a teaching job in N.W. Glendale.
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