A "normal" sale in Scottsdale cost a buyer an average of $52 more per-sq ft than a "foreclosure-type" sale during the 3-month period from July-September 2008. The average size home was 2,391 sq ft, making the difference in "total dollars paid" equal to $124,332 (2,391 sq ft X $52). This is currently the largest gap in any of the major cities in the Metro Phoenix Area.
On the other side of the price spectrum -- at $9 per sq ft -- the Town of Maricopa had the smallest gap between "normal" and foreclosure-type" sales. The average size home was 2,239 sq ft, making the difference in "total dollars paid" equal to $20,151 (2,239 sq ft X $9).
Foreclosure-type listings are defined in the MLS as "lender owned properties," "lender approval required", or "short sale approval required." Click here for a discussion on why square footage is a better comparison than total dollars paid.
During the July-September period, 26.1% of all homes sold in Scottsdale were foreclosure-type listings. In contrast, 59.1% of all homes sold in Maricopa were foreclosure-type homes.
It seems that bargain hunters have no problem swooping in on the Town of Maricopa. However, Scottsdale buyers appear to be less than half as likely to buy a foreclosure.
Comments