Scottsdale Real Estate Foreclosures Attract Bargain Hunters
Scottsdale Real Estate Foreclosures Attract Bargain Hunters
Scottsdale, Arizona ( Newdesignworld ) November 20, 2008 – Scottsdale has one of the highest rates of foreclosures in the (http://www.scottsdalefineproperties.com) Phoenix real estate market, and investors are shopping for bargains while first time home buyers are taking advantage of the deeply discounted homes.
"The interest in properties owned by banks as a result of foreclosure is the highest we have seen"
(http://www.scottsdalefineproperties.com) Scottsdale Fine Properties notes that according to RealtyTrac, the Arizona real estate market ranked 4th in the nation for foreclosure activity during the second quarter. Foreclosures are up nationwide 121 percent over last year and during June more than 250,000 homes across the United States were subjected to foreclosure filings.
Arizona has been one of the hardest hit areas, "The number of Scottsdale real estate foreclosures is much more than in some places across the nation" said an agent from Scottsdale Fine Properties.
While many are adversely affected, others see foreclosures as opportunities to find a good deal. "Investor interest in properties owned by banks as a result of foreclosure is the highest we have seen since we began tracking foreclosure sales" said a source. The complete RealtyTrac foreclosure data and inventory of bank-owned properties can be accessed on Scottsdale Fine Properties new (http://www.scottsdalefineproperties.com/foreclosures.html) foreclosure section of their website.
Inventories are high with lenders who are very eager to liquidate these foreclosed properties. This liquidation means below current market pricing for buyers. "Some local banks are taking a 75 percent loss" said John Lee a foreclosure specialist in Scottsdale, Arizona. "Banks must dump these properties as this credit crisis unfolds and once a home has passed through the retail side and resides on the backend those with cash on hand can take advantage" said Lee.
Buyers need to research the value of foreclosed homes and the new section on SFP’s website will provide important information regarding foreclosures. The page explains the detailed process of evaluating foreclosures and making an offer on foreclosed properties while also providing answers to some of the most frequently asked questions about foreclosures.
About Scottsdale Fine Properties in Scottsdale Arizona:
SFP is the leader in Arizona real estate sales and services and has been number one in residential sales in the Scottsdale area since 2002. In 2007, Scottsdale Fine Properties have won CNBC best real estate agency 3 years in a row as well as selling nearly a billion dollars in real estate. The Arizona market has grown to be one of the leading real estate markets in the country and Scottsdale Fine Properties is leading the industry in service and professionalism.
Contact:
Deb Mclean
Scottsdale Fine Properties
10135 e via Linda suite d124
Scottsdale, AZ 85258
Phone: 480.391.1700
Website: http://www.scottsdalefineproperties.com
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