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5 Best Foreclosure Bargains

by Maureen McCabe on April 13, 2008

monopoly game piecesThe best foreclosure bargains are not local. Relocating out of Central Ohio? There could be opportunities for you in this buyers market.   In “Where the Suprime Mess Has Created Buying Opportunities” Yahoo names five areas nationally where the unemployment rate is below 5% and according to RealtyTrac there’s a boatload of foreclosure properties available for home buyers…

Relocating out of Central Ohio and to sunnier climes? This may be the time to relocate to Phoenix or one of these Florida cites…

Want to know more about the real estate market in the five best foreclosure bargain markets, here’s some local blogs I suggest:

1. Denver /Aurora, Colorado

Kristal Kraft’s Denver Dwellings

Bob Schenkenberger’s Denver Real Estate

2. Fort Lauderdale, Florida 

Jeannetten Neerpat’s JNeerpat Weblog

3. Miami, Florida - I suggest

Maggie Dokic’s The blog that ate Miam.com

Ines Hegedas-Garcia’s Miamism

4. Orlando Florida

Marc Grossman’s Orlando Homes  blog

5. Phoenix, Arizona 

Jonathan Dalton’s Phoenix Arizona Real Estate

Jay Thompson’s The Phoenix Real Estate Guy

In “Where the Suprime Mess Has Created Buying Opportunities” Yahoo says of median home prices in these markets:

DENVER/AURORA (COLO.) MEDIAN HOME PRICE: $245,400

FORT LAUDERDALE (FLA) MEDIAN HOME PRICE: $365,500

MIAMI (FLA) MEDIAN HOME PRICE: $365,000

ORLANDO (FLA) MEDIAN HOME PRICE: $261,300

PHOENIX/MESA (ARIZ) MEDIAN HOME PRICE: $257,400″

The Yahoo article used 2007 median prices they found via the National Association of Realtors but it is US government info… Remember those are median home prices not average home prices.  We don’t usually talk median prices here in Central Ohio because the average prices are so good.  Or they don’t talk average prices in markets where the average price is scary.  It is all relative of course.

Median price of a home in Columbus $147,400 (MSA.)

Click your heels together and repeat after me:

There’s no place like home.

There’s no place like home.

There’s no place like home.

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{ 6 comments }

1 Kristal Kraft April 13, 2008 at 10:19 am

We have many opportunities for buying foreclosures. It takes a strong stomach and much patience to purchase a foreclosure. The banks aren’t the best sellers to deal with, but with patience and low expectations one can get the job done.

I have helped many people find excellent deals in the Denver metro area. We also believe we will be on the upswing very soon. With builder production slowing to a near stop and low interest rates at all time lows, our market will be turning the corner soon.

Clicking my heels now…

2 Palmetto Bay Redland Real Estate April 13, 2008 at 07:56 pm

Every day I am surprised by yet another great bargain in Miami, especially the Homestead area. I have bank-owned listings myself and have found them to be very easy to deal with, it just takes a little longer to accomplish the task.

The opportunities available for buyers in Miami are abundant right now. The only problem is that when a great one shows up it is usually snatched up in 10 days or less. This is not the market of last year when the buyers could take their time making up their mind. With a good agent on the lookout for you, a bargain is easier to find.

Maggie Dokic

3 Jay Thompson April 14, 2008 at 12:45 am

Well thanks Maureen!

Foreclosure (and pre-foreclosure) opportunities abound in the Phoenix market. Our insane run-up in appreciation from late 2005 – early 2007 has resulted in a LOT of folks that are now “upside down” in their mortgages. We’ve still got 50,000+ listings, and many are short-sales / REOs. Lots of sad stories out there, but (sadly) one persons misfortune is another’s opportunity.

4 ines April 14, 2008 at 02:06 am

Thanks Maureen – Like Maggie, I am shocked at the deals I see in Miami every day. We are currently handling a short sale in one of those infamous new buildings so attacked by the media.

As Jay said, “one persons misfortune is another’s opportunity” it’s sad but true

5 Maureen McCabe April 14, 2008 at 10:11 am

Thanks guys (and gals… I guess mostly gals) for the comments as you can see we did NOT have a crazy run up in values as a market… in Columbus.

Median price of a home in Columbus $147,400 (MSA.)

Not that we don’t have foreclosures available and opportunities locally but if people need to move to a sunnier area… they ought to be reading the blogs in those markets now and be making decisions quickly if they want a bargain. I found some stuff specifically about foreclosures on some of the blogs I mentioned but wanted to recommend the blogs as a whole if people are relocating from Columbus for some reason. Get the whole story about Phoenix, Denver, Miami etc.

I think our unemployment is below 5% too…(I think it was at 5% in February… Not something I pay a lot of attention to usually) and Columbus is considered very stable… no run up in value… no steep decline and that has something to say for a market too… there’s no place like home.

6 Marc Grossman April 14, 2008 at 11:00 am

Maureen, Thank you so very much for the mention. I would have commented sooner, but was out showing property yesterday and had internet issues last night. That’s one way to stop working for the evening.

Everyone has made some very good points. Yes, we are seeing a good deal of foreclosures in the Orlando market as well. There are surely some great deals out there in the resale market and as you mentioned, they don’t necessarily have to be foreclosures.

Orlando is very lucky in that we are a destination city. That has generally kept us above the national average in appreciation, etc. It’s a great place to live with so much to do outside of the theme parks.

There’s no place like home!

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