Million-Dollar Foreclosures On The Rise

Think that all of the foreclosures happen in District 10, Oakland, and Richmond? Ahem! Could that be the sound of the trustee’s gavel whack as another million dollar plus home gets sold in Woodside, or Hillsborough?

Hillsborough had one $1.5 million foreclosure in February.

Even Woodside had a $1.5 home go REO recently.

Besides those towns, San Francisco definitely has its share of foreclosures but who knew that 21 foreclosures have occurred in SF with values over 1 million dollars in the past 3 months.

Yes, even the rich need education and help when it comes to foreclosures.

To show the lessor reported side of the REO market, we’ll highlight a few high priced foreclosures here in the Golden State over the next few days.

Here’s one down in So Cal – Asking price: $18 million – talk about a jumbo loan.

Down behind the Orange Curtain sits this impressive home with inspiring views of Catalina Island and the Pacific Ocean. This baby fell into foreclosure in 2010, the same year they built it. Talk about a quick turndown. At one point the home went into escrow for $28 million. Now, this REO can be had through a private investment group for a cool $18 million.

The house contains an oversized master suite and 3 additional bedrooms, 6 1/2 bathrooms (no wait for the bathroom) and a garage that can accommodate 20 cars. The kitchen contains high-end stainless steel appliances, granite counter tops and a butler’s pantry. The home also offers a screening room and an atrium foyer.

Get out your checkbooks!

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1 Comment

Filed under California, Foreclosure

One response to “Million-Dollar Foreclosures On The Rise

  1. Pingback: Luxury Homes Foreclosure Trend | Resource Blog

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