Not all foreclosures come cheap
Last week we talked about the comeback of “big” homes in the midst of a national movement to downsize. Well, we thought it only fair to also mention that many “big” homes also contribute to the weight of the largest anchor currently holding down the national housing market: foreclosures.
This CNN article highlights a number of multimillion dollar foreclosures on the market in places like Orange County, Calif., Atlanta and Newport, R.I. These houses tend to stay on the market longer because their buying market is substantially more narrow. Nevertheless, they remain great bargains.
Given the region’s scenery and re-sale potential, we argue that this home in Monterey is the best of the bunch. Still, it’s not ACC country, probably isn’t close to great BBQ, and then there the taxes …