Initially, when the foreclosure crisis hit, it crushed the middle-class, sending hundreds of thousands of sub-prime borrowers into foreclosure. But the foreclosure crisis affected the wealthy too, sweeping through affluent areas with equal disregard. Now short sales are on the rise nationwide in some of the country’s tonier towns, as the well-heeled are drowning in mortgage debt. Here’s RealtyTrac’s latest list of top-tier communities where short sale bargains abound.
1. Park City, Utah
Park City, UT 84060
6 Bedrooms, 5 Baths, 5,560 Sq. Ft
List Price: $1,100,000
In this Rockies resort town, more than 200 Park City, Utah, properties are short sale candidates, with listing prices as high as $3.9 million, according to RealtyTrac. That’s a lot of short sales for a town of 8,000 people. If you like to ski in the winter — at the area’s three major ski resorts (Canyons, Park City Mountain Resort and Deer Valley) — or rub shoulders with Hollywood types at the Sundance Film Festival, this 5,500-square-foot short sale for $1.1million is ideal for entertaining.
2. Beverly Hills, California
Deep Canyon Drive
Beverly Hills, CA 90210
4 Bedrooms, 4.5 Baths, 4,500 Sq. Ft.
List Price: $2,195,000
Beverly Hills ZIP Code 90210 has some of the world’s most expensive real estate. And it has some of the most expensive short sales as well. If you have $2.2 million lying around, you can pick up this 4,500-square-foot two-story home before it goes to auction on August 9 with an opening bid that is above the listing price.
3. Miami, Florida
S.W. 123rd Avenue
Miami, FL 33183
7 Bedrooms 6.5 Baths 7,420 Sq. Ft.
List Price: $1,499,888
With over 2,700 pre-foreclosures to choose from in Miami, the upper tier of south Florida’s real estate market is not immune to the nation’s short sale bonanza. Short sales of houses and condominiums in Miami with price tags of $1 million and more are abundant in south Florida. Here’s a palatial short sale for $1.5 million that sits on 5 acres.
4. Aspen, Colorado
Midnight Mine Road
Aspen, CO 81611
3 Bedrooms, 3 Baths, 3,330 Sq. Ft.
List Price: $2,950,000
Nestled high in the Rocky Mountains at 8,440 feet of elevation, the upscale community of Aspen is one of the most underwater cities in the country. Not only are Aspen homeowners drowning in negative equity, it is one of the most expensive places to buy real estate. Here’s a short sale listing for $2.9 million with three bedrooms and three bathrooms.
5. Rancho Santa Fe, California
Punta Del Sur
Rancho Santa Fe, CA 92067
5 Bedrooms, 5 Baths, 7,550 Sq. Ft.
List Price: $3,500,000
High rollers in San Diego County prefer to live in Rancho Santa Fe, a wealthy enclave about 20 miles north of San Diego. Median Rancho Santa Fe home values are currently at $1,719,200. Many sporting professionals and entrepreneurs call Rancho Santa Fe home, including golf champ and Hall of Famer Phil Mickelson and weight-loss guru Jenny Craig. Here’s a pricey short sale in the Ranch that will set you back by $3.5 million.
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