THE WALL STREET JOURNAL reports that luxury homes are the latest victims of the housing crisis. According to the report, and not surprisingly, California, Florida and Nevada figure prominently in this latest chapter of housing doom. But on a happy note, and seemingly because Arizona does not figure prominently in this mess, any mention of Arizona is conspicuously absent.
In The Finest Foreclosures, " the housing crisis that swept through working-class and middle-class communities across the country is now creeping into the leafy driveways and the gated communities of the nation's most exclusive towns. The housing crisis is spreading to many luxury neighborhoods, as mansion-size defaults stun the industry."
This 5,700-square-foot home in Bradenton, FL was priced at $3.78 million but is now in contract for $1.1 million.
Purchased for $2.3 million in 2002, this 10,600-square-foot home has a private gym, media room and a resort-style cabana overlooking the pool and tennis court. Sale price is $1.75 million.
" For now, the biggest concentration of luxury foreclosures is in the Sunbelt. According to RealtyTrac, California accounted for more than half the nation's total of million-dollar foreclosures, with 4,756 homes in the year-to-date ending in August. Florida ranked second with 1,088, followed by Nevada with 215. California and Florida have for months been among the biggest losers in the national housing downturn."
Read it here> The Finest Foreclosures
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