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Million Dollar Foreclosures in Colorado Springs
Are there million dollar foreclosures in the Colorado Springs real estate market? You Betchya! The Colorado Springs Real Estate Connection keeps a close eye on foreclosures in Colorado Springs. From January to August of 2008, Colorado Springs has already had 3,144 foreclosure starts. (A foreclosure start is when a bank starts the foreclosure process on a home. In many cases, the foreclosure will not go through because the homeowner either sells or redeems the property before the foreclosure sale date.) I was reading a recent MSNBC news article about million dollar foreclosures where I found this quote: "According to RealtyTrac, the number of homes valued at more than $1 million that are in some stage of foreclosure has swelled to 7,968 between January and August. That compares with 4,214 during the same period last year." There are not a lot of million dollar homes for sale in the Colorado Springs real estate market, and I was curious to see if any of them were in some stage of foreclosure. So, I checked into the local MLS, to see how many million dollar Colorado Springs foreclosures we had listed. Currently, there is just ONE million dollar home for sale in Colorado Springs, that is a foreclosure. Actually, it is already Bank Owned. (This does not account for million dollar homes that may be listed and NOT marked as "Bank Owned" or "Foreclosure") This home is a 5 Bed 6 Bath 5,657 sf home for sale in the Broadmoor area. It was built in 2000, purchased in 2004 for $2.3 Million, it is currently listed at $1,267,900 and has a current taxable value of $2.1 Million. This could be a great deal for someone looking to buy a million dollar home in the Broadmoor area of Colorado Springs. Contact the Wagner iTeam at Keller Williams Realty Search All Million Dollar Homes for Sale
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