February 25th, 2010 by Michael Oliver

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The higher end of the Oro Valley foreclosure real estate market is seeing some nice listings come on the market. Recently I have seen

This Oro Valley Foreclosure Is Currently On The Market For $349,900

several high quality foreclosure homes within Oro Valley, these homes are newer and seem priced well considering the size and quality of them and the higher end neighborhoods in which they reside. Oro Valley Foreclosures are like a lot of other Tucson areas (including the foothills) where foreclosures are in almost every price range and home type. Oro Valley as a whole offers a smaller number of high quality move in ready foreclosure homes but has a high amount of short sales leading many to believe the supply of higher end foreclosures will be available for some time as the Oro Valley housing market is still in a recovery state.

If you are looking to buy a higher (high) end Oro Valley foreclosure hold out for the higher quality listings that generally hit the market every month. These foreclosure listings are in the $250K plus price range within some of the most demanded Oro Valley Arizona neighborhoods such as Rancho Vistoso, Canada Hills, Someset Canyon, and on the ultra high end; Honeybee Canyon, Stone Canyon (which has especially been hard hit with foreclosures), and many new homes (or newer) homes in the $500k+ price range that are in unsubdivided areas of Oro Valley.

What should you look for when trying to get the best deal on a upper (high) end Oro Valley foreclosure property?

I would give my clients looking for the best deals on Oro Valley real estate to stay patient and focus on grade A foreclosure homes in higher end neighborhoods where the best discounts should be. Roughly speaking the price ranges above the first time buyer market ($200k In Oro Valley) is a slower market then Oro Valley has experienced for some time. Homes in the $250k and up price range are many and buyer demand is not as robust as many would like to see it. Patient buyers will see a pretty decent amount of A grade foreclosure property. Grade A in my mind means the home needs to no real “fix-up” it may need some small and general landscaping, paint, and/or minimal flooring however many regular home purchases require the same items. These homes are out there one home on the market right now for sale and one of the better deals in Oro Valley foreclosure real estate is this home located at 1177 W. Doolan Dr Oro Valley, AZ 85755:

-3261 square feet

-Built in 2006

-5 beds

-3 baths

-3 car garage

-Home features many upgrades

-Located in Somerset Canyon Neighborhood off of Tangerine and La Canada

-Listed at $349,900 (This comes in at $107.30/sf . This home at $107.30/sf is an amazing deal for a premium 4 year old home in Oro Valley’s best zip code 85755 for just over $100 a sqft… With some negotiation this home should be able to be purchased for just under $100sf!)

This isn’t the only home with an amazingly low sticker price I have seen dozens of other foreclosures that just seem overly cheap. This homes while in my mind is cheap can even so still be bought for much less as this mid to upper end of the Oro Valley market is not moving as fast as banks like to move their foreclosure real estate. Lenders like to list and get sold their foreclosure inventory in under 90 days MAX! In fact they prefer 60 days and under, after 60 days have expired the banks start making aggressive price reductions until the home sells and with an aggressive Realtor negotiating for you as a buyer you could potentially cut 10%-20% OFF OF THE LIST PRICE of the right foreclosure with the right offer and terms.

When I see premium homes listed for just over $100sf in Oro Valley it makes the case the market is giving buyers a great opportunity to make some buys. Having a lot of experience from the new home industry I’m not even 100% sure you could build a home in Oro Valley of this size and in this location for the $350k asking price. The home previously written about originally hit the market as a new listing in the end of October for a list price of $386,900 now it is at $349,900. I predict this home will need one final price cut to sell and at a listed price of around $330k should sell fast! If a buyer stepped up and made an aggressive offer with proper negotiation I think a $315k-$325k price would be entertained by the lender as this home is going over 4 months on the market in a few days. If you would like help navigating the current Oro Valley foreclosure market call or send an email (using the form on the right) and I would be happy to help you out.

bank owned homes Oro Valley, Oro Valley AZ, oro valley foreclosures, Oro Valley Real Estate