Paradise Valley Arizona has had its share of foreclosures, like any other part of Metro Phoenix Arizona. We blogged earlier about the Mansion on Mockingbird. The former property taken back by M&I Bank from the chairman of Taser Corp. M&I Bank btw is now BMO Harris. This tiny (yes, its hyperbole) 17,000+ sq foot home just closed at $10.5 million after being initially listed as a foreclosure at 17.9 million. The most expensive home to sell in this foreclosure crisis in Metro Phoenix. What is interesting is that it was initially listed at the bargain basement price of $24.9M back a few days before Halloween in October 2009. The close is a small discount from the original list of 58%. Happy Halloween indeed. Obviously BMO was motivated to move the property, but after paying 5 cents on the dollar from M&I’s market cap top of 60 billion (they purchased M&I for 3 billion). BMO cleans up some of these super jumbo loans on their books and still makes out ok in the process.
Of note, the “other” 10 million dollar Paradise Valley foreclosure off of Invergordon (technically 9.95M), also just closed for 4.8M. Another severe discount from list. That property however was not finished and required another $1.0M roughly to finish. The original owner had over 11.0 into the property including 4 M of his own hard earned cash.
If you have any questions about listing your home in this market, short sales, foreclosures, or anything else regarding Paradise Valley real estate, please feel free to contact me at (800) 300-0263 or (602) 791-0536.
Realtor / Attorney
Cell (602) 791-0536
Direct (800) 300-0263
Copyright © 2012 by Carmen Brodeur – All Rights Reserved – Paradise Valley Arizona Foreclosure Sells for over $10 Million