FORECLOSURE UPDATE

This week we saw a very high number of properties in the Steamboat Pilot going through the foreclosure process. These properties ranged from $200,000 condos to a $5,500,000 luxury single family home. This $5.5 million dollar home was in the paper showing an existing first debt of $3 million dollars in foreclosure. There is definitely an opportunity being created by the increase in foreclosures. Along with the new notices given, we also saw the sale of a bank owned luxury home and two others go under contract (one of which was the Alpenglow, FDIC owned duplex mentioned in a previous blog), at significant discounts to previous market values. For more information about distressed opportunities in the Steamboat market, send me an email at chris@mybrokers.com or call 970.819.1432 .

Think Snow!!!