Chasing the Ever-Growing Dream: Bargain Network’s Top 10 REO’s for $250,000
August 2, 2007
The single-family housing market is still in a correction phase following the historic and unsustainable Real Estate highs of the 2004-2005. The result is a large inventory of vacant existing and foreclosed homes. As affordability problems continue to climb, so do the number of impressive properties entering into the foreclosures process. Here are a few homes for auction priced for less than 70% of the Median Home Value across the United States ….
Owning a home has always been a part of the American Dream. That hasn’t changed over time. However, what has changed is our expectations in terms of how big that home should be. Long gone are the days of small and cozy. Today, most people want more than a two bedroom and one bathroom home with a postage-stamp sized yard. They want space and lots of it.
According to the National Association of Home Builders, the average square footage of a home in 2005 was 2,414; up from 1,400 in 1970. More homebuyers want homes with larger bedrooms, kitchens and family rooms. Fortunately, foreclosure REOs provide potential buyers with the opportunity to own that larger home typically at a more affordable price. Here are a few examples of roomy REOs up for auction:
Villa Lago Lane, Ormond Beach, FL: List Price $249,900
- Built in 1995, this 3 bedroom, 2 bathrooms home is 2,552 square feet, and has a price per square foot of $97.92.
- Located on the northern end of Daytona Beach, Ormond Beach was recently rated one of the top 100 cities to relocate by the National Strategy Group.
- The area is known for its famous drive-on beach, one of the few available in the world.
Oleander Drive, Yuba City, CA: List Price $255,000.
- Two-story home offering 1803 square feet, with a price per square foot of $141.43.
- Built in 1996, it includes 4 bedrooms and 2 bathrooms.
- Yuba City is conveniently just 45-minutes from Sacramento and serves as the center of shopping and business for the three surrounding communities.
Blackthorn Lane, Richmond, VA: List Price $259,900
- Built recently in 2005, this town home provides 1796 square feet of living space, with a price per square foot of $144.71.
- Richmond is consistently ranked among “Best Places to Live and Work in America” in several national publications.
- Trendy boutiques and restaurants, numerous sports and entertainment attractions, one of the nation’s largest river park systems, and a large selection of historic landmarks make Richmond a happening place.
Wexford Lane, Lake in the Hills, IL: List Price $249,500
- This home has 1,663 square feet of living space at a price per square foot of $150.03.
- Built in 1997, the two-story home has 3 bedrooms and 2.5 baths.
- The community offers convenient shopping and entertainment, low crime, well-kept neighborhoods, abundant community activities, and an excellent parks system. Outdoor enthusiasts will enjoy the four surrounding lakes.
Carrot Ridge St, Las Vegas, NV: List Price $249,500
- A 1535 square foot single family residence built in 2005 which has a price per square foot of $162.54.
- What’s not to love about this internationally known vacation, shopping, entertainment, and gambling destination?
East 19th Avenue, Strasburg, CO: List Price $250,000
- At 2,661 square feet, this two-story 4 bedroom 3 bathroom home built in 2000 has a price per square foot of only $93.95.
- The 3.2 acre spacious lot provides plenty of wide open space for children to play or for outdoor entertaining.
- Strasburg is conveniently located just 30-minutes from the Denver International Airport along I-70.
Golden Eagle Drive, Camillus, NY: List Price $249,900
- This single family home provides 2,654 square feet of living space, with a price per square foot of $94.16.
- Built in 2003, it includes 5 bedrooms and 2.5 bathrooms.
- Just 15 minutes from Syracuse, Camillus, combines the advantages of small town living with the convenience of “big city” amenities.
Mulberry Court, Wixom, MI: List Price $254,900
- Built in 1998, this single family residence has 2,124 square feet and a price per square foot of $120.01.
- The city is conveniently located near seven higher educational facility including the University of Michigan Ann-Arbor and Eastern Michigan University.
- Wixom is home to manufacturers Trijicon, Discraft and Ford Motor.
Hidden Lake Drive, Bremen, GA: List Price $259,900
- This newer home built in 2004 offers 2,000 square feet of living space with a price per square foot of $129.95.
- Bremen boasts an exceptional public school system.
- Outdoor enthusiasts will enjoy nearby John Tanner State Park which has the largest sand swimming beach of any Georgia state park.
Potomoc Drive, Magalia, CA: List Price $249,900
- This 1,749 square foot single family home has a price per square foot of $142.88.
- Magalia, formerly known as Dogtown was originally established as a Gold Rush mining town in 1849.