Orlando No. 4 among metro areas for foreclosed mansions
Orlando Florida has had 12 foreclosures of homes in that price range so far during 2013 — up from two the previous year. Miami/Fort Lauderdale/Pompano Beach led the nation with 47.
The number of multimillion-dollar estates in foreclosure during 2013 is relatively small. Nationally, fewer than 200 of those houses had foreclosures in 2013, compared with 1.2 million properties overall. But each of these high-value homes represents a much bigger potential loss for the foreclosing lenderwhen compared with a median-priced home.
Within the Orlando area, Windermere appeared to have the most financially troubled mansions. The Windermere ZIP code — 34786 — was in the Top 10 nationwide. Three houses in that ZIP were in foreclosure this year, up from one in each of the three previous years.
Overall, Florida led the nation for high-end residential foreclosures. The beach-lined state had 67 luxury homes in foreclosure so far this year, up from 17 last year. Statewide, foreclosures in that price range peaked at 99 in 2008 and have dwindled until this year.
Buying or selling? Contact Luxury Realtor Spiro Vrouhas: http://www.spirovrouhas.com
- Super Jumbo Foreclosures Surge as Overall Activity Wanes (chaebae.wordpress.com)
- Foreclosure notices down 29% in Bay area (TBO.com)
- Foreclosure Starts Reach 95-Month Low (247wallst.com)
- Foreclosures up in luxury market (heraldtribune.com)
- Miami leads nation in high-end foreclosures (local10.com)
- Importance of a Home Warranty (spirovrouhas.wordpress.com)
- AG to review Helmsley sale of Empire State Building stake (spirocvrouhas.wordpress.com)