Are the Ultra-High End homes next to hit the foreclosure system?

I found this from a friend in the real estate business. Hence the reason you see the references from Houston. But the cities referenced, with Houston, are or were some of the hardest hit during the recession and had some of the largest inventory of distressed properties. So if you are on the hunt for the Ultra-High End properties in Jacksonville, call me to see if there some available in Historic +Avondale +Riverside +Sanmarco +Springfield +Ortega.


Looking for eight bedrooms, 13 bathrooms and 23,000-square feet in Houston?

For a cool $6.3 million you may be able to take it off the bank’s hands since it repossessed a house fitting this description in April.

According to RealtyTrac, foreclosures on ultra-high-end homes — those with a value over $5 million — are up 61% over last year, defying the trend in the overall market that has seen foreclosure activity down 23% through October.

Panoramic ocean views, stunning architecture and landscaping — even putting greens — are some of the hallmarks of these luxury properties.

And although they account for a tiny part of the market — less than 200 total in 2013 so far — they can cost a foreclosing lender a sizable amount.

However, as Emmett Laffey, CEO of Laffey Fine Home International in New York City, said, “Any foreclosure properties in this kind of ultra-luxury market get purchased very quickly since there is one thing all super-rich buyers want — an outstanding deal on a real estate transaction, and in most cases foreclosures of this magnitude come with several million dollars of built-in value.”

According to RealtyTrac the top market for foreclosures in the $5 million-plus range is in the Miami/Fort Lauderdale area, followed by Los Angeles.

Rounding out the top five list are Atlanta, Ga.; Orlando, Fla.; and the New York City/Northern New Jersey area. Although Los Angeles made the top-five list, foreclosure activity in California as a whole is down compared to last year.

#LizBobeck