Sedona, AZ (PRWEB) April 20, 2010 -–
According to Bill Clark of Coldwell Banker, current economic conditions are having a positive impact for buyers interested in purchasing real estate in Sedona, Arizona. Current market statistics indicate that an estimated 6 percent of the listed homes for sale in Sedona are lender-owned, and are being offered at record low prices.
Lender-owned homes, or properties that have defaulted to mortgage companies and banks, provide a unique opportunity for today's buyers. Offered in varying price ranges between $78,000 and $1,000,000, the Sedona homes currently on the market allow buyers to recognize hundreds of thousands of dollars in savings for properties that might otherwise lie outside their price range.
For example, at the top of the range, homes in the Cibola Hills subdivision of Sedona offer up to 3,875 square feet of fully customized interiors for just a little under a million dollars. A 3,340 square-foot home in West Sedona, which once priced at $1,695,000, offers amenities like Venetian plaster walls and a gourmet kitchen at an over $1,000,000 discount. According to Clark, these types of price reductions are typical of a recession.
“In three previous recessions, I've worked in mortgage servicing that deals directly with REO, or foreclosed properties,” says Clark. “It's the kind of opportunity potential home buyers shouldn't miss.”
Even though government-based tax breaks on home purchases are on the way out, professionals like Clark stress the benefits of buying a foreclosed home in this market. In addition to greater options in the types and sizes of available properties, incentives for making a purchase directly from the lender offer even more savings. In Sedona, where luxury houses and scenic views are available in all price ranges, this translates directly to dream homes at unheard-of prices.
About Coldwell Banker Affiliate
Coldwell Banker First Affiliate is one of the oldest and largest real estate brokerages in Sedona. Bill Clark carries both a Certified Distressed Property Expert (CDPE) designation as well as the National Association of REALTORS sponsored Short Sale and Foreclosure Resourse (SFR) designation.
For more information, contact Bill at (928) 301-6906, or email him at billc (at) cbsedona (dot) com. You can search for listings with no obligation at http://www.billclarkrealestate.com.