Foreclosures for $1 Million & Up
When we hear the word "foreclosure," the majority of us think of dilapidated, run-down, undesirable properties. But in reality, some of the finest mansions and estates in the USA are up for grabs because their owners have defaulted on mortgage payments. And while these posh properties will likely command million-dollar prices because of their grand and impressive features, many of them will come with a King's ransom of built-in equity, ready to be tapped.
Here are five great examples of prime American real estate on the auction block:
8026 Spring Village Drive, Spring, Texas
List Price $1,200,000
-- Spring, the former home of Anna Nicole Smith, is 20 miles north of Houston and is one of the most exclusive and popular destinations for affluent Texans who want to be near the big city but prefer a small, luxurious town.
-- A unique shopping village in the restored historic part of town has about 100 high-end retail shops and restaurants.
-- At more than 7,000 square feet, the mansion is Texas-sized, but the price per square foot is only $168.26. Sell it for $200 per square foot and get a 20 percent return on your investment.
-- A 20 percent profit on this deal will net you $240,000, which is enough to buy a brand-new, median priced home in America and pay off the mortgage.
11421 S. 69th East Avenue, Bixby, Okla.
List Price $2,350,000
-- Bixby is a suburb of Tulsa with a small population that is growing as fast as the tomato plants in this town known as "The Garden Spot of Oklahoma."
-- In one of the fastest growing communities in Oklahoma, you can enjoy city life with small town amenities like locally grown produce.
-- Although it costs millions, this property is priced at the low end of the scale for construction costs, thanks to its deeply discounted foreclosure status.
-- With almost 17,000 square feet -- at the rock bottom price of $139.30 per square foot, you get almost half an acre of space to rearrange your furniture. That's more inside room than most of the gardeners in Bixby have outside, and they are known for pretty big garden plots.
6 Colonel Winstead Drive, Brentwood, Tenn.
List Price $1,599,000
-- Founded in the 1700s, Brentwood grew and prospered to become one of the richest places in the entire state, home to fertile soil and impressively elegant plantation homes.
-- Local plantations damaged during the Civil War era were rediscovered and restored in the Roaring '20s.
-- As nearby Nashville grew to become one of the most popular cities in the USA, Brentwood regained its status as one of the richest towns in Tennessee.
-- Buy into this jewel of an estate and you'll get 7,144 square feet of upscale history with plenty of upside market potential when the national real estate economy bounces back from current levels.
5350 Franktown Road, Carson City, Nev.
List Price $1,199,000
-- This upscale listing has almost 5,000 square feet, five bedrooms, and two and a half baths.
-- Carson City is the capital of fast-growing Nevada.
-- The region enjoys a great year-round climate and is situated in the beautiful Sierrra Nevada mountain region, close to Lake Tahoe.
-- Reno, a city ranked in the Top 10 by the book 'Cities Ranked & Rated,' is just 30 miles away to the north.
301 Adams Street, Quincy, Maine
List Price $1,250,000
-- You'll have plenty of room to stretch out and get comfortable with seven bedrooms and five full bathrooms.
-- Quincy -- nicknamed "The City of Presidents" -- was home to Presidents John Adams and President John Quincy Adams.
-- The famous graffiti slogan "Kilroy Was Here" was created by a man who worked in the local naval yards.
-- Now you can buy into your own bit of rich history and say that you were also here, making money as a foreclosure investor.
If you're ready to move to a new home -- and move up in the world -- 2007 may be the chance to make your move into a millionaire's mansion.
Investing in the former homes of the rich and famous is easier -- and cheaper -- than it has been in years, thanks to a record-breaking foreclosure market that leaves no economic bracket unaffected. Even posh properties with million-dollar price tags are being sold at deep discounts and "going out of business" bargains.