Bristol Palin Buys Ariz. Foreclosure
According to filed reports, she paid $172,000 for a foreclosed home in the northern part of a Phoenix bedroom community called Maricopa, Ariz. She snapped it up from a North Dakota investor couple for hard, cold cash earned from her recent stint on Dancing With the Stars (pictured left).
Bristol Palin, the eldest daughter of former vice-presidential candidate Sarah Palin -- who first came into the public eye when she got pregnant as a teenager and had a baby out of wedlock -- closed on the home in early December, and according to paperwork filed in the Pinal County Recorder's office.
She bought it from Michael and Cynthia Smith, who paid $137,300 for the home, once valued at $329,560. Of course, that price tag was tacked on after it was built, in 2006. (The owners who paid $329K were foreclosed on last January.)
The Smiths spruced the home up before putting it on the market. It is located in a development called Cobblestone Farms. The 3,900-square-foot home has 5 bedrooms, 2½ baths, and a 3-car garage. Cobblestone Farms is considered one of the best neighborhoods in Maricopa,
"It's not about glitz and glamour, but about quality of life," Farrell said of his 'hood. "I think she bought in the best neighborhood that Maricopa has to offer."
Maricopa, which was featured on ABC Nightline's "Reality Check" as the poster child of the subprime housing crisis, is about an hour's drive from the tonier Phoenix 'burbs of Scottsdale and Paradise Valley. Bristol will love the children's playgrounds, and being within walking distance of Ace Hardware. The current HOA fees are $85 per month. The neighborhood has single and multilevel homes ranging from approximately 1,200 to 4,200 square feet. It's also just a few minutes from Arizona State's School of Broadcasting, and Bristol has, of course, expressed an interest in public speaking.
Is Bristol Palin leaving her native Alaska to attend Arizona State University? "I'm not sure why she wanted to buy that home, but we are real happy for her," seller/investor Michael Smith told The Arizona Republic.
For more on mortgages and related topics see these AOL Real Estateguides:
- How to Get a Low Mortgage Rate
- Mortgage Jargon in Simple Terms
- How Much Home Can I Afford?
- How to Buy Foreclosures