Not your Grandpa’s Dilapidated Repos. Luxury Foreclosures Alive and Well in Houston

Posted by Erion Shehaj in Featured Articles, ForeclosureFriday, Houston Real Estate on Friday, August 7, 2009 | no responses

Quick show of hands: How many of you think of something like this when the word “foreclosure” is mentioned? I don’t blame you. If you were to pick up your Webster’s and look up the ‘f-word” this is probably what you would find. But there’s another, much richer “cousin” to the low end properties depicted above that many don’t know about. Luxury foreclosures draped in hardwood, stainless steel, wrought iron, mediterranian stucco, spanish tile roofs and sparkling pool water.

Quick Peek

Running our Foreclosure Search for properties above $400,000 yields 65 total properties, the highest priced just a hair under $2M. Twenty percent of the luxury foreclosures are sitting pretty Inside the Loop, while the rest are spread out in Suburbia sporting much larger lots (lower land cost) and monstrous square footage. You can find one in whatever flavor sloats your boat: Rice Military Chocolate Chip, Memorial French Vanilla, West University Pistacchio or Midtown Stracciatela. Or if you’re in the mood for something more … suburban, you can maybe try some Sugar Land cheesecake, Richmond McMansion Nuggets or some Spring Mix Salad.

Jump In

Some parting thoughts:

If you’re in the market for a luxury property, check foreclosures first. You might be able to land a deal for much less than you’d pay retail, and still get that new house smell (some deals are foreclosed from builders and have never been lived in).
If you already live in the luxury property, congratulations . Second, you should probably still take a look. You might be able to upgrade to something bigger and better for the same money you’re paying now.
Even if you have no interest in buying something, take a look anyway and see what’s out there. It will be like your local HGTV show without the sugarcoating.