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Scottsdale Foreclosure Home Listings Show Sharp Price Falls



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By : John Cutts    99 or more times read
Foreclosure home listings in Scottsdale, Arizona continue to show sharp price declines. Investors looking for low-priced housing units in the Northeast Valley can explore the zip codes with the steepest price falls in Scottsdale to maximize resale or rental profits.

In 2009, home sales increased in the Northeast Valley because buyers were enticed by the biggest price discounts they have ever seen in the area.

Holly Eslinger, head of the Arizona Association of Realtors, said it has been a tough market for homeowners trying to sell their homes and for builders selling their newly constructed units because of the fierce price competition from foreclosures.

The lowest median price in 2009 among the Northeast Valley zip codes was posted by zip code 85257, where the median was $170,000, down from $221,100 in 2008 and from the zip code peak price of $287,950 in 2006.

The second lowest was posted by zip code 85251, where the 2009 median was $235,000, down from $275,000 in 2008 and from its peak level of $358,250 in 2006.

Zip code 85250 posted the third lowest, which was $245,000, down from $290,000 in 2008 and from its peak price of $379,000 in 2006.

Meanwhile, the zip codes that had the most sales from foreclosure home listings in 2009 were zip code 85254, where 197 homes were sold; zip code 85331, where 195 houses were sold; zip code 85255, where 188 units were sold; and zip code 85265, where 165 homes were sold.

Prospective buyers looking for higher-cost properties will not be frustrated in Scottsdale because zip code 85253 has properties priced during the boom at around $1.8 million which are now being offered for sale at $1.3 million.

The zip code with the most sales in 2009 was zip code 85255, where the median price was $550,000, down from $735,000 in 2008. A total of 875 homes were sold from this zip code during the year.

Residential prices in the Scottsdale area declined by staggering rates in 2009 as the area was among the most clobbered areas in the nation. In 2009, almost 134,000 homes in the Phoenix metro area, which covers Scottsdale and Mesa, were hit with delinquency and foreclosure notices, marking a 37-percent jump from filings in 2008.

As Scottsdale is close to Phoenix and is known for its tourist and shopping attractions, foreclosure home listings in the city are great opportunities for profits in Arizona.


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