Keller WIlliams Luxury Logo
Home » Lets Make A (Foreclosure) Deal

Lets Make A (Foreclosure) Deal

by | Apr 14, 2008 | Investing | 0 comments

Imagine this. An investor goes into a new high rise in 2003 and buys about a dozen luxury condominiums. He never sells any of them or even moves into one. He just lets them go to foreclosure. Or this: A new luxury condo never once lived in valued at $1,000,000 sells in foreclosure for $605K. Another one sold for $390,000 cash in 2007 when even the county had it valued at $675K. How about an $824K luxury condo that sold for $605,000 after the bank foreclosed. These are not wild concoctions, but rather true stories from realtor Ryan Schulz who has been working the metro Denver foreclosure market exclusively for the last several years.

And Schulz has other stories on the opposite end of the spectrum, like a foreclosed property he listed for $59,000 that brought in 15 offers and eventually sold for $90,000. He once had 10 offers on a home listing for $156K, with the winning bid coming in at $175K.

It would seem by the flurry of activity that some people truly believe “there’s never been a better time to buy.” There is, however, a catch. Location, location, location. The above-mentioned properties are in strategic hot spots. Contrast these properties with others in different parts of Denver that haven’t ever seen an offer. So where are the hot areas to buy foreclosures? According to Schulz, Central Denver is on fire, with Littleton and Westminster close behind.

Still, Schulz will be the first to tell you that deals like the ones above don’t come along every day. In most cases the bank-owned homes he lists are in poor condition, and that’s being kind. If you’re considering the foreclosure market, just make sure you have the dough to fix up a place. Schulz offers this additional advice: Study the neighborhood to make sure the value is there, then act fast if you think it’s a good deal. Remember, you may have to offer more than full price. Finally, he cautions against buying with the idea of fix and flip; instead, plan on holding and renting. Schulz received 150 e-mail inquiries for one rental property in Washington Park.

Recent Posts

So, You Want a Place on the Ocean?!

So, You Want a Place on the Ocean?!

By Dan Polimino Of course you do! I was meeting with a client at a local eatery and he said to me, “It’s always been my dream to have a place in Hawai`i right on the ocean.” And why not? I mean, it’s one of the reasons why you would move to Hawai`i or own a second...

read more
September 2025 Featured Restaurant & Activity

September 2025 Featured Restaurant & Activity

Featured Activity: Atlantis Adventures Submarine Tour Discover the magic of Kona’s undersea world while diving over 100 feet beneath the sea in an eco-friendly, 48-passenger submarine. Learn about Kona’s marine mysteries in the air-conditioned comfort of this Coast...

read more
July 2025 Sales Statistics for the Big Island West Coast

July 2025 Sales Statistics for the Big Island West Coast

July real estate activity continued to be slow in the resorts along the Kona-Kohala Coast, with just a single home sale in Kūki`o and five condominium sales – two each in Mauna Lani Resort and Waikoloa Beach Resort and one at Kohanaiki. On the upside, these properties...

read more
June Market Statistics for the Kohala Coast

June Market Statistics for the Kohala Coast

Real estate activity along the Kona-Kohala Coast was quiet in June, with only a few condominium sales and no single-family home sales within the resort areas. The exception was Mauna Lani Resort, which was the bright spot with six condominium closings. Mauna Kea...

read more
Featured Big Island Restaurant & Activity for August

Featured Big Island Restaurant & Activity for August

Featured Activity: A Day Trip to the East Side – Explore ʻImiloa Astronomy Center Located on the University of Hawaiʻi-Hilo campus, ʻImiloa Astronomy Center is a must-visit destination for anyone curious about the stars, Hawaiian culture, and the art ofnavigation....

read more

Recent Listings

Call Now