In Phoenix, flipping homes are starting to make a comeback. As banks release more foreclosed homes into the market place at below market value, and as investors with cold hard cash pick them up at auctions, they are able to flip the homes in the market place for market value. This is particularly the case with once million dollar homes. Some of the homes that used to sell at more than a million in 2005-2007 can now be picked up at auction for $300-500 000. The catch is, the buyer must have cash to play. Then, these homes are sold on MLS for $600-800 000, still a great deal for those who can afford these multi-million dollar homes.
Here is a specific example of a house in such a situation that is currently on the market place: http://www.trulia.com/property/1050979790-755-E-Windmere-Dr-Phoenix-AZ-85048. If this mansion on 755 E Windmere Drive Phoenix, AZ does not sell soon, it will go into foreclosure and can probably be picked up at the auction for $800 000.
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