What does your dream home look and feel like? California hilltop with ocean view? Would you prefer a breath-taking Oak Park Queen Anne Victorian with lots of "gingerbread" and the perfect color scheme? How about a Malibu beach house, a Phoenix golf course home, or a Manhattan penthouse?
Since the housing bubble burst, luxury homes-the stuff of families' dreams-have become amazingly affordable.
A bank's "toxic asset" easily may become the home of which you always have dreamed. Swimming pool? No problem. Indoor lap pool? Still, no problem. "Professional" sized kitchen with industrial appliances and major food storage areas, featuring a pass-through to a formal dining room? Consider it done. A walk-in closet as big as your current bedroom? Consider it done, too. And all for far less than you might imagine. Take your scariest estimate and knock off a multiple of 10-maybe more. Luxury real estate agents currently are showing houses from Architectural Digest and Sunset magazines, and the banks are asking tract-home prices, because they want to clear their books. The banks infinitely prefer a credit-worthy borrower making regular payments to a behemoth house on the books. The bank's loss obviously becomes your gain.
Maybe your dream home has a country atmosphere. How about an entire vineyard and winery featuring its own bed-and-breakfast and a spacious manager's home...in California's wine country just for ambience? Because it has remained on the market longer than the bank preferred, the bankers cut the price by more than 60%. It now is listed at a price comparable with the asking price of a custom home in a Bay Area suburb. Who wouldn't prefer owning a winery to commuting on BART or over the Bay Bridge every day?
Allison Manning, an Arizona real estate agent, points to three magnificent homes overlooking the 18th green on one of Phoenix's most prestigious golf courses. "All three measure well over 6000 square feet, all three have custom greenscaping and more amenities than we can fit in a brochure, and all three are selling for frighteningly low prices-approximately 1/3 the cost of what the builders originally asked for them." Manning stresses that mortgage interest rates have reached and remained at historic lows, and buyers with good credit genuinely can take their pick of dream homes at prices well within their budgets.
Making her point even more forcefully, Allison Manning points to a hillside housing tract overlooking the golf course. The largest homes in the tract measure about 2800 square feet, and very few have backyard landscaping. "A year ago, an average American family with two kids and a dog paid big money for the largest model in that development. Now, for approximately the same amount of money that very same average American family can upgrade to one of these golf course homes." She stresses that the sub-prime mortgage pirates have disappeared, and the market simply is depressed. "A credit-worthy buyer really can finance his or her dream home," Manning nods emphatically.
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