Even America’s most expensive areas aren’t immune to the foreclosure epidemic.Beverly Hills has seen a record number of defaults, with 180 properties either foreclosed on by lenders, scheduled for auction, or served with a default notice, according to Reuters.
In this luxury market, the defaults tend to be strategic as rich people decide to cut their losses. For the rest of us it means a once-in-a-lifetime chance to buy into the Hills.
We’ve tracked down some bank-owned properties along with the price paid by the banks (buyers may be able to get the homes for less if the bank is willing to take a loss) or the estimated value when available, with data provided by RealtyTrac.
332 N Doheny was sold to a bank for $1,140,750. The bank will try to recoup some of this loss in a sale.
1943 San Ysidro Drive was sold to a bank for $2,081,767. It has five bathrooms spread out over 4,334 sq. feet.
3092 Hutton Drive has an estimated market value of $2,083,553. It has eight bedrooms and six bathrooms.
333 N Oakhurst Drive was sold to a bank for $2,120,000. It's an apartment house, with 14 bedrooms and 13 bathrooms over 9,006 sq. feet.
914 Hartford Way was sold to the bank for $10,675,000. It has four bedrooms and eight bathrooms spread out over 6,981 sq. feet.
1076 Marilyn Drive was sold to the bank for a cool $14,500,000. It has four bedrooms and seven bathrooms over 14,609 sq. feet.
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