South Walton Beach and Scenic 30-A Luxury Homes dominate most of the local Real Estate market. The latest numbers reported on $1 million-plus properties facing foreclosure Nationwide is staggering. The most expensive Bank Owned Property in South Walton is listed for $8.9 Million!
An increasing number of homes with multimillion-dollar price tags are going into foreclosure, and that’s driving desperate owners to sell at auction.
In 2009, 18,817 properties worth at least $1 million faced foreclosure. That’s up 162 percent from 2008, reported foreclosure marketer RealtyTrac.
Prices of $1 million-plus properties are down about 25 percent since 2007 with an increasing number of desperate home owners choosing auction sales over waiting for years for the right buyer to come along.