Closed: Long lost Las Arboledas
Imagine you live next to a vacant home. Not too ordinary given today’s real estate market right? But this house has been vacant a long time, a very, very, very, very, very long time.
This home has been vacant so long all four seasons changed – twice.
I posted here about Las Arboledas on January 13th. I wrote a short sale offer on the Gold Canyon, Arizona property in August, 2010. It had been vacant about 3 months at the time. The homeowner elected to walk away. 467 days later the bank finally foreclosed on the house and I bought it at the auction last November.
I sold it in February for a $44,000 profit.
While the average foreclosure in the greater-Phoenix housing market takes around 7 months, it took the bank almost 16 months to pull the trigger on this property. Why? The homeowner filed for bankruptcy.
I still can’t figure out why there was so little competition for Las Arboledas at the courthouse steps, especially considering the volume of investors we’re seeing in the marketplace. The house had an amazing backyard pool and spa with desert/mountain views.
I guess every now and then good deals still fall through the cracks. It’s served me an important reminder – never stop beating the bushes. Even a blind squirrel finds a nut from time to time.
