We see a lot of Phoenix homes that sold in 2006 or 2007 for $175,000-$220,000 go into foreclosure in 2009 and sell to cash investors for $40,000-$55,000. These investors put $10,000-$25,000 into the homes and resell them for $80,000-$110,000 to make a quick $15,000-$30,000 profit. Investors are realizing the importance of quick turn-arounds so they are keeping their profit margins smaller in exchange for a fast sale. This was a lot different in 2005 when some investors slapped on some paint and raised the price $70,000-$100,000.
This is a Phoenix foreclosure home that was remodeled by an investor.
Bedroom before. [No ‘after’ photo available.]
Kitchen before with pretty pink paint.
Kitchen after. Only the original cabinets remain.
Front of house before.
Front of house after with new stucco, new paint, new front door, new roof, fixed fence, new driveway gravel, and possibly new windows.
3 responses so far ↓
1 cregazw // Dec 5, 2009 at 2:28 pm
I’m not too sure about the black wall they built around the right side of the stove????
Would that have looked nicer if it had been left even with the cooking surface?
2 WildCard~ // Dec 5, 2009 at 3:01 pm
Hmmm…..They did good, but that wall they built up against the stove would drive me wild..It make the space look small enclosed….I would have left as is, more open feeling….
3 sarah // Jan 21, 2010 at 6:55 pm
I’m blown away by the exterior of the house. I can’t believe how much better it looks!
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