This past weekend I took some time to research and tour some of Portland’s luxury bank owned homes for sale. What I found was that are several homes from $500K on up to almost $4M in the greater Portland area that were repossessed through the foreclosure process and are now listed at substantial discounts below market value. I went out and previewed about a dozen of these homes from Portland City Center over to Lake Oswego.

It was just amazing to me that there are homes in $1M+ neighborhoods currently on the market for anywhere from 20-40% below comparable homes! Coincidentally, one of the bank owned properties on my tour was a house that a previous client of mine had been very interested in back at the beginning of the year (but wisely did not purchase). The house is telling of the luxury market in general. It started on the market about 18 months ago at just under $1.5M. After a series of price reductions and an attempted short sale, the home was repossessed and is now listed for less than $900K. In all likelihood it will probably end up selling for 40-50% of the original listing price. Amazing deals like these are all over the place, you just have to be on the lookout!