Luxury Homes in Napa Valley Falling into Foreclosure
Peter Y. Hong (LATimes) serves up hors d’oeuvres, fine wine and a little bit of foreclosure news. Hong explains how the foreclosure wave has moved past the guarded gates and into Napa Valley’s exquisite high-end real estate housing market.
Buyers last week of a Spanish-style, 3,220-square-foot house on a cul-de-sac here got a bargain: $1 million for a hilltop home in Northern California’s wine country, with views to San Francisco in the distance.
Two years ago, the same property sold for $1.4 million. But after the lender foreclosed on the property, the home was deeply discounted. Real estate agent Michael Snider, who handled the sale, thinks more such sales are on the way.
You can read more on the Napa Valley foreclosure problem by purchasing the full article in the LA Times’ Archives.
Tags: California foreclosure, California Real Estate, foreclosure homes, foreclosure news, Real Estate
