We've seen a slight increase in the number of foreclosures and bank-owned homes showing up for sale on the MLS in Seattle. While most of these foreclosures were low-end homes at the beginning, we're starting to see more luxury homes reverting back to the banks and coming on the market.
Kirkland is a perfect example. While there were only a couple dozen average-priced bank-owned homes on the MLS a couple of months ago, there are multiple million-dollar plus foreclosures for sale today (including a beautiful place on Lake Washington waterfront) -- take a look:Kirkland bank-owned homes
In Seattle proper, there are two homes listed around the $2 million mark. We don't expect to see foreclosures in Leschi, but it's a shock to see one in Broadmoor. These are still high-end, quality homes, they just happen to be owned by a bank now.Seattle bank-owned homes
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