Released: May 15, 2008

Luxury foreclosures

Source: Kendra Marr, Washington Post (Free Registration)

For sale: Spacious home outfitted with six bedrooms, 5 1/2 baths, granite countertops, stainless-steel kitchen appliances, a three-car garage, exercise room and wet bar—all for $875,000 in the Red Cedar West subdivision of Leesburg where houses once sold for $1-million-plus.

“I thought I’d try to take advantage of the low prices in the foreclosure market,” said Ryan Magazine, who owns a Leesburg carwash and signed a contract on the foreclosed property as an upgrade to his previous home. “Right now is a great opportunity to get a house.”

The foreclosure signs that have been sprouting up in less-affluent communities since 2006 are beginning to appear in the well-off suburbs, attached to houses that once cost $1 million or more. 

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