Buying a bank owned home seems to be a popular trend nationwide, even here in the Cleveland area. Home buyers are attracted to the idea of getting a good deal and believe a bank owned home is the best way to accomplish that.
You can read all about the pros and cons of buying a bank owned home by clicking here, as it won't be discussed in this particular article. However, we would like to discuss bank owned homes specifically in the Solon development of Thornbury as we are constantly fielding questions about it.
Over the last few years, there were a lot of homes foreclosed upon in Solon Ohio, and especially in the upscale development of Thornbury. As an overview, there were a lot of people throughout the country, not just here in the local area, that were living beyond their means in the early part of this decade, and bought homes they could barely afford. When times got tough, people got into trouble, even those living in luxury developments like Thornbury.
Now specifically, there were some individuals involved in a mortgage scandal that affected homes on Flanders Drive in Thornbury of Solon. It has taken some time for these homes to go through the foreclosure process but over the last year, these homes have been coming on the market, and have been selling quickly, many with multiple offers.
Here is a list of recent bank owned home sales in Thornbury:
| Address | List Price | Sale Price | Days On Market |
| 38495 Flanders Dr. | $425,900 | $386,000 | 196 |
| 38550 Flanders Dr. | $442,000 | $431,200 | 228 |
| 38510 Flanders Dr. | $449,000 | $470,000 | 28 |
| 38325 Flanders Dr. | $449,000 | $540,000 | 35 |
| 6709 Winston Lane | $589,900 | $560,000 | 38 |
| 38190 Flanders Dr. | $574,900 | $590,000 | 17 |
As is evidenced by the relationship between sale price and listing price and average market time, there is good demand for a home in Thornbury, especially one that is bank owned. The reason many of these homes sold for above asking price was due to multiple buyers making offers.
SUMMARY
Thornbury of Solon is a very desirable upscale development consisting of luxury homes. During the real estate boom earlier in the decade, it was difficult to buy a home in Thornbury for under $600,000. Over the last year, with the large number of bank owned properties on the market there, opportunity presented itself for a handful of buyers to get in for considerably less money, although some of these homes needed work. Currently, there is only 1 bank owned home for sale in Thornbury.
Solon remains a highly sought after community. Solon has been ranked the #1 suburb to live by Cleveland Magazine for the last 2 years, has one of the state's best ranked school systems, and is a popular location for people relocating.
Click below to view other articles of interest pertaining to Solon:
Solon Real Estate Market Statistics - First Quarter 2009
Solon Real Estate Luxury Home Market Statistics - First Quarter 2009
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About The Authors:
Dan and Amy Schuman are Solon residents. They specialize in luxury homes, working with buyers relocating to Solon, and Solon bank owned homes.
If you are looking to buy or sell a home in Solon or the surrounding Eastern suburbs, please contact the Schuman Team.
For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.
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Solon Ohio Real Estate: Bank Owned Homes In Thornbury of Solon Ohio is the property of The Schuman Team and may not be duplicated or used without their written consent. ©2009
