Tuesday, December 28, 2010

There Goes The Neighborhood

Word broke over the weekend that Bristol Palin, America’s most famous unwed mother and spokesperson for teen abstinence (of the Palins of Wasilla, AK) bought a home in the Phoenix suburb of Maricopa. She bought this McMansion for herself and her son, Tripp. Two people in a 3,900 square foot, five bedroom, 2.5 bath and three car garage home in a town that was ground zero for America’s foreclosure crisis. She paid $172,000 cash for the home. It was built in 2006 and cost about $330,000 then. The original owners were foreclosed on and Palin bought it from North Dakota investors who picked it up cheap.
Maricopa was a small farming community until the late 1990's when land speculators starting buying up the farms and turning them into subdivisions. Maricopa’s agricultural roots are still evident. You can smell the manure perfumed air of nearby dairy farms from the front yard of Chateau de Palin. Growth in Maricopa boomed from 2002 until 2008 when the recession, foreclosure and banking crisis hit.  Since then it has had one of the highest foreclosure rates in the United States. Now investors are starting to buy foreclosed homes in Maricopa, anticipating the end of the foreclosure crisis. Homes in Maricopa are now selling for about less than half of what they cost in 2006. Bristol Palin has not commented publicly on the purchase and has not said if the home is an investment or if she plans to live in it. Now rumors are swirling that Bristol plans to attend Arizona State University later this year.
There are more photos of Palin’s new home in my archive and available from ZUMA Press