Extreme Home Makeover In Arizona, Estate of the Day
The problem with the "Extreme Makeover" homes is that while they make great television, they don't always make great living for the families that receive them. A post from Move Trends led me to the Gilbert, Arizona home of the Okvath family. The Okvath's had their home remodeled by the ABC show in 2005. The television crew outfitted the home with a movie theater, a carousel in the backyard and a bunch of colorful themed rooms for the family's seven children.
The Wall Street Journal reports that the home's escalating utility and property tax bills began to overwhelm the family. They took out a $405,000 adjustable-rate loan in 2006 but had trouble making the payments. The head of the family, Bryan Okvath lost his job, and the home was almost foreclosed on last year according to a report in the Arizona Republic. The home goes on the market at a time when the Phoenix-area market is particularly gloomy. They tried to sell back in 2007 for $1.8 million but found no takers. Now the six-bedroom home is listed at $1.3 million.
The WSJ article details a few other home makeover debacles including the story of the Hassall family who is trying to sell their made over home in Kentucky. It suffers some of the same goofball decorating as the home shown above. It is listed for $330,000.
Gallery: An Extreme Home Makeover In Arizona