Sometimes in real estate you just get lucky, and the sellers at 3763 Douglas Road are a perfect example of that.
3763 Douglas Road was a modern new construction home that offered 4 bedrooms, 3 baths and 2,530 square feet of living space on an 8,500 square foot lot. It was sold in May of 2014 for $1,220,000 or $482.00/square foot.
Nearly a year after the sale, the house came back on the market at a list price of $2,199,000. The owners were asking almost $1,000,000 more than what they purchased it for just 12 months prior. After 6 months on the market, the home sold for $1,750,000 ($691/square foot), which is 43% higher than what they bought it for in 2014 (Broker was Cervera Realty).
Although prices have risen over the past 14 months, the return on investment was so high here because of a lack of inventory. There are very few new, modern homes in this price point (under $2,000,000) for sale and these buyers had to pay a premium to get it.
We have been the #1 Top Producing Realtors in Coconut Grove for over 5 years, and know the market inside and out. If you are interested in buying or selling real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.