Coconut Grove Foreclosures: One Has Sold | Another For Sale
January 6th, 2009 categories: Coconut Grove Real Estate
One of the foreclosures I wrote about yesterday went off the market today. 3699 Loquat Avenue listed at $320,000 has an official contract. Only cash offers were accepted. In my experience, once a foreclosure goes under contract it has about a 75% chance of closing, especially when there is no financing involved.
Just as the Loquat foreclosure came off the market, a new foreclosure popped up at 4036 Malaga Avenue in South Grove priced at $619,900. Malaga Avenue is an excellent street and is filled with many high end properties. I went to look at the home today, it is a very large house on a smallish lot. The house needs about $300,000 worth of repairs but at $191.00 Per Square Foot it is an excellent buy. Even if you add in the cost of renovations, you are getting the house for $285.00 per square foot, which is well below market value. (on average, non-distressed homes in South Coconut Grove are getting roughly $358.00 Per Square Foot). See the pictures below:
Other details on 4036 Malaga Avenue, Coconut Grove, FL 33133:
- 5 Bedroom, 5 Bath
- 3,234 Square Feet Living Area
- 6,150 Square Foot Lot
- Pool
- Tile/Wood Floors
In my opinion, the fact that Coconut Grove’s foreclosures get snapped up so quickly indicates that we have a healthy market here. People recognize the value that our homes have and don’t want to miss out on a good opportunity to buy. In other areas, foreclosure properties are sitting on the market for months and months before selling.
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