No wonder Lehman Brothers failed….
January 28th, 2009 categories: Coconut Grove Real Estate
It was truly in the cards for Lehman Brothers. Back in 2006, just on the cusp of the real estate meltdown, Lehman Brothers approved the loan for this property located at 1835 Opechee Drive in North Coconut Grove.
If you look back at the property history, you will see that in 2004 the house sold for $850,000 which at the time was a very appropriate price. It came back on the market in February 2006, the asking price was $1,690,000, way out of line with other houses in the area.
Mysteriously, the contract was cancelled 2 months later with the Realtor and the house was sold for $2,850,000 on May of 2006 without any Realtor participation. Lehman Brothers wrote a mortgage of $1,852,000 on this property which again, was unbelievable.
Today, two and half years later, after an extensive foreclosure process, Lehman Brothers has put the house on the market for $625,000. This was one of the biggest examples of mortgage fraud I have seen in Coconut Grove. The house itself, has 3,400 square feet of living space, on a 14,000 square foot lot, with 7 bedrooms and 5 baths. It was built in 1930 and its current condition needs alot of updating. The location is hard to beat, as this is on a quiet street in the North Grove.
I have handled many foreclosures recently for my clients, if you are interested in seeing this property, please feel free to contact me.
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