Update on Opechee
January 30th, 2009 categories: Coconut Grove Real Estate
Just an update on the property I wrote about on Wednesday at 1835 Opechee. I know that it has 1 official contract and have heard that there are several others waiting in line.
I was in the house yesterday and the property consists of 1 main house, 1 guest house, and a detached 2 car garage. The property needs approximately $200,000 worth of updating. But once completed, the new owners will have a beautiful old school mansion with a lot of character, and a second guest house perfect for in-laws or renting out. The property is on a 14,000+ square foot lot and located in a great part of Coconut Grove. My guess is that the final selling price will be above the banks asking price (which was $625,000).
I feel that this has been the best foreclosure opportunity so far in Coconut Grove. Although there has been an increase in foreclosures coming on the market here, it is a positive sign that they are still being bought up quickly and not sitting on the market for too long.
I forgot that she also redid the rental apartments and build all those walls around them.