Archive for April, 2009
When Can I Re-Sell My Foreclosure?
April 2nd, 2009 | categories: Buying Real Estate in Coconut Grove, Selling Real Estate in Coconut Grove
I got an interesting question today on The Coconut regarding foreclosures. The question was “how long is the seasoning period for reselling a foreclosure.” In other words, after you purchase a foreclosure is there a restriction on when you can re-sell it?
When I read this question I wondered if it was an indication that investors were re-entering the market. Only time will tell, but I must say that getting this question was very refreshing.
Flippers are you out there?
After talking to JamesVenney (private mortgage banker and author of Juicy Estates) I found out that there is no restriction on when you can resell a foreclosure after purchasing it. If the new buyer is a cash buyer, you can sell it the next day. If the new buyer is not a cash buyer, you may run into a problem with the new buyer’s lender. FHA guidelines require an owner to have the title at least 90 days before they will finance a new purchase of a foreclosure.
As with any quick re-sell, there may be ramifications with your lender if you have pruchased a loan that has a prepayment penalty.
To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here.
Take A Break From The Rush Hour Traffic
April 1st, 2009 | categories: New Listings in the Grove
I am holding my new listing at 3200 Ah-We-Wa Street open Thursday, April 2nd, from 4:00 to 6:00 pm. Stop by on your way home from work to see this beautiful courtyard estate. The home has large bedrooms with a separate children’s wing, chef’s kitchen, wood and tile floors, heated pool, 2 car garage and a guest house with its own kitchen.
Feel free to stop in and pick my brain on the local real estate market too!
You’ll see my OPEN HOUSE sign starting at 4:00 pm on the corner of South Bayshore and Ah-We-Wa Street, just follow the signs after that.
Details:
- Just reduced to $1,179,000 (from $1,249,500)
- 5 Bedrooms, 5 Baths
- 3,649 Square Feet
- 13,000 Square Foot Lot
- 2 car garage
- Solar Heated Pool
- Guest House with kitchen
First Quarter Review: Coconut Grove, Coral Gables and Pinecrest
April 1st, 2009 | categories: Coconut Grove Real Estate Market Conditions
Not surprisingly many of my clients are not only looking at real estate in Coconut Grove but all over Miami. Here is a short analysis of the 3 most popular communities that my clients are interested in.
Don’t be misled by the seemingly high average prices because factored into these numbers are many waterfront and multi-million dollar estates which bring the numbers up. There are certainly many good properties for sale in all of these communities that are under $500,000.
Single Family Coconut Grove 1st Qtr. Market Summary:
| Number of Properties For Sale: | 266 |
| Number of Foreclosures For Sale: | 21 |
| Average Price FOR SALE: | $1,167,066 |
| Average Price/Square Foot FOR SALE: | $357.00 |
| Number of Properties SOLD: | 17 |
| Number of Foreclosures SOLD: | 7 |
| Average Price SOLD: | $1,081,871 |
| Average Price/Square Foot SOLD: | $298.00 |
Single Family Coral Gables 1st Qtr. Market Summary:
| Number of Properties For Sale: | 603 |
| Number of Foreclosures For Sale: | 65 |
| Average Price FOR SALE: | $1,934,074 |
| Average Price/Square Foot FOR SALE: | $440.00 |
| Number of Properties SOLD: | 58 |
| Number of Foreclosures SOLD: | 25 |
| Average Price SOLD: | $1,015,257 |
| Average Price/Square Foot SOLD: | $259.00 |
Single Family Pinecrest 1st. Qtr. Market Summary:
| Number of Properties For Sale: | 261 |
| Number of Foreclosures For Sale: | 19 |
| Average Price FOR SALE: | $1,711,558 |
| Average Price/Square Foot FOR SALE: | $322.00 |
| Number of Properties SOLD: | 26 |
| Number of Foreclosures SOLD: | 9 |
| Average Price SOLD: | $908,302 |
| Average Price/Square Foot SOLD: | $235.00 |
To view all homes for sale in Coconut Grove, click here.
To view all homes for sale in Coral Gables, click here.
To view all homes for sale in Pinecrest, click here.