The End Of The Story For 1835 Opechee Drive
June 15th, 2009 | categories: Coconut Grove Real Estate
I like to keep my readers updated on properties that I feature here on the blog. The home at 1835 Opechee has had a wild ride from outrageous mortgages written by Lehman Brothers, to falling into foreclosure, and finally the discovery of asbestos. The story ended this week when the home closed for $605,000 (asking price was $612,500).
Taking a look at the price the property sold for $180.00 per square foot. As long as the structure is sound and the house does not need to be destroyed, this was a great deal in my mind. The 14,000 square foot lot with the gorgeous stone wall surrounding it is probably worth $650,000 in my opinion. The stone wall would cost approximately $100,000 to recreate today.
To read my past posts on this property see below links:
No Wonder Lehman Brothers Failed, January 28, 2009
Update on 1835 Opechee Street, January 30, 2009