3500 Frantz Road Slips Into A Short Sale
June 23rd, 2009 categories: Coconut Grove Real Estate
I was driving down Kumquat Avenue the other day in the South Grove and couldn’t help but notice the neglected yard at 3500 Frantz Road. I knew instantly that the home which has been on the market for 2 years had either fallen into foreclosure or become a short sale. The home is new construction, completed in 2007.
Why didn’t the home ever sell? For one, the $1,000,000 and up market is slow. For two, the home has a view out the front door of the Coral Gables water department.
Along with the status of short sale came a price drop of $200,000. That is a VERY hefty price reduction on a home that was already priced well. This home has only one major problem in my eyes and that is that it sits across the street from the water department. If you were to put in some heavy landscaping and a wall you could easily camouflage the eye sore and make the home much more private. Having owned my own landscaping company in my past life, I believe it would take about $20,000 worth of plants and trees to hide the water plant and soften the exterior of the home.
The home features 5,000 square feet of living area, 5 bedrooms, 5 baths, a 2 car garage, pool. At a current list price of $1,299,000 the home is now priced at $259.00 per square foot. This is a great price per ssquare foot for a new construction home.
To see more information about3500 Frantz Avenue click here.
If you are interested in seeing this home, just give me a call at 305.342.1623 or send me a note here.
