Coconut Grove’s Foreclosure Market
July 16th, 2009 | categories: Coconut Grove Real Estate
**Update: The foreclosure on 3690 Stewart Avenue went under contract on July 28, 2009.
Shockingly there are only 3 single family foreclosures currently on the market in Coconut Grove (2 in South Grove, 1 in North Grove). To view pictures and information of the foreclosures in Coconut Grove, click here.
- 301 East Shore Drive, $749,000
- 3690 Stewart Avenue, $675,000
- 3871 Le Jeune Road, $429,900
The interesting thing about all of these is that they all have land over 10,000 square feet and all 3 of them have been on the market for a long time (by foreclosure standards). The fact that they haven’t sold means that they are overpriced. In fact, I wrote about the foreclosure on East Shore Drive back in April where I wrote “Foreclosures are usually priced to sell quickly, but this one is clearly not.”. Since that post, the bank has reduced the price by $150,000 and clearly needs to reduce it again.
If you are interested in buying a foreclosure here in Coconut Grove, I think it is essential to work with someone who has a good local knowledge about the market.
Buying or selling real estate in Coconut Grove? Please contact me at 305.342.1623 or send me a note here.