Investment Properties In Coconut Grove
January 31st, 2011 | categories: Buying Real Estate in Coconut Grove, Coconut Grove Real Estate
This is the last day of answering reader’s requests. Due to the high number of emails I could not get to everyone’s questions via the blog. For those which I did not post, you should have received an email answering your question. Today I am discussing investment properties in the Grove. Below are a few different options for investors who would like to take advantage of the current market.
Buy and Rent
I have had several clients recently who are interested in buying now and renting the property out for a few years. This is a good option and it is possible to cover your costs if you choose the right home. It appears that the owners of the home located at 4155 Kiaora Street have decided to do such a thing. The home sold last year for $1,075,000 and they now have it listed for rent at $5,500. Listing agent is Malvina Godoy of EWM, for photos and information of the home click here.
The Multi-Family Residence
The house located at 3528 Royal Palm Avenue is a multi-family residence consisting of 4 different structures. First, a large 4 bedroom, 4.5 bath house with high ceilings, large master suite and updated kitchen. Second is a separate cottage with 2 bedrooms, 2 baths. And finally, there are two detached 1 bedroom, 1 bath strucutures that have a separate gated entrance. You could live in the main house and rent the others out or rent all of them out individually. The property is listed at $1,595,000 and the potential rental income (per the seller) for this property is $64,000. Listing agent for the home is Belinda Sime of Avatar, for photos and information of the house click here.
Flip It
Another type of invesmtent property is the flip. Last year the foreclosure located at 2620 Natoma Street sold for $389,000. The investors completely gutted and rebuilt the home. They put it back on the market in 2010 for a list price of $849,000 and it sold for $600,000. Listing agent was Bryan Shaeffer and Georgia Corbin of Coldwell Banker.
Invest In Land
In my opinion, vacant land in Coconut Grove is the place to put your money right now if you are an investor. If you can buy a lot in north or south Grove for under $40.00 per square foot and hold onto it for several years I believe the return on investment will be greater than either of the options above. Click here to view land for sale in Coconut Grove.
I know the numbers, I analyze the market, my clients make better decisions. If you would like to buy or sell real estate and are looking for an experienced Realtor in Coconut Grove, please don’t hesitate to contact me at 305.342.1623 or send me a note here.