Foreclosure Sells In Bay Heights Above List Price
The home at 295 East Shore Drive in Coconut Grove’s Bay Heights community was under contract 3 times before finally closing this week. It initially came on the market in May of 2013 at a list price of $849,900 and made several subsequent price reductions. The final list price was $779,900 and the property sold for $800,000.
The “sale price/square foot” was $296.00 which is well below the average in Coconut Grove. 295 East Shore Drive offered 2,694 square feet of living area on a 9,750 square foot lot with 4 bedrooms, 3.5 baths. The home backed up to South Miami Avenue.
This is the first foreclosure to sell in Coconut Grove this year. In 2013 there were just 6 single family home foreclosures in North and South Coconut Grove. Our market here is very healthy and the fact that most foreclosures sell above list price is a good indication of that.
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