Is It Worth It? 1835 Opechee Drive

Money in your hands

When the foreclosure at 1835 Opechee Drive first came on the market there were more than several bidders lined up to buy the property on the first day.   It appeared to be a steal.  After several failed contracts and backed out buyers, the property is back on the market.   The issue? I have heard that there was some asbestos found on the plumbing and wiring along with many other problems. 

1835 Opechee Drive features 14,160 square feet of land with 3,359 square feet of house and the listing price is $612,500.  The lot is gorgeous and the street is good.  There is a main house, separate guest house and separate garage.  The condition of the interior on all structures is suspect.  

With land currently running between $40.00 and $45.00 per square foot in Coconut Grove, this house is worth buying for the property alone.  Assume you purchased it at $550,000, you would be paying only $38.00 per square foot of land.  If you decided to keep the structures, and paid $550,000, you would be paying only $163.00 per square foot (far below Coconut Grove’s current market price).  Although all structures need major renovation (if not demolished altogether) I still feel that 1835 Opechee is potentially a good buy.

By the way, my favorite part of the whole property is the gorgeous coral rock wall that surrounds it.  That alone would cost you $100,000 in todays market to duplicate.

If you are interested in seeing this property, I would be happy to arrange a showing for you.  Please give me a call at 305.342.1623.  Broker is Exit Realty.

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