Coconut Grove Real Estate: Buying The Wrong House At The Wrong Time
Back in 2009 I wrote about the property located at 3800 Poinciana because the home was originally listed for $3,000,000+ and ended up selling for $1,299,000 that same year.
The new buyers substantially renovated the home in 2009/2010 and put it back on the market in 2010 at a list price of $1,899,000. A few months later they lowered the price to $1,699,000. The home closed yesterday for 32% off of its final list price at $1,165,000. Although you may be shocked by the significant discount off of the list price, in my opinion I feel that it was a fair price for that home. Keep in mind that an asking price on a home is just an asking price and many times doesn’t have any bearing on what a home’s true value is. The home was listed by Marilyn Cromer of EWM Realtors.
If you are an investor or there is a chance you may have to sell your home shortly after purchasing it, please be very cautious about what you buy. Unfortunately these sellers were victims of flipping the wrong home at the wrong time.
If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced real estate agent please do not hesitate to contact me at 305.342.1623 or send me a message here.
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