Land On Loquat Avenue Trades For $56.00 Per Square Foot

3985 Loquat Avenue closed last week for a sales price of $605,000 in the South Grove.  The property offered 10,368 square feet of land and was being marketed strictly as land value.  Broker was Jeanne Baker.

There are several interesting things about this sale that I wanted to point out.

First, it was a foreclosure property and sold well above its asking price of $559,900.

Second, it sold for $56.00 per square foot which is the going rate for land value in the Grove.  This is the perfect example that foreclosure properties are no longer the “steals” that they used to be.

Lastly, this sale is also important because it is part of a trend of increasing values on Loquat Avenue.