I recently wrote about 2 foreclosure units that came on the market in the gated community of The Cloisters. The list price on both was $1,295,000. One of the two units has just been posted as a closed sale. It sold for $1,400,000 which is $105,000 above asking price. Considering that the unit was only 65% completed on the inside, the sale price came in at market value.
Buyers hear the word “foreclosure” and automatically think they are getting a good deal, but the trend that we see here in the Grove is that if it’s a good property it will get bid up to market value. In other words, banks don’t have to give them away anymore. The property was listed by Exit Realty and sold by Maxine and Skot Siegler of Miami Property Shop.
The other foreclosure in The Cloisters is still a pending sale.
If you would like to work with a realtor who specializes in Coconut Grove real estate, call today for a buyer or seller consultation. With over 140 home sales in Coconut Grove since 2010, we know the market here inside and out! Send us a message here.