Hysteria Over Foreclosures Disappears
I remember a time when the word “foreclosure” would create a frenzy in the office. As soon as one hit the market every realtor in town would clamor to get the lock-box code, rush their clients to the property with an offer in hand and anxiously wait for days while the bank decided which one of the 25 offers they were going to accept. Even once you got one under contract it was tough to get to the closing table with all of the requirements the banks had and documents they needed from the buyers. It was stressful to say the least.
Fast forward to 2015 and I can’t even remember the last time I heard the word “foreclosure”. There are a few that have sold in Coconut Grove this year but for the most part they are trading at market value – between $320.00 and $515.00 per square foot. The fact that banks finally figured out how to properly price foreclosure properties makes them less attractive to buyers, particularly because many of them are in very poor condition. Although an occasional foreclosure listing may come on the market in Coconut Grove, nowadays you don’t have to fight tooth and nail to get it.
Note: There are currently no foreclosures listed for sale in Coconut Grove.
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