As a Coconut Grove real estate specialist, I track every listing and sale that hits the market. The property at 3650 Stewart Avenue is one that I have been following for over a year now and is particularly interesting because the new owners stand to make a $1,000,000 profit on the deal.
3650 Stewart Avenue is located in the gated community of Entrada Estates. It came on the market in 2014 as a short sale listed for $780,000 and closed a few weeks ago for a sale price of $980,000 ($170,000 above list price). The property had a 3,600 square foot house and was situated on a 24,000 square foot lot. The house was a tear-down and it traded for land value at $39.00/square foot. This was a steal when you compare it to other lots which are selling for significantly higher prices (for example, a piece of land in the North Grove (non-gated community) closed today for $82.00/square foot).
The story doesn’t end there. This week, 3650 Stewart Avenue came back on the market at a list price of $1,995,000 – once again it is selling for land value. The MLS remarks state: ” BUILD YOUR DREAM HOME ON THIS AMAZING 24 HOUR GATED WATER FRONT COMMUNITY. ENTRADA ESTATES – ONLY 32 HOMES – PRICED TO SELL! COMMUNITY DOCKAGE INCLUDED“. At $83.00/square foot, the lot is still a good buy due to the fact that it is located in a gated community. If the new owners sell the home close to asking price, they stand to make a $1,000,000 profit on the sale. The property is listed by Fabian Garcia Diaz of Fortune International Realty.
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