Category Archive for ‘Short Sales And Foreclosures In Coconut Grove’

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.

We have been the #1 Top Producing Realtors in Coconut Grove for over 5 years, and know the market inside and out. If you are interested in buying or selling real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here. 

The first foreclosure sold in 2015 was located at 4191 Ingraham Highway in South Coconut Grove, see photos above.  The home was built in 2005 and offered 4 bedrooms, 5.5 baths with 3,786 square feet of living space on a 8,635 square foot lot.  It came on the market as a foreclosure for $1,445,000 in October of 2014 and closed for $1,249,500 or $330.00/square foot.  Over the past few years the home was rented for $6,500 per month.  Listing agent was Allisson James Estates and Homes.

The second foreclosure sold this year was located at 4086 El Prado Boulevard, also in South Coconut Grove.  The home came on the market in November of 2014 for $1,080,000 and was placed under contract in less than 30 days.  It offered 3,267 square feet of living space on a 5,871 square foot lot with 3 bedrooms, 3.5 baths.  The home closed for $1,060,000 or $324.00/square foot.  Listing agent was Benito Realty Group.

In general, foreclosures in Coconut Grove are trading for fair value.  Our market is extremely healthy and banks know that they don’t have to have a fire sale to get their properties sold.

Click here to view photos and information for Coconut Grove foreclosures currently on the market.

As the #1 Top Producing Realtors in Coconut Grove for over 5 years, we know the market here inside and out.  If you are interested in buying or selling Coconut Grove real estate and would like to set up a no pressure consultation, please feel free to contact The Riley Smith Group at 305-342-1623 or send us a message here.

The home at 295 East Shore Drive in Coconut Grove’s Bay Heights community was under contract 3 times before finally closing this week.  It initially came on the market in May of 2013 at a list price of $849,900 and made several subsequent price reductions.  The final list price was $779,900 and the property sold for $800,000.

The “sale price/square foot” was $296.00 which is well below the average in Coconut Grove.  295 East Shore Drive offered 2,694 square feet of living area on a 9,750 square foot lot with 4 bedrooms, 3.5 baths.  The home backed up to South Miami Avenue.

This is the first foreclosure to sell in Coconut Grove this year.  In 2013 there were just 6 single family home foreclosures in North and South Coconut Grove.  Our market here is very healthy and the fact that most foreclosures sell above list price is a good indication of that.

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.

I am taking a break today from reporting on the 2013 real estate stats to let you know about a foreclosure that just hit the market on Lybyer Avenue at a list price of $500,000.   The home is located on a 10,700 square foot lot and offers 2,185 square feet of living area.  It needs completely renovated on the interior, but even at land value this is a very good price.  View more details and information here.

 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.

A foreclosure property has come on the market on Tigertail Avenue.  This home is a 3 bedroom, 3 bathroom with 1,980 square feet of living space on a 10,125 square foot lot.  At $699,900 it is priced competitively.  View more photos and information here.

There have been 7 single family home foreclosures sold in the Grove during 2013.   They all have gotten snapped up within days of coming on the MLS and this one will be no exception.  If you are interested, be prepared to make a strong cash offer.

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.

View all homes currently for sale in The Cloisters, here.

If you follow my blog you know that there have been some great opportunities in the Coconut Grove real estate market over the past 30 days.  Today I wanted to highlight another great deal in Coconut Grove for any buyers or investors looking for single family homes.

Yesterday a foreclosure at 2598 Taluga Drive hit the market in North Coconut Grove priced at $629,000.   At $271.00 per square foot, this is a great deal and there is a good possibility that the home will sell for over asking price.   Broker is Bank Home Realty Inc.

If you are interested in taking a look, the home is on lockbox and easy to show.  Contact me for a private showing at 305-342-1623.  Details of 2498 Taluga Drive:

• 4 Bedrooms, 2 Baths
• 2,313 Square Feet Of Living Area
• 5,250 Square Foot Lot
• List Price: $629,000

Not surprisingly, the two foreclosures that came on the market in The Cloisters are already under contract and accepting back-up offers.  Although they were partially completed and needed some TLC, at $1,295,000 they were a great deal.

Foreclosures properties in Coconut Grove are extremely rare these days and get snapped up within hours of hitting the market.  If you are looking for a foreclosure deal in Coconut Grove then you better have cash in hand and be prepared to make a full price offer!

To give you an idea of what the market is like in The Cloisters, there have been two other units sold this year.  My listing, Unit #1238 closed for $1,795,000.  And Unit 307 also sold this year which closed for $1,625,000.   There are currently 4 for sale in the community, they are priced between $1,900,000 and $2,195,000.

Click here to view villas currently for sale in The Cloisters.

If you are interested in purchasing a home in a gated community, come back tomorrow, I have been working all weekend on an updated edition of The Ultimate Guide To Coconut Grove’s Gated Communities!

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.

Two foreclosures just came on the market in the gated community of The Cloisters.   It appears from the tax records, that both are currently owned by the Association in the community.  The first foreclosure is Unit #1137 which offers 5,090 square feet of living space with 3 bedrooms, 3.5 baths and is priced at $1,295,000.  This unit is 75% completed.  The second foreclosure is Unit #204 and  offers 5,660 square feet of living space with 3 bedrooms, 3.5 baths and is also priced at $1,295,000.  This unit is 65% completed.

On paper they appear to be a good value, however it really depends on the condition of the interior.  I recently sold Unit #1238, which closed for $1,775,000.   And there has been one other sale this year in the community, Unit #307 which closed for $1,625,000.

If you are interested in learning more about these foreclosure opportunities in The Cloisters, please feel free to give me a call at 305-342-1623 or send me a message here.