From Short Sale to Foreclosure - Espanola Finally Sells!

By
Real Estate Agent with EWM Realty, International 3028618

Espanola1

Everyone was buzzing about this house when it hit the market back in 2009.  It was an Approved Short Sale of a beautiful estate home on one of the Grove's best streets.   I had several clients interested right away but once we got inside we could see that it was extremely overpriced at $2,800,000.  Over the next year the house was reduced incrementally by over $1,000,000 and went under contract several times only to have every buyer back out.

Espanola2

I know of at least 3 sets of buyers who submitted offers on the house but withdrew them due to the fact that  the house needed too much work.   It required renovation on the interior, mold remediation on the guest house and a reconfiguration of the bedrooms.  The house had two stairways to the upstairs, each to separate spaces which did not connect.  

After waiting over a year to sell the house as a short sale, it finally slipped into foreclosure and came on the MLS as a bank owned property in April of 2010.  The house went under contract in 10 days and closed last week at a sales price of $1,475,000.   At $225 a foot with that lot on that street, the buyers certainly came out ahead in this transaction.

Espanola3

Details Of The Home Include:

  • 4 bedrooms/5.5 baths in main house, 2 bedrooms/2 baths in guest house
  • 6,546 square feet of living space
  • 21,700 square foot lot
  • Sale Price: $1,475,000 / $225 per square foot

If you are interested in buying or selling homes in Coconut Grove, don't hesitate to contact me at 305.342.1623 or send me a note here.

To view this post in its original form, visit my Coconut Grove Real Estate blog.

Posted by

Riley Smith | The Riley Smith Group

Coconut Grove Real Estate Specialist

Direct: 305-342-1623

Office: 305-960-5318

Address:

3560 Main Highway, Coconut Grove, Florida 33133

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