There are only 8 single family foreclosures on the market in Coconut Grove. They have all been sitting for quite some time now and have even made price reductions along the way. This just goes to show that not all foreclosures are priced below market value when they hit the market. To view a list of all of the foreclosures in Coconut Grove (single family) click here. I have been in the property on Poinciana which was recently reduced to $376,000, the home needs significant remodeling and the floor plan may be challenging for many buyers.
So what does a bank take into consideration when pricing a foreclosure? From my experience in handling foreclosures (as a listing and buying agent) it seems that a bank places the highest importance on the appraisal. They will then factor in the amount of money they are losing on the property (how much of a loss they can swallow) and also the realtor's analysis of the value. They typically always have a final "number" that they are looking for but each bank's pricing strategy is different. Some will price it at that final number in order to get a quick sale while others build in a certain amount of negotiating room.
If you would like to buy or sell real estate in Coconut Grove and are looking for an experienced realtor, please don't hesitate to contact me at 305.342.1623 or send me a note here.
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