Another steal in the Grove … $162,500 for “Hummingbird Cottage” at 3674 Loquat Avenue in the heart of Coconut Grove… Alexandra and I literally just left the closing.
Two bedrooms … two full-baths… in South Grove.
Just SOLD for $160,000 as a SHORT SALE
This property we had listed as an unapproved short sale for $210,000 and it just closed this morning for $162,500, which equates to $139 per square foot of living space.
Short sales can be tediously long and drawn out … They very often are. This property was under contract months ago … That other transaction fell through on account of a secondary lien on the property. The lender who was holding that secondary loan (a home equity line of credit) opted NOT to accept the allotted amount on the short sale allowed to them by law, after the first lien was satisfied.
This second round was much smoother sailing.
We literally sold this property twice… (almost!) And… because the first transaction fell through, the second buyers got a really sweet deal.
Short sales can be a pain to deal with, unless you have plenty of time, and unless you are ready to strap in for almost inevitable roller-coaster ride you may be embarking on. But, if can get property for a price like this, it is sometimes worth that ride… and worth the wait. …. Warmest CONGRATULATIONS TO OUR BUYERS! … from the Restivo Team at EWM Realtors …
