It’s a shame. Of the six newly constructed luxury Coral Gables townhomes in GARDENS ON VALENCIA, 4 of those 6 units are now being offered IN FORECLOSURE – with the bank apparently looking at a $899,000.00 price tag on each. (Only 2 of the 6 townhomes have sold.) I just got an invitation to view them, now that they are being offered in foreclosure.
I had seen these townhomes, a couple of years back, when they were not much more than a bare shell. I was asked at that time to price them out for a builder/developer. Unfortunately, my pricing estimate indicated (then!) a sales price well below what they were being offering at.
The townhomes were listed and marketed at a heftier price than my comps indicated… and heftier than what other colleagues of mine priced them out at… above the then-current-market value… And the units, although lovely, didn’t sell.
Pricing property over what it will likely sell for is counterproductive. This project changed hands. A second developer bought and finished the project … adjusting the prices downward.
Still “decorator ready” upstairs, the units have been nicely (completely) finished downstairs: stone flooring , impact windows and doors, a separate guest house, European kitchens, elevator, generator, 3000 square feet of living space, small private garden and a two car garage.
530 Valencia Avenue, Coral Gables… Coral Gables – Bank Foreclosure … another opportunity offered in foreclosure.
Chasing the market down is often a recipe for disaster. Pricing property by using comparable recent sales, can make the difference between selling or not.
If you are looking for new construction, in FORECLOSURE, give us a call. As always, anytime you are looking to buy or sell property anywhere in South Florida, and would like the help of a top local Realtor to price it and get you the best possible terms, please feel free to contact us – The Restivo Team @ EWM Realtors.
