Miami real estate news and information

Gardens On Valencia – 4 Coral Gables Townhome FORECLOSURES

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.

 valencia townhouse

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.   

valencia master

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.

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