Miami real estate news and information

Misleading Information and Appraisal Woes over a Kitchen…

From the MLS description, this townhouse sounds fabulous …  but it’s the information that’s missing that concerns me.  

“SUNNY ISLES BEACH-POINCIANA ISLAND UPDATED 2,650+SQF 4BED/3BA SPACIOUS TWO LEVEL HOME, UPSTAIRS HAS WOOD FLOORING, FEATURES REMODELED MARBLE FLOORS LIVING & DINING AREA. HIGH CEILINGS, SKY LIGHTS OFFER NATURAL LIGHT. PRIVATE YARD, YACUZZI. LARGE MASTER BED W/VIEWS & TERRACE.SECURITY CAMARAS ALL AROUND. SOUND SYSTEM. GUARD-GATED, SECURITY, PATROL, TENNIS, POOL, CLUBHOUSE, PROVIDE EXCLUSIVE COUNTRY CLUB FEEL. WALK TO RESTAURANTS, SHOOPING. ACROSS FROM THE BEACH.PRIVATE BOAT DOCK!!!”   Listed for $660,000.00.

Looks and sounds fabulous.  And from the MLS photos, it appears to be lived in. 

What’s missing is the fact that there is no kitchen  …   Nowhere is that mentioned.  

When I made the appointment to show the listing, nothing was mentioned.   The only way it even came up was when I called back to reconfirm our appointment, asking about immediate move-in / and a possible lease-purchase option or pre-occupancy prior to closing.  The listing agent said it might be tough to move in right away, because there was no kitchen … but … there were plans to add a kitchen and laundry room.  

The listing agent confided that there had been two solid offers (contracts)  on the property,  both of which fell through before closing.  Wonder why.

 There are several problems with listings like this:    

1)  Not only does this kind of lack of information spin the wheels of the buyer  (and Realtors!)  who might like it online… but the buyer won’t get financing without there being a kitchen.   (And maybe this explains why the listing agent has had two offers that mysteriously fell through … and couldn’t figure out why.)

2)  Listing something without showing it for what it is (or isn’t!) attracts the wrong buyers.

3) Nowhere will a future appraiser grasp that there is no kitchen…  NOWHERE!   And that means that  (if and when) it sells,  the written information in the MLS will cause it to become yet another of the many  misleading ‘comparable sales’  used to calculate property values on other properties under contract.

Information is key.  Our reputation has been well-earned, by consistently providing information that enables our clients to make informed decisions …

If you’d like to schedule a buyer or seller consultation  (without obligation to list or sell through us) we would like to meet and chat with you.   Call us any time at 305 793-1365  –  our direct line.   Or you can connect with us here  by clicking this link …  or email us at [email protected] .  We look forward to chatting with you.  Alexandra and Vicki Restivo … The Restivo Team at EWM Realtors, International.

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