Your new home is seated in Wedgewood Cove in  Davie, Florida on 14060 Oak Ridge Drive,  within the most sought-after community of Shenandoah — close to Davie Park with a multitude of activities.

The public school information* is as follows:

• Elementary School: Flamingo Elementary
• Middle School: Indian Ridge Middle
• High School: Western High

This residence is located close to highways, the Sawgrass Mills mall and area grocery stores such as Publix Supermarket.

This superb single family home boasts an impressive curb appeal with an oversized lot with room for a pool and a relaxing and manificent wide lake view were you could enjoy some pina coladas to watch Florida’s unique sunsets.

Asking Price expected to  be between           $180,000 – 200,000.

This rare find features:

-         3 large bedrooms / 2.5 baths
-         1,801 sq. ft. under a/c
-         CBS construction
-         Large covered screened patio
-         Formal Living and Dining Rooms
-         2 car garage
-         Tile roof
-         Large covered patio with gorgeous lake views 

Davie is a diverse community with a family oriented, small town feel. Much of Davie is rural with a western and equestrian feel, yet Davie has many of the conveniences of the city nearby. Davie boasts numerous parks with miles of trails. The area offers outstanding higher educational opportunities.

 A Bit of Trivia –

A young Mickey Rourke used to box in Davie, Florida. The hit movie “Caddyshack” was filmed at Rolling Hills Golf Course. The movie ‘Cape Fear’ features Bob Roth’s Groves in the background.

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*CAVEAT:  School boundaries are subject to change; please check the school boundaries map prior to purchasing any properties.

As an alternative to foreclosure,  Fannie Mae will now (as of November 2009) allow homeowners (who qualify!) to remain in their homes,  renting,  as tenants… for a year.    Month by month extensions are an option (although not  guaranteed) after the first year. 

The government program is called “Deed For Lease“.  In exchange for transfering title over to Fannie Mae,  the  homeowner  (who under current guidelines does not qualify for loan modification) can stay in their home as a tenant. Make sense to move from renting to owning?

It’s a temporary ‘fix’ for homeowners hit hard by the current financial situation, and impacts the homeowner’s credit less than traditional foreclosure does.  This is an entirely new alternative to foreclosure.  Another alternative to foreclosure  is the  “Deed in Lieu“ as outlined by Alexandra Restivo in  MiamiRealEstateCafe (November, 2009).

A deed-in-lieu of means that the borrower conveys all interest to the lender in order to satisfy the loan that’s in default and avoid foreclosure. This process is advantageous to the borrower because it releases them from the indebtedness associated with the loan, and it hurts their credit score less than a foreclosure.

In order for this process to take place, both sides must enter into it voluntarily,  acting in good faith. The property must not have any liens against it and it must be on the market at fair value for at least three months. If it does not sell in that time period, then the process may begin. Most lenders have a loss mitigation department which handles the process and they will ask for recent financial statements and paystubs, among other things. Once it is approved by the bank, the owner needs to vacate the property.

If you have further questions, please send me a note , or call  me.  I can help you with any of your real estate needs.

Don’t miss out on  this BANKOWNED home of over 1700 sq.ft. Has 4 bedrooms, 2 bathrooms a pool and is fully fenced. The BEST DEAL in the sub-division at less than a $100 per sq. ft.  WILL NOT LAST!!!!.  Contact me to make your offer as soon as possible.

Under the ”Deed for Lease” program, borrowers can transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month extensions after that.

If you have any questions or comments, please send me an e-mail to: michael@miamiflorida.com or call me at my mobile 305.450.0036

Davie Foreclosure property where you can live like royalty!

6 Bedrooms

6  Bathrooms

1.3 Acres

marble & wood flooring

Oversized pool

4 car garage

Updated kitchen and bathrooms!

This is a truly amazing luxury foreclosure ready for a Davie, Florida  buyer. Just listed on 10/26/2009,  Call Susan Penn, EWM Realtor at 954-557-5993 for an appointment today!

Here’s some current facts regarding foreclosures in the Village of Pinecrest, the Village of Palmetto Bay and Cutler Bay.

From data pulled from our local MLS Service where Realtors ® were involved in the sale, so far this year The Village of Pinecrest closed 132 single family home sales. Out of that total, 20 were foreclosure sales. Today, there are 192 single family homes for sale and only one is bank owned or a foreclosure sale. Only one.

From the same source, the Village of Palmetto Bay closed 147 single family home sales this year. 32 of those were foreclosure sales. Today there are 141 available for purchase but only 3 are foreclosure sales. Just 3.

Cutler Bay – 154 total sales, 69 were foreclosures. Today – 99 for sale, with 7 foreclosures. Having only 7 foreclosures available is a substantial change. A welcome change.

As it stands, these three areas have had foreclosure activity as most areas in Miami-Dade County have, but most have been purchased with an occasional one entering the market and disappearing almost as fast.

I wrote about this foreclosure in South Coconut Grove several times on my blog.  I knew the home very well because I had many clients who were interested in buying it and one client who made an offer on it.  Initially it was priced at $534,000 which was too high (due to the fact that it was a foreclosure and that it sat on a busy street).  The bank proceeded to reduce the price over several months, first to $519,000, then to $494,000 and finally to $404,900. 

The home had several contracts that fell through throughout its history of being on the market.

The home closed for $350,000 which is $126.00 per square foot, certainly a good deal.

Details:

• 3 bedroom, 3 bath (2 bedrooms in main house, 1 bedroom in guest house)
• 2,757 square feet
• 11,000 sq. ft. lot
• Pool

To stay updated with all of the current Coconut Grove real estate information, receive my blog posts directly to your inbox by subscribing here.

If you are interested in buying or selling real estate in Coconut Grove, please give me a call at 305.342.1623 or send me a note here.

In my personal Facebook account I have no idea how many of my friends are fellow Real Estate agents, but I can tell you that MANY. Yesterday the following Video kept coming and I couldn’t resist the temptation to share it with you. At the beginning I had second thoughts if I should post it. That is the perception among many Real Estate agents and Buyer; sadly in certain way it is not far from the truth in our every day dealings.

Since I am believer that numbers don’t lie I researched what happened in the West Broward Market regarding Foreclosure Sales in the last 6 months.

Click here to view the embedded video.

I counted 201 Sales of Bank Owned-Foreclosed Properties in the area in the last 6 months.
93 Sold below Asking price.
Min. -0.04%
Max. -27.97%
Median -4.71%
Average -6.19%
15 Sold at Asking Price
93 Sold above Asking price.
Min. +.16%
Max. + 23.94%
Median +4.04%
Average +5.62%

How were they paid?
CASH    26.86%
CONVENTIONAL   46.76%
FHA   24.38%
OTHER   2%

Average Days on Market
Min.   0
Max.   435
Median   18
Average   48.1

The interesting part of this Myth-Reality Conundrum is that Perception always prevails over Reality.  When we call to make appointments half of the properties are already under contract. In certain Price ranges we have to present 2,4,6 or even 9 offers to get one signed contract. As frustrating as it is for both Buyers and Agents there is no way around for now.
Please share your experience!

Thanks to Kris and Steve Berg of The San Diego Home Blog for putting this together!