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Monday, March 30, 2009

1209 Olivia Street - Back on the Market - Again!

This is the second time that 1209 Olivia Street has been returned to the market after the lender was unwilling to accept the short sale price negotiated between the seller and buyer. If you are among the many people who saw this house and got frustrated that you did not get to submit an offer, you just got a new chance to own a place in Paradise.

The new asking price is a price that the lender will agree to accept: $610,000. This is what you will get for your money: Desirable Meadows single family home totaling 2 bedrooms/ 2 bathrooms plus small pool house. Heated concrete pool, off-street parking, resurfaced wood floors, new bathrooms, central a/c, Chicago brick patio, newer decking around pool. The house has sat vacant for several months, so it smells a bit. There is also a spiral staircase in the living room that provides access to the second floor bedroom and bath. The pool is green these days, and there are deal palm fronds all over the yard. Each of those negatives can be remedied. But at $610,000 you get a 1522 sq. ft. house on a good sized 3589 sq. ft. lot in a desirable location for $401 per sq. ft. The waiting time on approval should be minimal since the lender has already approved the price.

CLICK HERE for more information and photos of 1209 Olivia Street. Please note: the photos in this blog are old photos. They do not represent the present condition of the property.

If you would like to see 1209 Olivia Street, please call me, Gary Thomas, 305-766-2642 to schedule a showing. The house is vacant so it is easy to see. But please see it with me.


Anonymous said...

Gary you stated that "the lender was unwilling to accept the short sale price negotiated between the seller and buyer". Is this a common occurance? It would seem to me that the bank would be willing to work with both since they came to terms on price and the bank wants to get this off its books.

Gary Thomas said...

The bank would not accept the price. The prior time the bank took so long to approve the deal that the "buyer" got tired and went away.

Banks can accept, reject, or counter a price. Sometimes they dicker and make the realtors take a nominal commission just to get a deal done.

Some lenders are easier to deal with than others. There is no general rule accept that Banks do not believe in the Golden Rule. They never have and they never will. I worked for banks and I know of what I speak.


Anonymous said...

Speaking of pool eq. from your comments on the Short Sale post above, the 1209 olivia property's pool eq. has been removed...Who would have to replace? the Buyer, Lender or Seller???

Gary Thomas said...

The pool is still there. It's pretty green with algae these days. But it can be cleaned. The pool equipment has been removed. That will be a buyer's expense.

This is a real nice house that kinda smells bad right now. Everything that is wrong can be fixed.



The information on this site is for discussion purposes only. Under no circumstances does this information constitute a recommendation to buy or sell securities, assets, real estate, or otherwise. Information has not been verified, is not guaranteed, and is subject to change.


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Key West, Florida, United States
I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home. I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip. But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise. Key West has been my home since 1993 and my only regret is that it took me so long to get here. I am a full time Realtor at Preferred Properties CRI. Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.