Obviously those trout didn't get away. Late afternoon this past Valentines Day a duplex located in the Case Marina Area was listed for sale at what I thought was a bargain price. I quickly drove over and took a couple of exterior shots and then contacted the listing agent to ask permission to write about the new listing. She asked me not to blog because one of tenants was giving her grief. So I didn't. I did send the listing to some active buyers who considered the property. The structure sat on a 5,300 Sq Ft lot which made it very worthy of consideration for a developer or a person who wanted to just buy it and bank it. The value of the location will only go up.
The property was listed at $829,500 and formally went under contract 14 days later. Other "tear down" properties in the area have sole in the past year for well over $1,000,000. That is why I consider this is the one that got away. It hasn't closed yet. It will probably be in my year end recap of sales.
2 comments:
I guess Andrea the Pool Lady will be moving.
Pretty busy block for the area with the 2 apartment buildings and El Patio
I remember when there were two ugly motels at the west end of the block. Now there are nine beautiful town homes each with separate pools. The house next door to this duplex fronts onto Reynolds Street. it sold for $2,175,000 in 2019. The house across the street at 822 Washington sold for $2.3 million in 2017 - that would be a steal today.
The Casa Marina is changing. The older buildings are coming down and new more expensive homes are being built.
A couple I sold a fixer to a few years ago invited me to see the place. They laughed at a phrase I continued to use which I do not recall "It's only money!" But that is a truism. Money usually begets nice things that are nice when you buy them or nice after you renovated them. Some people buy less than perfect locations to build their version of perfect. A 5,300 lot three blocks from the ocean may not be as "busy" in the long term.
Gary
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