Coral Gables Estate Sale Sells FAST.

I am glad to see that good properties are now moving in Coral Gables. This "estate sale" property was listed in early September and closed on November 9Th. The original list price for this 3 bed/ 2 bath home on a 14,000+ SF lot was $588,000. This was a "text book case" of pricing a home to sell in order to drive the highest price possible. This house had "location" going for it, just off Hardie Rd. in the South Gables but was really being sold for land value as it needed extensive remodeling, it doesn't sit proportionately on the lot and has no pool or waterfront. There were several other distressed properties in the area in the $400,000 - $600,000 range.

There is tremendous potential to upgrade this property. With the price of $588,000, we knew we would be able to get many interested buyers which would eventually drive the price up to the "highest bidder" which is exactly what happened. We received a total of 8 offers before going under contract (within 10 days). There were 3 top offers at the end including an "all cash" offer, but with the smart buyer going over the "6" number, the seller had no choice but to go for it... the conventionally financed but well qualified buyer's offer for $601,000. While many feel they need to over-price a property in order to leave room for an offer, sometimes the best strategy for a property is to create a frenzy of buyer activity. In the end, we have a very happy seller and buyer, and a property that will be well taken care of by the new owner.