Home Buying in Key Biscayne>Question Details

Jmo, Home Buyer in Key Biscayne, FL

745 Crandon blvd was forsale at 1.29mm. Now it is REO and is offered at 1.65mm. This make sense to anyone?

Asked by Jmo, Key Biscayne, FL Mon Apr 4, 2011

Help the community by answering this question:


This is a penthouse unit on the market for $1.65m and it's an REO. It has 2970sf (4bed/4.5bth) and 3 parking spaces. My company has the listing. The other two #408 and #308 are listed at $1.25m and each have 2bed/2.5bth and 2060sf.

Ivette Thomas, Broker-Assoc.
Fortune International Realty
2 votes Thank Flag Link Mon Apr 4, 2011
sorry you are correct. M1459478 was the one I was thinking about. PH7
1 vote Thank Flag Link Mon Apr 4, 2011
I looked at the history and from what I can see on the MLS, this particular unit was not listed at 1.29m.
1 vote Thank Flag Link Mon Apr 4, 2011
My real question, I guess, is why would a home be listed at 1.65mm after it didn't sell at 1.29mm. Makes no sense to me.
1 vote Thank Flag Link Mon Apr 4, 2011
this is what I can tell you.
The penthouse is offered at $1.65 and is a foreclosure
Units 308 and 408 are both offered at $1.25m. Neither of the units are short sales or foreclosures.

Hope that helps.
Best regards,
1 vote Thank Flag Link Mon Apr 4, 2011

It makes good sense! There could be other loans on the unit in addition to the first mortgage, the appraised value could be far in excess of the mortgage balances combined... and there could be a few other matters that we are not certain of. properties in that price range often take marketing time greater than the average to sell.

Everything makes sense and at the same time nothing does :)

0 votes Thank Flag Link Tue Apr 5, 2011
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