I don't believe this property is still available. My MLS shows an REO (PNC Bank) property on the same street, with the same square footage as a pending sale as of just a few days ago. The listing price is $1.2 mil that had been reduced from $1.3 mil.
The home is located in Old Palm Country Club with mandatory membership. The equity buy in is $175,000 and the annual dues are around $20,000. It is truly a magnificent community offering a full array of ultra luxury amenities to its members.
There are other equally magnificent homes for sale in Old Palm CC. Call or email me if you would like further info on those homes or, perhaps, info on other communities in Palm Beach County.
JOAN LORBERBAUM MOORE
Broker Associate, GRI
9858 Clint Moore Road
Boca Raton, FL 33496
The property you are inquiring about is not an active listing but instead a posting by RealtyTrac who would like you to contact them and sign of for their paid monthly service. Keep in mind that a good agent can provide you more timely information for absolutely free. The value shown has nothing to do with the value of the home The property in question is actually located at 11117 Green Bayberry and it was taken back by the lender, PNC Bank through foreclosure way back in December of last year. It was quickly put on the market and was under contract a couple different times only to fall through and after numerous price reductions was put under contract again 17 days ago. It's last list price was $1,200,000 down from the original list price of $1,300,000.
The home is located in Old Palm which is a private golf club but membership is not mandatory and the market has rebounded nicely once the required equity bond requirement was eliminated.
Your best bet with any purchase in today's market is to get with a qualified Realtor as quickly as you can. As far as the bank owned deal you will typically need to act fast and make sure your agent is capable of providing a detailed analysis of the current market value. If the bank and their agent has properly priced the property it can sell very quickly with multiple offers and it is not unusual for it to sell for above list price. If it is priced too high that the market has not reacted they will be cutting the price; typically after 30 days but sometimes after 15. But please do not make the same mistake that many other buyer shake thinking that foreclosures are the absolute best opportunities you will find. Nothing could be further from the truth and in today's market sometimes the best deal is a traditional sale where owners at times make much more logical decisions that a bank. Bank owned does not always mean great deal. Watch out for quality issues, paying close attention to the roof and HVAC systems; make sure you have a well qualified professional doing your inspections.
The need for a qualified agent cannot be overstated as you need someone on your team who is qualified to determine fair value and have your best interest at heart. I hope this information is helpful and if I can add anything or be of help in any way please do not hesitate to give me a call.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
Please let us know if you would like to receive information on the homes in Old Palm.
Ruth and Jim Jacobs
Quantum One Realty