Coconut Key is a towhhouse subdivision in Delray Beach that is located just south of Atlantic Avenue, and West of Militar Trail. Currently there are 4 Coconut Key townhouse units in short sale, ranging in asking price from $159,000 to $220,000. There are 68 total units in this group of Delray Beach townhouses.
There has been only one sale in Coconut Key within the last six months, which closed on October 27, for just under $135,000.
The townhouses in Coconut Key in Delray Beach, which were built in 2002, range in size from approximately 1299 square feet to 1689 square feet under air.
So, while these properties may have asking prices above $135,000, it may be difficutl to obtain a mortgage that allows for a higher sale price, just because of a lack of additional comparative pricing in the community.
If you're considering an offer on a townhouse in Coconut Key, talk with your mortgage broker, and ask your Delray Beach real estate agent to look into the prices of comparable properties that may have sold recently in the area.
Also, you may want to ask your Delray Beach realtor about additional townhomes in the area that may not be in short sale. Because if you're in a hurry to purchase, you should be aware that short sales often take a very long time.
Marc Jablon, The Jablon Team