Yes...Proof that even the wealthy are having financial woes these days, this property in prestigious Venetian Shores in the Florida Keys was just sold and closed as a Short Sale!For those of you who may not be aware, in a nutshell, a Short Sale is when the Seller owes more than the Market Value of the Property and their lender agrees to sell it at a loss. Seller walks away with nothing, no equity, zilch, but they avoid foreclosure, (both are lousy plays but foreclosure trumps Short Sale in the really bad credit department), Lender takes the loss, and takes it as a write off and the Buyer often times gets a good value.
This one is a really sweet deal, considering that they paid $2,950,000 in 2006!!
And Now it has Closed for $1,119,000!!
The deals are out there...just gotta find them!
120 Villabella Drive, IslamoradaList Price: $1,195,000 / Sold Price: $1,119,000
Last Sold Price: $2,950,000 in 2006
4 Bedrooms / 3.1 Bathrooms
Mile Marker 86 Bayside
Description: SHORT SALE APPROVED AND CAN CLOSE IMMEDIATELY! ULTIMATE LUXURY! WHEN ONLY THE BEST WILL DO! SUPERIOR HOME IN VENETIAN SHORES. 4BD/3.1BA, GOURMET KITCHEN, PRIVATE MASTER SUITE, ELEVATOR AND COMPLETE GUEST QUARTERS DOWN. 100' OF CONCRETE DEEP WATER DOCKAGE WITH SNAKE CREEK VIEWS AND IMMEDIATE OCEAN/BAY ACCESS. GORGEOUS PROFESSIONAL LANDSCAPING. GARAGE AND PLENTY OF STORAGE.
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