*Foreclosure Opportunity* - 11 Oviedo Ave Coral Gables, FL 33134 - $275,500

THIS PROPERTY SOLD FOR $250,000 ON JUNE 25, 2008.

This bank-owned 1950’s Coral Gables Ranch-style home in search of reliving her glory days was recently reduced to $275,500.

Property Characteristics

• 2 Bedrooms + Den (last used as a bedroom)
• 2 Baths
• 1,378 SF (Living Area)
• 5,000 SF (Lot Size - 50′ x 100′)
• Year Built = 1956
• One (1) Car Garage

This property lies within the area once proposed to be established as the Single Family Conservation District of the North Ponce de Leon Neighborhood Plan. It is just west of Douglas Road and north of Tamiami Trail.

The floor plan features an open living area typical of the modernist ideas infused into “Ranchers” by mid-century architects looking to create an informal and casual lifestyle. Originally a 2-bedroom dwelling, this property remains true to its architectural roots by allowing rooms to be rearranged and serve different purposes. In this case, the use of what looks to be an original den or an extension to the living area was changed to a bedroom. It’s use can easily be changed into a home office, library, home gallery, children’s playroom, etc.

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The exterior of the property features an open terrace. Shade is provided by the limbs and leaves of a Mango tree and an Oak tree.

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I’ve seen six (6) single-family REO properties (bank or corporate-owned) priced under $350,000 in Coral Gables these past few days and this is the only property remotely close to being habitable. It’s also the lowest priced. Its location plays a major role in its pricing. Had it been located further west on the same block I don’t think I would be writing about this property’s availability right now.

This property last sold in March 2006 for $535,000.

If you’re bored at home/work right now and feel like talking to someone about this property, about Ranch-style architecture or about how Paul Pierce stuck it to his hometown team last night, you can call Adrian at 305-491-7179 or Raul at 786-586-5844.