Great Deals Are Out There - Check This One Out

We continue to see some amazing real estate deals and ran across one recently that caught our interest and as a result we chased after it but unfortunately missed out on it.  Here's the details and be sure to check out the videos on YouTube for Bradenton Beach.  In about a week they recieved 9 offers.  It's a little unclear what the final offer was but suffice it to say it was a great deal.

The property is located at 2218 Avenue A in Bradenton Beach.  It was originally listed as one unit of a duplex but was actually for the entire building.  The building was bank owned and they priced it agressively at $395K. The vacant land was originally purchased for $695K and the developer got a $1.3M loan to build the duplex. It was foreclosed for $1.5M with fees and interest. The property was located on the water and nothing could be built on the water side of the street.  The original plans included a pool and dock.


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The ground floor had 2 - two car garages each that had an elevator to one of the floors. Each floor was approximately 1750 sq ft with a large front deck that overlooked the water. Both Units (floors) had the same 3 bedroom 2 bath floor plan, 9 foot ceiling with crown molding, tile and carpet throughout, wood cabinets with granite. The great room occupied the front half of the house and had 180 deg water views. The Kitchen looked out over the great room to the water and had all SS appliances, large bar and a separate ice maker.

The building never been lived in because the developer never got the CO (Certificate of Occupancy). In researching the bulding with the City there was a 2 page punch list that would have taken about $20K to $30K to knock out. One floor was for sale for $895K mid 2009. We estimate each floor to be valued at $500K once the CO was obtained and the building Condo'd.

Great deal that got away! That's ok I think we'll see more of these great deals.