Luxury Foreclosure in Queen's Harbour
These rarely occur. But I found another one! Potential equity in a Luxury Fixer in one of Jacksonville’s most highly sought after waterfront communities: A foreclosure in Queen’s Harbour Yacht and Country Club.
I filmed this video as soon as the home hit the market. I even took a couple of my repeat customers and investors through the home that first weekend. Despite its flaws—it needed a LOT of work—I knew it was a great deal. And so did they.
To the untrained eye, the renovations may have appeared daunting. The previous owners had taken EVERYTHING but the kitchen sink…oh, wait…they even took the kitchen sink! And the toilets, doorknobs, and decorative pillars!
A savvy investor, however, sees the value in LOCATION.
FLIP OR FLOP?
How can you decide if a luxury home is a “Flip” or a “Flop?” Two important components to look for:
1. Priced below the city’s assessed value in a neighborhood that typically sells at a significant percentage above the city’s assessed value.
2. High-demand neighborhood with limited new builds (limited availability).
3. Waterfront community with deep-water access.
But an opportunity like this doesn’t last!
This Queens Harbour foreclosure received multiple competing offers within days and was officially pending sale on Day 24. This is an extremely low time on market for a luxury home in Jacksonville Florida.
ABOUT THIS HOME
· Queen’s Harbour cul-de-sac street with only 12 homes.
· Marsh views on the Intracoastal Waterway
· 4-bedroom 4-bath built in 2004 with 4,493 sqft
· Projected assessment for 2018 was in the 900k’s
· Bank-owned and listed for $809,120
The problem with great finds is that they GO FAST. You can’t afford to wait and see what other people think about the property. Your agent should already be watching for any new signs of activity in your target neighborhoods. Our best customers keep a Proof of Funds letter on file and are in regular communication with us.
We are always ready to act.
(POTENTIAL) AFTER REPAIR VALUE
If you’re looking for a home like this one, get in touch with us right now by signing up to receive exclusive information. You can also visit the contact page to call or email us immediately.
In the video, did you notice the strangely located butler’s kitchen (or maybe it was a wet bar?) at the home’s entrance? What’s the strangest thing you’ve ever seen at a foreclosure home? Share with us in the comments below!