Overimproved

I am glad to introduce my newest listing its an eight bedroom, eight bathroom, with two half bathrooms, swimming pool, movie theater,state of the the art kitchen, designer furniture & tennis court. This is definitely a property you have to see to appreciate and i am certain you will love it once you get inside.

It is located in Fifth Street of Coconut Grove and listed at the discounted price of $750,000.00. This house has been appraised at 1.2 million dollars and owner is willing to negotiate.

I have seen this picture painted all over this island. This hypothetical property is an obvious exaggeration but this scenario is without a doubt a very realistic one. Homeowners country-wide do more to their homes than they can ever be compensated for. When our hypothetical homeowner decides to sell, he is now stuck with his over-improved home because he created a market specific to only him, home-buyers that can buy homes at $750,000.00 will absolutely not buy residential real estate in coconut grove.

If real estate resale is anywhere in your future you should consult with a licensed and experienced real estate adviser before you make any drastic upgrades or renovations to determine what improvements you can receive a return on investment from.

While my clients extravagant fifth street home is worth well over 1 million his area has an invisible market cap of approximately $210,000.00 for residential real estate[even 210k is liberal].

So make better choice when making your improvements consult with someone that knows the Bahamian Real Estate Market and can answer you intelligently on your real estate concerns.