Selling a House Worth Less Than the Land in Coconut Grove?
We buy Coconut Grove properties for the value of the lot, which is often more than a buyer looking for a home will pay for a house that needs everything. No repairs, no staging, and no explaining the condition to anybody.
Why we can pay for the land when a homebuyer cannot
A family looking for somewhere to live is pricing the house. They walk through a 1950s layout with original bathrooms and small rooms and they subtract for all of it, because they would have to live in it or fix it. On a large lot in a good area that can end up well below what the ground itself is worth.
We are pricing the ground. In many of these we buy the older house and then partner with a developer to build a new home on the lot. That is why the condition of the existing house stops mattering to our number, and why our number can be higher than an offer from somebody who wanted to move in.
Not every one comes down
Buying for lot value does not always mean demolition, and it would be wrong to let anybody assume it does. Plenty of these houses are worth keeping. In those we do a full gut renovation — back to the block, everything new — and often an addition, because square footage is usually where the value is on a large lot.
Which one it is depends on the house, the lot and what the street supports. It is a decision we make with a contractor and, where we are building, a developer.
And we will tell you which
If your house is one that comes down, we will say so before you sign, not let you find out from a permit notice afterwards.
For some owners that is simply the right answer — the building has reached the end of its life and the land is the asset. For others it is a house somebody grew up in, and that deserves a conversation rather than a surprise. If you would rather it went to a family who will live in it, say so; sometimes that is the better route and we will tell you if we think it is.
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