Although leading economists have declared the end of the recession, some home owners in the Coronado Cays will still be experiencing its effects. The latest victim of bank foreclosure was 88 Montego Court, which had an REO (Real Estate Owned) recording date of September 16, 2010. This remodeled townhome is located in Montego Bay Villas, a fully gated resort condominium community in the Coronado Cays. Once again the seller did not keep up with their pricing strategy and clearly missed the mark each time. This waterfront Coronado Cays townhome was originally listed for sale on September 11, 2007 for $895,000. It remained on the market with the same listing agent for 678 days, and had a price reduction to $689,000. Even though two units in the Montego Court complex sold in 2007 (both prior to 88 Montego Court being listed for sale), this seller didn’t experience the same luck. In April 2008, the only two Montego Court units to sell for the entire year closed escrow. 48 Montego Court sold after only 56 days on the market for $630,000 which was only a 13% markdown from its original list price. Twenty-eight days later 72 Montego Court sold for $700,000, which was a 15% markdown from its original list price.
REALTOR / Broker Associate
Keller Williams Realty – Coronado