This past weekend, I swung by the pre-closure on inner-coastal Delray Beach again. I met two of the neighbors and got some more information about the unit. The unit’s owners actually also owe the co-op corporation fees for hurricane related deductible for fixing the roof. In addition, they told me that the roof probably collapsed into the back bedroom and because it’s been a few months, it’s likely that the unit actually has mold damage. The apartment also needs pest control. All of this is bad news. It’s looking increasing unlikely that this is a no-deal, but the next step I think is to talk to a realtor and get a good sense of what the market value would be if the unit were to be fixed up. That will let me dig into the numbers and talk to subcontractors to get an estimate. All of this will be difficult because the owners are still living there. Â
I keep coming back to this pre-foreclosure rather than the other ones I have seen in the area or farther up north in Boynton because of the size of the unit. By square feet, it is larger than some of the million dollar single family houses. This co-op has got to go at some point because it’s sitting on prime real estate zoned for multi-units. Time for more due diligence on this one.
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