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82768 Overseas Highway
Upper Matecumbe Key Islamorada, FL 33036
$25,000,000
Conventional
Property
Bedroom
7
Bathroom
9
Property Type
Conventional
Square ft
8288
Property Description
SERENITY CAY is an unparalleled and extraordinary estate nestled in the heart of Islamorada. This exclusive 3.37-acre compound offers utmost privacy with its gated and fenced entrance. As you enter the property, a picturesque driveway winds through lush tropical landscaping, setting the stage for the opulence that awaits. The gardens host raised beds, lemon, lime and avocado trees, banyan and native trees and a coral rock stone fire circle. The main house, spanning an impressive 6,935 sq. ft. (5B/6.5B), and the charming 1,353 sq. ft. cottage (2B/2B) both exude elegance and sophistication. Expansive shaded verandas extend from both residences, providing a seamless transition between indoor and outdoor living and providing expansive lounging enjoyment around the private, heated and chilled infinity edge pool and spa. With a total of 6,830 sq. ft. of shaded decking adorned with exquisite travertine stone flooring, you'll have ample space to relax and entertain while enjoying the breathtaking views. Situated on the Florida Bay, this tropical retreat boasts an array of exceptional features. Two protected boat basins, complete with jetties, a waterfall, boat ramp, and a boat lift in the second protected boat basin, ensure that your boating desires are met. The 230' of water frontage on the bay allows for unforgettable sunsets and rare, but easy access to the oceanside, just one mile away. Additionally, the property extends 150' into the Florida Bay, further enhancing its value. The main residence is truly grand, featuring 5 luxurious ensuites, including 2 master suites and a bunk room with 6 bunks, each with its own expansive balcony. With 7 full baths, 1 air-conditioned pool bath, and 1 half bath, every convenience is catered to. The house also boasts 5 surround-sound media rooms, including a soundproof office/critical listening room. Attached 2-car garage, work shop and a 2,500 sq. ft. full boat house, which can also accommodate 2 cars or 1 car and 1 boat on a trailer.
Property Information
Lot Size
3 acre(s) square ft
Property Type
Residential
Year Built
2017
MLS Number
607949
Location
Address
82768 Overseas Highway
City
Upper Matecumbe Key Islamorada
State
FL
Zip Code
33036
County
MONROE
Listing
Provider
American Caribbean Real Estate, original listing
Name
American Caribbean Real Estate
Phone
(305) 664-4966
Office Name
American Caribbean Real Estate, Christie's In
Office Phone
(305) 664-4966
Agent Name
KELLY K SHAW PA

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.