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$485,000

Beds
4
Baths
4.5
sq ft
3,171

529 Coventry Ln, Grosse Pointe Woods, MI 48236

529 Coventry Ln

Grosse Pointe Woods, MI 48236

  • 59 days on market
    • Price drop $40,000↓
At $152/sqft, this is one of the best value-add opportunities in Metro Detroit! Appraised at $750,000 in March 2021, with the market appreciating approximately $50/sqft since! This is a rare chance to own one of only 43 homes in the exclusive GP Woods “Yacht Club View Subdivision,” located on a cul-de-sac near GP North High School and a short walk or bike ride to Lochmoor Country Club, Lake Shore Rd., and the GP Yacht Club. Plus, enjoy 3.3 miles of scenic, unobstructed views along Lake St. Clair. This 4-bedroom, 3 full and 1 half-bath home offers 3,171 sqft living space, plus an additional 1,620 sqft of unfinished basement (plumbed for a fourth full bath) below grade. Set on a 75x129 ft lot (0.22 acre), the home blends modern updates with the opportunity to add your own finishing touches. Recent improvements include: new windows, doors, kitchen, and appliances—all completed in the past two years! The driveway and garage floor have also been newly redone. With vacant residential lot values in GP exceeding $1M/ac and construction costs over $300/sqft, this home presents a fantastic opportunity for significant equity. Built in 1972, it’s “newer” than most Grosse Pointe homes and has many other updates, including custom casement windows, a gas fireplace with a stylish surround, new flooring, updated lighting, and refreshed electrical and plumbing. The layout is perfect for both living and entertaining, with spacious walk-in closets in every bedroom. The primary bedroom includes an ensuite bathroom, ready for you to design the ultimate retreat. The two-story foyer creates an impressive entrance, and the open indoor/outdoor flow makes it ideal for gatherings. Enjoy the convenience of a circular driveway, attached garage, first-floor mudroom, and laundry with a full bath. This home offers luxury living at a fraction of the cost of new construction and unbeatable value in one of Grosse Pointe’s most desirable neighborhoods. Don’t miss this chance to complete the renovation and enjoy substantial equity in your dream home!

Details

Property type

Single Family Residence

Est. home value

$617,667

Lot size

9,583 sq ft

Price per sq ft

$153

Year built

1972

Annual property taxes

$13,248

Price History

10/23/2024
Realcomp

Realcomp #20240066794

Price change
$485,000
-7.62%
09/06/2024
Realcomp

Realcomp #20240066794

Listed
$525,000
-17.96%
01/27/2024
Realcomp

Realcomp #20230022497

Removed
$639,900

Schools & Community

Elementary school: 

Unknown

Middle school: 

Unknown

High school: 

Unknown

Community features: 

Clubhouse, Tennis Court(s)

School district: 

Grosse Pointe

Seller’s Loan History

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Lender

Velocity Commercial Capital Llc

Loan start date

March 2023

Original loan amount

$557,250

Est. remaining balance

Not provided

Interest rate

6.09%

Loan type

Commercial

Seller

Lear Luxury Sport Yacht Llc

Lender

Velocity Commercial Capital Llc

Loan start date

March 2023

Original loan amount

$557,250

Est. remaining balance

Not provided

Interest rate

6.09%

Loan type

Commercial

Seller

Lear Luxury Sport Yacht Llc

Lender

Groundfloor Real Estate 1 Llc

Loan start date

May 2021

Original loan amount

$400,350

Est. remaining balance

Not provided

Interest rate

3.17%

Loan type

Commercial, 1 year

Seller

Lear Luxury Sport Yacht Llc

Lender

Groundfloor Real Estate 1 Llc

Loan start date

May 2021

Original loan amount

$400,350

Est. remaining balance

Not provided

Interest rate

3.17%

Loan type

Commercial, 1 year

Seller

Lear Luxury Sport Yacht Llc

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

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Status: Active

Tomo last checked: 11/05/2024 at 9:00 AM

Listing updated: 11/03/2024 at 4:15 PM

Listed by: Ryan Lally, KW Grosse Pointe Phone #: (313) 886-7239

MLS: Realcomp #20240066794

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