This home on a tree-lined avenue in Coral Gables, built in 1971, was purchased in August 2007 for $1,250,000. It was foreclosed on and sold at auction for $365,100 on February 1st. The judgment on the property was for $1,172,639.82 (first mortgage plus fees). The assessed value was $455,458 at the time of the 2010 sale. The guy who owned it had a $1,000,000 first mortgage and a $187,400 second mortgage. He put $62,600 down. Not a bad price to pay for a few years in a million dollar home. This property was a steal at $365,100 in this neighborhood. The home's side yard borders on busy Le Jeune Road but still, it is over 2,000 square feet on a corner lot in Miami-Dade's most desirable City, Coral Gables.All you people waiting to buy: I think the time is now!
12 comments:
This property was taxed on $1,250,000. Now it is taxed on $365,100. Since property taxes pay for services in Florida, not income tax, that is quite a hit. The taxes collected this year will be a 1/3 of what they were in 2007 and 2008.
Can I park my truck there?
Sure , Why not, even big box trucks go down LeJune Rd through that residental district every hour. It has been a major road for all kinds of thru traffic (trucks included) as long as I remember. Interior Gables has rules for no pick-ups, but LeJune
on the road itself, why not park your truck in the home drive way?
Challenge city hall.
"All you people waiting to buy: I think the time is now!"
I don't think so. I live in Miami Shores. Too many empty houses sitting around. More foreclosures every day. Sooner or later the banks have to let go of them. I would think that after the November elections, once the Democrats lose both houses, subsidies to the real estate market will dry up and prices will fall substantially.
To the 1st commenter: It is the 455K ASSESSED value x the millage rate that determines property tax, not the purchase price then and now.
If you wait for the complete bottom out of the market, you might be caught in a market going up Miami Shores. And, Miami Shores is NOT Coral Gables.
For all those who don't know Coral Gables has strict rules to protect neighborhood ambiance, such as not allowing trucks to be parked over night on the street and what color you can paint your house. You can see the Mayor of Coral Gables talking about the truck rules on Colbert:
http://www.colbertnation.com/the-colbert-report-videos/149060/january-31-2008/people-who-are-destroying-america---pick-up-trucks
Anybody who has real money in Miami, lives in Coral Gables.
Anybody who has real money, does not live in South Florida. They live in the Bahamas, the Caymans, or the Virgin Islands.
Uh No. They would be in Pinecrest
Waterfront is where the real wealthy live...not Pinecrest.
the rich live off riviera in the gables
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