Coral Gables Real Estate Madness — The Round-Trip Tale of 2430 Indian Mound Trail

posted on March 29th, 2010 filed under: Properties in Focus

Here’s a poster child for how real estate in Miami, Coral Gables and other phony markets bankrupted the U.S. financial system.

2430 Indian Mound Trail in Coral Gables is, shall we say, a simple home.  (To some, it would look more like a garage or a storage building, but that’s true of many homes in Florida.)  It’s 2233 square feet, with 3 bedrooms and 2 baths, on an 8,000 square-foot lot.  The location is excellent, amid various points of interest: Biltmore Hotel, Granada Golf Course, Coral Way, Church of the Little Flower, Salvadore Park, St. Philip’s school and church.

The little bugger sold for:

  • $185,000 in 1987,
  • $443,000 in 2003,
  • $1,155,000 in 2007, and
  • $470,000 in 2010

Here’s a mug shot:

2430 Indian Mound Trail, Coral Gables

2430 Indian Mound Trail, Coral Gables

The recent lucky seller for 60% less than the previous sale?  Nominally, Chase Home Finance LLC, but as a practical matter, maybe it was you and I, my fellow taxpayer.

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posted by // This entry was posted on Monday, March 29th, 2010 at 11:09 am and is filed under Properties in Focus. You can follow any responses to this entry through the RSS 2.0 feed.

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