Waterfront Home on Hammock Lake in Coral Gables Sells for $1.8 Million

posted on April 7th, 2010 filed under: Properties in Focus

According to public records, 5425 Hammock Drive, a waterfront home on Hammock Lake in Coral Gables, has sold for $1.8 million.  The existing 7625-sf Mediterranean house was built in 1967 and might have been seen as a teardown.  But the waterfront lot, at 64,033 sf, would alone have sold for much more a few years ago.

5425 Hammock Dr.

5425 Hammock Dr.

Indeed, the property did sell for much more a few years ago.  The seller in the recent transaction was a pharmaceutical entrepreneur turned real estate investor.  She bought the property for $3.175 million in February 2006.

Coral Gables Real Estate Photos -- 5425 Hammock Dr. (3)Coral Gables Real Estate Photos -- 5425 Hammock Dr. (2)

Sometimes you’re on the water, sometimes you’re under it.

At least she was playing with her own money.  The mortgage was only about half a mil.  No bank bailouts necessary.

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