Recent Sale: 909 North Greenway Dr., Coral Gables

posted on July 2nd, 2010 filed under: Financial Responsibility, Properties in Focus

This recent sale in Coral Gables may be challenging for potential home buyers and their agents to understand.  At 5,405 square feet according to public records, 909 North Greenway might seem to have sold recently for an inordinately low price at $842,500.  That’s just shy of $156/sf.

909 North Greenway Dr.

909 North Greenway Dr.

Indeed, it was cheap, even considering the need for some serious updating.  But the key to understanding the price is that a big portion of the square footage –over 2,000 square feet according to public records — is in a second building out back that houses a couple of apartment units.  That might be great for an extended family that wants a compound, or for someone who wants rental income.  But it’s not for everyone.  The main house is just over 3,000 square feet.

And the master bedroom and bathroom were both tiny.  Typical of many of the older two-story homes in Coral Gables, the second story has a much smaller footprint than the first.  Sometimes there’s nothing but a single bedroom upstairs (here there were three, but with a pint-sized master).

Property taxes and homeowner’s insurance are additional factors when considering a property like this.  All that extra square footage in the thing out back might be nice, but you’d better really want it, because you’re going to pay for it whether you want it or not.  Property taxes are about $20,000.  Insurance would be about $15,000 to $25,000, depending on the carrier and coverage limits.  And remember, insurance is not tax-deductible.  For those uninitiated to home ownership in South Florida, the carrying costs can be quite shocking.

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posted by // This entry was posted on Friday, July 2nd, 2010 at 10:06 am and is filed under Financial Responsibility, Properties in Focus. You can follow any responses to this entry through the RSS 2.0 feed.

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