Property at 3717 Toledo St. in Coral Gables Sells for $850,000

posted on September 9th, 2010 filed under: Properties in Focus

A previous post discussed the firm demand for real estate in the Golden Triangle neighborhood near the Biltmore Hotel in Coral Gables, and cited as an example the possible sale of the house at 3717 Toledo Street in Coral Gables.  The sellers wanted no less than $850,000, and it seemed like they might have gotten it.

Indeed, they did.  Sold for $850,000.  That’s not cheap, when you consider that even the sales pitch conceded that this well-worn Coral Gables home needed at least $250,000 of work.  But at $248/sf before renovation or $320/sf after renovation, the price is in line with the market for sub-luxury professional homes in Coral Gables.

3717 Toledo St.

3717 Toledo St.

Upper-middle-bracket buyers continue to face meaningful competition from one another in the quest for a decent home in the Miami area.  The desire for a signature older home instead of a cookie-cutter South Florida ranch is a principal attraction of Coral Gables.  Make no mistake — the bulk of the housing stock in Coral Gables consists of undistinguished cookie-cutter ranches.  But at least Coral Gables has a decent selection of older homes as well.  If you’re trying to rise above the vast architectural wasteland that is South Florida, you don’t have many alternatives.

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posted by // This entry was posted on Thursday, September 9th, 2010 at 8:02 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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