Recent Sales: 741 Tibidabo Sells for $904,000

posted on November 11th, 2010 filed under: Properties in Focus

The 2889-sf ranch home at 741 Tibidabo Avenue in Coral Gables sold for $904,000.  O.k., it was updated, but there’s only so much you can do to dress up a 1954 rambler.

741 Tibidabo Ave.

741 Tibidabo Ave.

The house previously sold for $1,050,000 in November 2006 and $845,000 in October 2004.  Diving deeper, it sold for $265,000 in April 1989, which works to a compounded annual appreciation of 5.84%, and $169,800 in November 1983, which works to a compounded annual appreciation of 6.38%.  Those annual rates of appreciation suggest that the recent sale was overpriced relative to other market opportunities.

I wonder if the buyers thought they were getting a key to the magnet language program at Sunset Elementary School.  As explained previously here (and probably nowhere else), living within the traditional boundaries of Sunset Elementary does not assure you admission to the magnet language program, and does not even assure you admission to the regular program at the school.

Whatever the explanation for this richly priced transaction, watch out for listing sheets in Coral Gables that purport to tell you which school your kids will attend.  In many instances, they are misleading.

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posted by // This entry was posted on Thursday, November 11th, 2010 at 12:45 pm 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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