1248 Coral Way Auctioned for $1.175 Million

posted on December 20th, 2011 filed under: Properties in Focus, Real Estate News

The federal government recently auctioned a significant property in Coral Gables.  This was no distressed property, though.  Uncle Sam came to own 1248 Coral Way when the prior owner died and left it to help pay the federal debt.  (Yes, really.)  On a recent Saturday, the home was auctioned to the highest bidder for $1.175 million.

The 3,887-sf house, built in 1928, has seen better days.

Coral Gables Real Estate Photos -- 1248 Coral Way (Exterior)

Coral Gables Real Estate Photos -- 1248 Coral Way (Exterior 2)

Most of the rooms are a gut job, but some nice details remain.

Coral Gables Real Estate Photos -- 1248 Coral Way (Interior)

The value primarily resides in the land: two 17,500-sf lots, one with the historic but decrepit house on it, and the other an adjacent vacant parcel.

Coral Gables Real Estate Photos -- 1248 Coral Way (Land)

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posted by // This entry was posted on Tuesday, December 20th, 2011 at 9:46 pm and is filed under Properties in Focus, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed.

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