I live in a 1926 Old Spanish house, and I have always loved historic properties, especially in Coral Gables. Right now, I have a listing that is very likely going to be designated historic, so I have been doing a lot of research and asking questions just to learn more about this designation in the City Beautiful.
When people hear that a home has been historically designated, they tend to have extreme reactions: either they love the thought of an historic home or they recoil and think that this type of designation can cause nothing but trouble. While I do understand both opinions, I have to say that the more I learn about historically designated homes in Coral Gables, the more benefits I see. For one, if you have a home designated historic and expand or significantly renovate that property, you may apply to receive a 10-year tax abatement. This would lock in your property taxes based on the assessed value at the time of designation and keep them at that rate for 10 years. Therefore, if you buy a home that is assessed at $1,000,000, then your taxes would be just shy of $20,000 annually. If you expand and improve that house to the point where it could be assessed for $3,500,000, then you could be saving about $50,000 yearly because taxes on a $3.5 million property would be approximately $70,000. Over the course of 10 years, that is a $500,000 tax savings! See? Historic designations have their perks!
If you are interested in any homes in Coral Gables – old, new, historically designated or not – please do not hesitate to contact me!
If you are looking to buy or sell a home anywhere in Miami, please call me at 305-798-8685, or visit my website at: Luxury Miami Real Estate
My focused dedication as a realtor in my home town of Miami for over 25 years, consistently puts me at the top of my field. Whether you’re looking to buy or sell your home, let me help you from start to finish with my results-proven: professional marketing, excellent property exposure and comprehensive experience.
Consistently in the top 10 company-wide at BHHS EWM Realty for the past 15 years, my focus is on Coral Gables, Coconut Grove, Pinecrest and South Miami — specializing in luxury real estate and waterfront properties. Call me today and let’s get started!