Home Embroiled In Controversy Finally Sells | 3529 Saint Gaudens Road
The story of 3529 Saint Gaudens Road has finally come to an end.
It all began in 2014 when this Mediterranean villa hit the market at a list price of $1,700,000. Built in the early 1900’s, the home offered 4 bedrooms, 2.5 baths with 2,733 square feet of living area. The highlight of the property was that it was situated on an 18,800 square foot lot. This is where things started to get interesting. The large lot size on such a great street peaked the interest of a few developers who were interested in splitting the lot and building 2 new construction homes on the site. The property went under contract and closed a few months later for $1,575,000. The new owners/investors submitted plans with the city to demolish the home and split the lot. As soon as the demolition notices were posted. residents along St. Gaudens Road became concerned. They did a little homework and found that the architect of the home was Richard Kiehnel who designed many of Miami’s most notable buildings and had several entries in the National Register of Historic Places. The homeowners banded together and enlisted the representation of a local attorney to help them save the home. After many months of legal battles and court dates, the residents of St. Gaudens Road received a favorable ruling from the Historic Environmental Preservation Board.
With its new historic designation and the inability to demolish the home and split the land, the property did not make financial sense for its owner. It was placed back on the market 6 months later at a list price of $2,200,000. The price was later reduced to $1,790,00 and eventually sold for $1,552,000 – not far from its sale price back in 2014. After its sale, the new owners have placed the home on the market for rent at $8,000 per month.
Lesson learned! If you are considering purchasing an original early 1900’s home in Coconut Grove, you may want to consult with the Historic Preservation Board to determine whether it could be deemed historic in the future. It is a factor that could positively or negatively affect its value.
We have been the #1 Top Producing Realtors in Coconut Grove for 7 years and know the market inside and out. If you would like to buy or sell real estate in Coconut Grove, please contact us at 305-342-1623 or send us a message here.