City of Coral Gables Going After Banks to Care for Foreclosed Homes
Coral Gables has increased efforts to ensure banks maintain foreclosed homes.
On Tuesday City commissioners approved an ordinance that raises the annual fee for keeping an abandoned property on the registry. The fee was raised from $200 to $600.
Having properties on this registry allows for police to issue trespassing warnings and starts the initiative for legal action against banks that let these foreclosed homes deteriorate.
The city is hoping that this measure will preserve property values throughout the city. According to RealtyTrac there are about 100 bank-owned homes in Coral Gables.
“It sounds to me like another arrow in our quiver,” Mayor Jim Cason said. “We certainly don’t want to lose property values.”
This initiative will benefit the city greatly because it will help to maintain the property values around the city. The reason Coral Gables has such a prestigious name is because of of measures like these. This is another example of the City of Coral Gables working to drive property values up for its residents.