The Real Deal Miami

Gables takes on banks over foreclosed homes

Commissioners adopt measure dealing with abandoned residences
February 26, 2014 10:30AM

Abandoned home in Coral Gables

Abandoned home in Coral Gables

Coral Gables is going after banks that do not maintain foreclosed homes.

City commissioners approved a measure they hope preserves property values in neighborhoods with residences that were abandoned due to foreclosure, the Miami Herald reported. The ordinance raises the annual fee for the city’s abandoned homes registry from $200 to $600. It also gives police the ability to issue trespassing warnings on such properties and opens the door for legal action against lenders that let foreclosed homes languish.

Coral Gables has nearly 100 bank-owned homes, according to RealtyTrac. [Miami Herald]Eric Kalis