Beth Kipnis

Coral Gables Rental Home Ready For A Celebrity

I’ve listed a stunning home at 520 Madeira Avenue in the north part of Coral Gables that would be perfect for diplomats, executives, or celebrities who want to live within walking distance to downtown Coral Gables.  This area is the epicenter of fine dining, has great boutiques on Miracle Mile, and is just minutes from Merrick Park’s super-chic open-air shopping. (Think Jimmy Choo, Tiffany’s, Neiman-Marcus, and so forth.) It’s also 10 minutes from Miami International Airport to the north and University of Miami to the south. I am talking about location, location, location!

This 2-story home was built in 1990, and it fits into the neighborhood of older Mediterranean-style homes constructed during the early days of the Gables. The owners have recently upgraded the home with impact glass windows and doors, a serene pool and patio, and luscious landscaping. It’s an extraordinarily comfortable place to live in one of Miami’s premiere neighborhoods.

• Formal Foyer
• Formal Living Room With Built-In Bookcase With Bose Sound System and Hidden Flat-Screen TV
• Formal Dining Room
• Downstairs Office / 4th Bedroom
• Huge Open Kitchen With Informal Dining Area
• Family Room Opening to Pool and Patio
• 3 Bedrooms Upstairs with 2 Full Bathrooms
• All Bedrooms Have Fitted Walk-In Closets
• Garage / Laundry
• Superior Security System
• Rental Price: $4800 Per Month
• See All Details Here

If you are interested in buying or selling or renting in Coral Gables and are looking for a Gables specialist, please contact me at 305.794.6570.

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Five Reasons To Have Renter’s Insurance

No matter where you rent in Miami, renter’s insurance should be as much a priority as air conditioning and a water-tight roof. As a renter of an apartment, condo, house, duplex, townhouse, or villa you may be surprised to learn that your landlord’s insurance doesn’t cover your personal possessions or liability. It is up to you to purchase renter’s insurance that covers your belongings inside the home as well as your potential liability for injuries and damages.

Here are the top five reasons to have renter’s insurance:

• Protection From Theft or Vandalism:  If anyone breaks into your home and steals your belongings or defaces or damages the exterior, renter’s insurance will help make you whole again. Be aware, however, that expensive jewelry, coin or stamp collections, high end art, antiques, sterling silver, oriental rugs, or really expensive electronics may not be included in the coverage without a rider that specifically covers such items (named coverage) and these can be expensive.

• Protection From The Unexpected:  Imagine a car veering off the road and coming through the front door, or a water pipe breaking while you’re out of town, or a neighbor’s fire causing smoke damage in your home. Renter’s insurance will cover these things. Likewise if your home is damaged due to civil unrest or riot.

• Coverage When You’re Without A Home: In the event you are unable to stay in your rented home, renter’s insurance will cover the expenses you incur while the residence is being repaired or rebuilt. Most policies limit the amount they will pay to 30 – 40% of the policy value, so you’ll want to be aware of that amount before temporarily relocating.

• Protection From Liability: This not only covers someone who might be injured at your home, but also  insures damages to an adjacent property. This would be most likely to happen in an apartment or condo situation. Your renter’s insurance will also protect you from liability if one of the injured party chooses to sue you and wins.

• Protection From Natural Disasters: If your property is damaged by lightening, fire, or hail, renter’s insurance will cover it. Here in South Florida a windstorm rider is necessary to cover damages from a hurricane, and a flood rider for flooding. Hurricane coverage, even for a rental home, is expensive. And although your rental home is in a no-flood zone it can’t hurt to have the low-cost flood insurance rider. You will need to let your insurance agent know that you need these two riders.

If you are a renter, the peace of mind is well worth the cost.

When looking for insurance be aware that policies will cover your possessions in one of two ways. The preferable option is “replacement value” which does what it says. The other is “actual cash value”. The difference is critical at a time of loss. If a five-year-old stereo is stolen, a replacement cost policy will pay an amount sufficient to replace the item with a comparable unit; an actual cash value policy will depreciate the item a percentage amount for every year since it was purchased, often as much as 50 percent. While some recovery is better than none, talk with your agent about the cost of a full replacement cost policy.

EWM has our own Insurance Department if you want to know more about renter’s insurance. If you are looking to rent a home in Coconut Grove, Coral Gables, or South Miami give me a call at 305 794.6570 or leave me a note.

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Valencia Condos in South Miami At Bargain Prices

Valencia Condos is a low-rise mediterranean-style condominium at 6001 SW 70 Street,  just south of the University of Miami and directly across from the business district of South Miami. You can find 1, 2, 3, and a few four bedroom apartments among the 301 units, and 9 different floorplans between 652 and 1164 square feet.

When the building opened in 2004 prices averaged about $300 per square foot across all floorplans. With the extreme shift in the market the average per square foot price is about half that, quite an opportunity for those looking to buy now.

The amenities here are what today’s buyers expect including covered parking, heated swimming pool, business center, 24-hour security and card access to move around within the common areas. There is also a Metrorail Station, billiards room, meditation garden, internet cafe, and tanning deck to add to the hip feel of the community.

 

There are currently 17 apartments on the market. Nine are short sales but none is a foreclosure. The average price per square foot today is $177 (median price $158). See all the units for sale now by clicking here.

So far this year there have been 17 units sell with an average sale price of $133,500, or $148 per square foot. Of those closed sales 7 were short sales and 7 were foreclosures. See 2010 sales at Valencia here.

Rentals are popular here, too, and small pets are allowed. Click here to see the 14 apartments for rent.

If you’re in the market for a South Miami condo with all the bells and whistles give me a call at 305 794.6570 or leave me a note here.

To stay updated with all local real estate information, receive my blog posts via email by subscribing here.  Once you register, you must activate the subscription in a follow-up email.