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If you are looking for a luxury rental home in Coral Gables there are over 40 listings on the market with rental prices between $5,000 and $45,000.   These homes offer everything from waterfront views to wine cellars.  There have been 8 properties in this price range to rent so far during 2011.  To view all luxury rentals currently on the market in Coral Gables, click here. 

If you are interested in buying, selling, building or renting and are looking for a realtor who specializes in Coral Gables, please feel free to contact me at 305.342.1623 or send me a note here.

News Release:  Aventura Florida

City of Aventura to Provide Residents with Easy-to-Use Program that Can Help Save Money on Prescription Purchases

The City of Aventura will soon introduce a program that will provide its residents with a new tool that can provide some relief from the high cost of prescriptions.

The city is making free prescription drug discount cards available to city residents through a program sponsored by the National League of Cities (NLC). The discount cards offer average savings of 20 percent off the retail price of commonly prescribed drugs.

The discount cards, which will be available in April, may be used by all residents of the City of Aventura and has no restrictions based on the resident’s age, income level, or existing health coverage. The discount card benefits not only those without insurance, but can also be used by underinsured residents to obtain prescriptions that are excluded from their health benefit plans.

The NLC card can be used when purchasing prescriptions at most pharmacies around the city, as well as at more than 60,000 participating retail pharmacies across the country.

For more information on what’s happening in Aventura, visit the city at www.cityofaventura.com.

For more information on real estate in Aventura contact me at (305) 329-4929 or solovay.m@ewm.com.

Click on property photo for more information.

NAR explained their methodology:

The map shows the number of months it would take to clear the shadow inventory by state. The months’ supply is estimated by dividing the shadow inventory and the monthly number of distressed sales. The numbers range broadly from 51 months in New Jersey to 7 months in Nevada. When looking at months’ supply it is important to keep in mind that this estimate highly depends on saturation of distressed sales. Given that New Jersey over the past year on average reported about 20 percent of existing home sales to be distressed sales, it will take a longer period for the shadow inventory to clear. In contrast, Nevada’s distressed sales averaged a considerable 70 percent share of the existing sales and at that rate the current shadow inventory would clear in 7 months.

Bottom Line

Appreciation of residential real estate will not take place until a region works their way through the shadow inventory that exists. This map gives you an indication of when that will occur in your state.

I’ll give you the good news first.  The good news is that the Grove is taking a breather from several of the short sales and foreclosures that were sold during the months of January and February.  Of the 15 single family home sales in March, only 3 were distressed.  The bad news is that there were so many distressed sales in January and February that our average price per square foot fell significantly to $257.00 psf (down from $280.00 psf last year).   When you take out all of these distressed sales the average price per square foot is a solid $287.00.

I continue to see and experience that despite those distressed sales the regular homes are holding their values and not being affected too badly.  Most segments of the market have several good comparables to use regardless of some of the lower prices that are out there.

When listing or buying a home it is essential to have a local Realtor who knows the numbers, tracks the market and can value a home correctly.  If you are interested in selling your home I would be happy to give you a no pressure home valuation.  Call me on my cell at 305.342.1623 or send me a message here.

For anybody who has a home priced under $500,000 in the North Grove, a great comparable just came across my desk.  The house is located at 2444 SW 28th Street and closed for $359.00 per square foot.   It was a 2 bedroom, 1 bath home with 1,000 square feet.  The house was listed for $374,000 and closed for $359,000.  Listing Broker was Jack Keller.

If you are interested in buying or selling real estate in Coconut Grove and are looking for an experienced real estate agent please do not hesitate to contact me at 305.342.1623 or send me a message here.

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

Fortune Magazine’s Leigh Gallagher joins MSNBC’S Morning Joe to reveal the magazine’s latest issue, which suggests that now is the time to buy real estate.

Visit msnbc.com for breaking news, world news, and news about the economy

For more information on real estate in Aventura and the rest of South Florida contact me at (305) 329-4929 or solovay.m@ewm.com.

A penthouse unit came on the market today in Grove Garden as a foreclosure, priced at $317,700.  The unit features 1,773 square feet of living space with 2 bedrooms/2.5 baths and 1 parking space.  The last two bedroom unit that closed in the building was on the third floor, offered slightly less square footage (1,541 sq. ft.) and sold for $305,000.   The property is listed by Jeanne Baker.

If you are interested in seeing this unit, please contact me I would be happy to schedule a showing and give you my analysis on its value.

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