If you’re looking to buy a condominium in South Florida, would you rather pay for something in an area whose market is saturated with inventory, or one that is stable and established, that holds its values for the long-term and attracts mostly end users?
A lot of South Florida buying activity has centered around Miami’s Brickell District. But if you review the latest statistics form the Multiple Listing Service from July 2020, you’ll see this market has a hefty 26 months, or a little more than of two years, worth of inventory for sale. If you expand the radius to include Miami’s Edgewater and stay east of I-95, the amount of for-sale product climbs to 30 months, or two-and-half years. And the luxury end of the market, over $1 million, is seeing even higher numbers of inventory.
Now, when you review the same data for the City Beautiful, a different picture emerges. Coral Gables has a little over 10 months of condominium supply, which is right in line with what is considered a healthy supply and demand equilibrium. And condos are selling three times as fast as they are in Brickell. Only 4 percent of Brickell’s inventory sold in the month of July compared to 10 percent in Coral Gables.
While there is some fluctuation, Gables’ condos are holding their value much better than those in Greater Downtown Miami, whose prices are under stress. The Brickell market was mostly fueled by investors while Coral Gables tends to attract more end-user buyers. The bottom line is: While the cities are neighbors, the statistics bear out which is the stronger real estate market and has the potential for upside value appreciation.
And when it comes to premiere projects in the Gables, the Astor Companies’ Merrick Manor is the only brand-new, move-in ready condominium offering in Coral Gables. Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor also has a Zillow Walk Score of 77, making it “very walkable.”
Berkshire Hathaway HomeServices EWM Realty is the exclusive residential sales and marketing representative for Merrick Manor.
For more information about the residences at Merrick Manor, visit the Sales Gallery on the ground floor of the building at 301 Altara Ave., Coral Gables, FL 33146 – or contact the Berkshire Hathaway HomeServices EWM Realty team by calling (305) 779-6870. The Sales Gallery is open from 10 a.m. to 6 p.m. on Monday through Friday and from 11 a.m. to 5 p.m. on Saturday and Sunday.