October 22, 2022 Uncategorized

CNBC: Tight Supply to Keep Housing Prices from Dropping

Those who stay on the sidelines expecting residential prices to fall are bound to be quite disappointed, according to a new CNBC report. Strong demand and an extreme lack of supply are supporting the fact that home prices are higher than they were one year ago.

In its new article, CNBC cites National Association of Realtors data that shows the median price of an existing home was up 7.7% year-over-year in August. CoreLogic reported a 13.5% gain in home prices during the same span.

“Big price gains are holding up in Florida markets, which continue to see strong demand because of the shift in many tech workers from Silicon Valley to the Sun Belt during the pandemic,” the CNBC report states. “It’s unlikely home prices will fall dramatically the way they did during the Great Recession caused by the financial crisis because there is much more demand than there is supply.”

What does this mean for buyers in the Miami area, where supply is very low? That Merrick Manor is your last opportunity to purchase a brand-new, move-in ready luxury condominium in the foreseeable future. There is nothing in the local development pipeline to address the supply shortage in our market.

Located at 301 Altara Avenue, the 10-story, 227-residence Merrick Manor’s pet-friendly amenities and lifestyle truly cannot be beat. Merrick Manor is just steps away from the world-class Shops at Merrick Park and has a Zillow Walk Score of 77, making it “very walkable.” The building is surrounded by three championship golf courses and is just 20 minutes from Miami Beach.

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 new Sales Gallery in Suite 117 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.