When considering where in Miami to realize the dream of residential ownership, the annual cost of flood insurance is an important factor. A new report cited by the Miami Herald shows that flood insurance costs are about to skyrocket, especially in areas vulnerable to flooding such as Miami Beach, Brickell and downtown Miami.
In Coral Gables, Merrick Manor’s inland location and high elevation make the luxury building an appealing and cost-effective alternative to those flood-prone cities. The National Oceanic and Atmospheric Administration (NOAA) considers Merrick Manor to have a low risk of impact from flooding.
The Herald article references an analysis from First Street Foundation that concludes Miami Beach’s flood risk calculations are “currently wildly underpriced.” Adjusting average prices to more accurately reflect present-day flood risks result in whopping annual premiums of $20,000. However, Miami’s inland neighborhoods could ultimately end up with reduced annual premiums because First Street’s calculations show that homeowners in such neighborhoods are “perhaps overpaying for their risk.”
Merrick Manor’s lobby is at an elevation of 13.17’ NGVD (National Geodetic Vertical Datum). In other words, Merrick Manor’s lowest point is still more than 13 feet above the baseline for ground elevations.
For comparison purposes, the minimum elevation in the City of Coral Gables is 5.5’ NGVD. Miami-Dade County has a minimum elevation requirement of 7’ NGVD.
Merrick Manor is the only brand-new condominium offering in Coral Gables. It is truly the last chance for $500,000-and-up buyers to acquire a condo in the city for the foreseeable future. Buyers can take advantage of the unprecedented mortgage rates and enjoy the stress-free convenience of condo ownership in the City Beautiful.
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.
For more information about the Commercial spaces at Merrick Manor please call ONE Sotheby’s Manny Chamizo III (786) 486-6655.