While Miami Beach luxury condominiums plummet in value, Coral Gables condo buildings like Merrick Manor are experiencing incredible pricing gains, a new report shows.
Median Miami Beach high-end condo prices plunged by 23%, from $4.51 million in the second quarter of 2021 to $3.47 million in the third quarter, according to the Miami Herald. The sharp drop in pricing can be attributed to several factors, most notably buyer concerns about sea level rise. It comes during a time when 18% of potential buyers from other states including California, New Jersey and New York are seeking to relocate to Miami-Dade County, per a Realtor.com study.
Meanwhile, Coral Gables is an extreme outlier, with a 42% quarterly surge in median luxury condo prices. The relocation buyers who previously focused on Miami Beach are increasingly embracing the City Beautiful, recognizing it as a one-of-a-kind suburb to invest in and grow their wealth.
Merrick Manor is one of the last new high-end buildings with condos priced under $1 million in Coral Gables. That means buyers must act now before completely missing out on the final inventory of available units.
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.
