As climate change and sea level rise move to the forefront of real estate decision-making, the adage “location, location, location” is now giving way to “elevation, elevation, elevation.”
Insurance costs in flood-prone coastal areas are skyrocketing – if coastal homeowners can even obtain insurance at all. That is leading buyers to look inland, with buildings on elevated sites like Merrick Manor in Coral Gables proving to be an attractive alternative.
In a new article from CNET, writer Farnoosh Torabi describes how a friend recently “backed out of purchasing a home in Miami after insurance companies refused to cover the property, which was in a high-risk flood zone. Prospective insurers demanded costly upgrades — and even still, the policy would have cost tens of thousands per year.”
A short drive from Miami Beach, 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 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.