Continued focus on whether interest rates will keep rising, stay put or decline obscures the most important factor driving our local housing market: the supply crisis. In Coral Gables, any fractional interest rate cuts will not matter nearly as much as the extreme lack of inventory available for under $1 million.
Furthermore, any interest rate declines may end up being completely negated by price increases – especially in markets with tight supply like ours. Real estate mogul and “Shark Tank” star Barbara Corcoran predicted exactly that in a recent interview.
“The minute those interest rates come down, all hell’s going to break loose and the prices are going to go through the roof,” Corcoran said. “[Right now sellers are] staying put. But they’re not going to stay put if interest rates go down by two points.”
Imagine what this will mean for the Miami market, where residential pricing records are already being set amid historically low inventory levels and intense buyer demand. Merrick Manor’s final collection of one-bedroom luxury condominiums is the last of its kind for the foreseeable future.
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.