The 3% mortgage rate attainable for a brief stretch during the pandemic is likely gone for good, but that’s ok. Today’s rates are much more consistent with historical norms, so local condominium buyers hoping for a return to anything close to 3% will be waiting forever. A CNBC report cites Freddie Mac data showing that 30-year fixed mortgage rates have been near an average of 7% over the past 50 years. In the article, National Association of Realtors chief economist Lawrence Yun predicts that mortgage rates will not return “to the 3% range in the remainder of my lifetime.”
Yun notes that the historically low interest rates from summer 2020 to the fourth quarter of 2022 were “an exceptional measure, during exceptionally uncertain times.”
This should provide some context for those considering a condo purchase in the Miami market. In Coral Gables, the supply of condos priced under $1 million plunged by 29% from June 2022 to June 2023. With virtually nothing comparable in the development pipeline, Merrick Manor’s final few one-bedrooms represent the last opportunity for buyers to secure a luxury condo for under $1 million 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 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.