In yet another example of why it makes no sense to wait out interest rates before moving forward with a residential purchase – especially in a market with tight supply like Miami – the leader of the largest U.S. bank warns that the Federal Reserve could ultimately raise its benchmark interest rate to 7%. If this occurs, 30-year mortgage rates would surge to as high as 10%.
JPMorgan CEO Jamie Dimon mentioned the possibility of a 7% benchmark rate in an Economic Times interview, as cited by Business Insider. His reasoning: “inflationary pressures” influenced by the amount of fiscal spending, and the transition in global energy production and consumption.
“If I was advising a company, I would say, are you prepared for 7% rates? … Global fiscal spending is higher than we’ve ever seen probably in the history of mankind other than maybe World War II,” Dimon said.
In our local market, astute buyers are snapping up Merrick Manor’s final collection of one-bedroom luxury condominiums because there is nothing like it in the development pipeline. The cost of building a similar project today is as much as 40% higher than it was just two years. That equates to much more expensive prices for those who wait for new product.
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.