Miami Agent: “Even Millionaire Clients” Can’t Find Luxury Inventory

A Miami real estate agent told national publication Business Insider that even millionaires are being impacted by the market’s inventory crisis. Luxury condominium buildings like Merrick Manor in Coral Gables represent the last of their kind, with nothing in the pipeline to replace it.

Compass Florida’s Elizabeth Hogan said her high-end clients are also struggling with housing affordability and supply challenges. Miami’s median home price surged by 20% year-over-year in 2021, with available homes for sale plunging by 54.2%, according to data from Millionacres and Norada, respectively.

“There’s a lack of inventory,” Hogan said. “There’s also so many new people moving to Miami that there’s just not enough property for everyone here. Not even if you’re rich.”

As the only brand-new luxury condominium building of its size in Coral Gables, Merrick Manor is filling the void for $1 million-and-under buyers who move quickly. However, the building is on pace to sell out within the next six months. The City Beautiful will not have new high-end condo product like Merrick Manor developed in the coming years.

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 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 and from 11 a.m. to 5 p.m. on Saturday and Sunday.