Miami Herald: Don’t Expect Big Discounts from Luxury Condo Resellers, Especially in Coral Gables

At new luxury condominium buildings, it is not uncommon to see a unit owner – whose circumstances have changed since closing on a purchase – attempt to resell his or her unit for some much-needed cash. A new Miami Herald report shows that anyone expecting to purchase a resale condo at a significant discount from a developer unit at the same building will be deeply disappointed, however, particularly in the “City Beautiful.

The Herald’s article features insights from Merrick Manor developer Henry Torres and Nadjalisse Rodriguez, a sales agent at the luxury residential building. Key takeaways from the piece:

  • Most resales are not priced substantially below developer units at the same building that have never been occupied before
  • Unlike Brickell and Edgewater, Coral Gables is avoiding major issues with resales because most buyers are end users who want to put down roots in the city
  • The resale push will not last very long. As Torres puts it, “There are some desperation sales but that will pass. In two months those deals are going to be gone.”

Merrick Manor is the only brand-new, move-in ready condominium offering in Coral Gables. 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.