National Association of Home Builders CEO Jerry Howard believes there are too many obstacles to overcome for a near-term solution to the nation’s housing supply crisis. For those looking to buy residences for under $1 million in the Miami area, that means luxury Coral Gables condominium building Merrick Manor is your best bet – before its final collection sells out soon.
Howard joined Yahoo Finance Live to discuss the state of the U.S. housing market and related topics. He predicts another slow year for homebuilding due to the expected continuation of Fed interest rate increases, lingering supply chain challenges and a drastic labor shortage. Howard noted that there are more than 400,000 vacant construction jobs that need to be filled.
“The labor problem has been around since before the Great Recession,” he said. “It’s been exacerbated over time. And it’s something that really needs to be addressed through immigration and through a change in our own thinking domestically about American kids getting into the construction trades.”
In Miami, these broader challenges – coupled with an extreme shortage of available land to meet the intense demand for residential product – is limiting the development pipeline. Once Merrick Manor reaches SOLD OUT status, it might be years before anything of its kind is built.
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.