November 21, 2023 Coral Gables News, Tips For Agents

Older Miami Condo Buildings Targeted for Buyouts

Many condominium associations at older Miami-area buildings are mulling whether to sell their buildings to developers due to serious financial challenges. Some associations are even initiating those conversations with developers as annual deadlines to finalize budgets loom.

In a new Miami Herald report, several experts detail what condo owners in the area should know about the buyout process. Condo terminations occur when at least 80% of residents in a building agree to sell their units to a developer. South Florida has already experienced an increase in condo terminations, and experts predict many more on the way before new state condo laws take effect at the beginning of 2025.

“The condo buyout trend is expected to continue for the next few years,” Condo Vultures Founder Peter Zalewski told the Herald. “New condo regulations will kick in come 2025, a result of the condo collapse in Surfside. It will add financial pressure, forcing owners to build up reserves and address repairs.”

In Coral Gables, unit owners at newer inland building Merrick Manor do not have to worry about these headaches. The building is well-maintained and financially sound, with robust cash reserves in the association budget. Merrick Manor’s last few one-bedroom condos are an ideal option for longtime unit owners in older buildings who have built up substantial equity to deploy elsewhere.

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.”

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.