February 22, 2022 Real Estate News, Tips For Agents

Peace of Mind: Merrick Manor Builds Robust HOA Reserves

Merrick Manor developer The Astor Companies is utilizing HOA fees to build a substantial reserve, which gives buyers and lenders peace of mind knowing the new Coral Gables building is well maintained and fiscally responsible.

A new Miami Herald report details the updated federal government rules for condominium loans. In short: Fannie Mae and Freddie Mac will only finance transactions at condo buildings that are up to date on “critical repairs” and have suitable reserves set aside for future maintenance needs.

The strengthened lending requirements are designed to protect condo owners and encourage associations to stay on top of repairs and maintenance. In the near future, it will make it difficult for condo buyers to complete purchases at many existing buildings throughout Greater Miami.

Owners at Merrick Manor do not have to worry about the fiscal health or condition of their building, however. With robust reserves already in place and hands-on management, owners will have no trouble selling their residences down the road.

Merrick Manor residences are selling at a rapid pace. The building is projected to run out of inventory within six months.

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.