Developers of new condominium projects in Miami are so concerned about declining profit margins – fueled by rising insurance and construction costs – that luxurious amenities and finishes are being significantly reduced. This trend is motivating buyers to focus on condo buildings like Merrick Manor, which still shows like a brand-new building and features the high-end amenities and finishes no longer available in new developments.
A new report in The Real Deal’s national magazine details the cost-cutting measures being taken at new condo developments in Miami and throughout South Florida. There are also major concerns that many planned projects will not move forward with construction this cycle.
“Certainly, all of us are having significant issues with getting the cost of construction under control,” said developer and broker Edgardo Defortuna. “The margins and profitability [are] very reduced or nonexistent [for some].”
Buyers are recognizing that it could take years for new luxury condo inventory to be delivered to the market and pivoting to Merrick Manor, which is enjoying a sizzling summer of sales activity. The Coral Gables building is down to just a handful of one-bedroom condos, which are an especially great value because of the building’s elevated level of finishes and amenities.
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.