Throughout South Florida, aspiring homeowners are waiting in long lines at open houses to compete in bidding wars with cash buyers who are willing to spend hundreds of thousands of dollars above list prices. That is not the case at Merrick Manor, however, as the luxury Coral Gables condominium building is providing a stress-free buying experience without the bidding wars.
A new report from The Real Deal delved into the wild scenes occurring at open houses in Greater Miami and all over the region. In Palmetto Bay, a single-family home listed at $750,000 – substantially above comparable neighborhood sales – went under contract for over $100,000 more than the asking price after the property was shown to prospective buyers 65 times in a three-day span. The report describes how out-of-state buyers, armed with cash, are pricing out locals for properties under $1 million.
“Each month, each week it’s getting tighter and tighter with inventory,” one agent tells The Real Deal. “The market is not stopping.”
For now, Merrick Manor is the solution for these $1 million-and-under buyers who seek to avoid hassles and bidding wars. That won’t be the case for long, as 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.