“There is No National Housing Market” – Miami Stands Alone

The Miami housing market – most notably Coral Gables – reinforces the old real estate adage that location is everything. Luxury Coral Gables building Merrick Manor just closed another condominium sale as it nears SOLD OUT status, providing another example of how our local market stands out from the rest of the nation.

A new report from Realtor.com examines the myth of a singular national housing market, noting how some U.S. markets are struggling due to rising mortgage rates while others are seeing home price increases. The Miami market is one of the outliers, as area home values surged by 6.45% year-over-year in April 2023.

“In the [early] pandemic, it didn’t really matter where you were. The housing market was thriving and growing,” says Ali Wolf, chief economist of the building consultancy Zonda. “Since interest rates have risen and inflation is higher and economic uncertainty abounds, we’re reverting back to very localized housing markets. It depends on where you are to know if the market is doing well or the market is slowing.”

Coral Gables embodies the “location, location, location” mantra. Merrick Manor’s sale of Residence 612, a two-bedroom, two-and-a-half-bathroom condo, shows how the city continues to draw substantial interest from buyers.

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.