Inside the Coral Gables 'Spillover Effect'

MIAMI-With Merrick Manor already surpassing the 70% sold mark in less than two months since launching, what's driving this accelerated interest in the Coral Gables market and what is attracting buyers to this development versus similar projects located in Downtown Miami, Brickell or Miami Beach.

GlobeSt.com caught up with Peter Torres, vice president of The Astor Companies—the developer of Merrick Manor—to talk about the company's market timing and what is driving the accelerated sales activity. Torres also reveals what types of buyers he's seeing for the first condo project to rise from Coral Gables dirt since the last cycle.

GlobeSt.com: Merrick Manor is the first condo to launch in the Coral Gables market in more than five years. What made you decide that the timing was right to launch?

Torres: With demand clearly in place and no new luxury condo construction in Coral Gables in at least five years, we knew the market was ripe for launching Merrick Manor in the heart of one of Miami's most internationally renowned and upscale neighborhoods. With Miami's condo inventory disappearing quickly, especially in the city's urban core, we knew it would be a matter of time before buyers would begin to turn their attention to outside markets like the Gables.

GlobeSt.com: Merrick Manor has already sold 70% of its units in only two months since launching in early January. What's driving this accelerated sales activity?

Torres: We're seeing activity spillover from Miami's oceanfront and urban markets into surrounding submarkets like the Gables. Not only did we pay attention to timing, we paid attention to the details of the product which we were delivering. Factors attracting buyers to Merrick Manor include our prime location just steps away from luxury shopping, fine dining establishments, great schools and international corporate offices.

We strategically chose our central location within close proximity to the Village of Merrick Park, Miracle Mile, the Biltmore Hotel, the University of Miami, and other Coral Gables landmarks that contribute to the quality of life of our residents. Also, with prices at Merrick Manor starting at about 40% below boom-era pricing, the value is undeniable.

GlobeSt.com: What kind of buyers are you seeing and/or targeting for this project and why?

Torres: We are seeing interest from international and domestic buyers who see value in Merrick Manor's refined, urban living environment in the heart of Miami's premier retail and residential district. The Coral Gables neighborhood feels 'like home' for prospective buyers accustomed to a well-located, mixed-use setting.

There is also still very strong interest from Latin American cash buyers—especially from Venezuela and Argentina—who are looking to snap up luxury assets at bargain-basement prices. But we are also starting to see local buyers come back to the market. Young professionals and families who are growing tired of paying high rental prices in Downtown Miami/Brickell feel it's a good time to buy away from the hustle and bustle of the urban core.

Be sure to come back this afternoon for part two of this exclusive interview.