# CORA Merrick Park: preconstruction prices and deposits

> Source: https://bluebaybrokers.com/buildings/cora-merrick-park
> Publisher: BlueBay Brokers LLC, 1541 Brickell Ave #1201, Miami FL 33129 (Florida broker BK3411036)
> Figures read on: 2026-10-07
> Plain-text copy of the page above for AI assistants and readers. Quote with attribution to BlueBay Brokers; each figure carries its own source and read date. Nothing here certifies that a short-term rental is legal at any address.

## The bet

Seventy-four residences, in a postcode that closes 104 homes a year in the same price bands. That is eight months of supply, not eight years, and it is the single best thing about this building: your resale will not be competing with 300 identical neighbours. Construction started in April 2026 and the $67.5M loan closed in June, so delivery is funded rather than hoped for. The price per foot is the part to negotiate.

## Absorption and timing

How many homes close each year in this building's price band and postcode, against how many it is about to deliver. No brochure answers this, and it governs both the resale and the developer's willingness to discount.

Units delivering 74 all at once, to the same buyer pool

Closings per year 103 trailing 12 months, 33146, same band

Years of supply 0.7 this building alone

Band closes at $899/sf median of real closings, not asks

| Band, 33146 | Closed / 12 mo | Median price | Median $/sf |
|---|---|---|---|
| $800K – $1.3M | 14 | $957,500 | $899 |
| $1.3M – $2.5M | 50 | $1,812,500 | $899 |
| $2.5M and above | 39 | $3,650,000 | $1,128 |

**Seventy-four homes into a market that clears 104 a year**

Coral Gables 33146 recorded 104 closings over the trailing year across the three bands CORA sells into, against 74 residences delivering at once. Eight months of supply. Compare that with the Brickell towers in this pipeline, where a single building is three to twelve years of its own band, and the scale advantage is obvious. The postcode itself carries 5.8 months of inventory, which is a seller's market by the conventional reading. A developer price list only moves one way, up, as inventory depletes, so the launch cohort buys the lowest price and the best plans; with 74 units that runway is short, and the argument for entering early is simply that there is not much of the building to wait for.

## The market it lands in

Everything for sale in 33146 today against everything that actually sold there this past year. This is the pool your resale competes in.

Active inventory 63 homes listed across 33146

Sold, trailing year 142 recorded closings, every price

Months of supply 5.3 under 6 favours sellers, over 12 favours buyers

Asking vs sold $1,096/sf asked, against $889/sf actually paid

How to read the gap

Asking is an opinion, sold is a fact, and months of supply is your leverage. Do not compare this building to the postcode median, which mixes in stock built decades ago: the comparison that counts is the band below.

## What recent deliveries resell for

The only read-across that means anything here: condominiums in 33146 built from 2023 onward, people who bought new and took delivery, and what their units resell for now.

New stock resells at —/sf no new condominium has resold here

Movement since — across recently delivered buildings

This building asks $1,325/sf entry residences

Entry vs new stock — nothing delivered here to compare against

No new condominium has delivered here

Not a thin market, an empty one: 33146 has no condominium built from 2023 onward that has since resold. There is no delivered comparable in this postcode, so the resale value of a new condominium here is genuinely unmeasured rather than measured and reassuring. Weigh the basis and the absorption below accordingly, and read the exit as slow until this table has rows in it.

## The basis

What it asks per foot against what its band actually closes at. Comparing one preconstruction ask to another tells you nothing: both are price lists.

Asking

$1,325–$1,542/sf

$898K – $4.09M · 678 – 2,651 sf · seven residences on the MLS today

Band closes at $899/sf $800K – $1.3M, trailing 12 months

Listed here today 6 median $1,400/sf

**The premium is real, and worth naming**

The entry residence asks $1,325 a foot. The $800K to $1.3M band in 33146 closed at a median of $829 over the trailing year, so the ask carries roughly a 60 percent premium. Some of that is genuine: those closings are Gables condominium stock built decades ago, and CORA is new, WELL-certified and across the street from Merrick Park. But the honest limit is that 33146 has no condominium built from 2023 onward that has since resold, so the exit on new construction here is unmeasured rather than measured and reassuring. One more correction before comparing: on new construction the MLS area is routinely the total rather than the interior and runs 10 to 30 percent large, so re-divide by the County's recorded area.

## On the MLS today

6 listings at this address are Active right now, pulled 2026-10-07. Leases are excluded: a monthly rent sitting in the price column wrecks any comparison. This is what a buyer can actually transact on today, as opposed to what a price list says.

| Unit | Bd/Ba | Interior | Asking | $/sf | HOA / mo | Days |
|---|---|---|---|---|---|---|
| [605](https://bluebaybrokers.com/listing?mls=A11968142) | 1/1 | 678 sf | $898,350 | $1,325 | $1,254 | 107 |
| [505](https://bluebaybrokers.com/listing?mls=A11845876) | 1/1 | 678 sf | $995,000 | $1,468 | $3,600 | 388 |
| [708](https://bluebaybrokers.com/listing?mls=A11967365) | 1/2 | 895 sf | $1,264,000 | $1,412 | $1,656 | 109 |
| [609](https://bluebaybrokers.com/listing?mls=A12028720) | 2/3 | 1,969 sf | $2,592,000 | $1,316 | $3,452 | 56 |
| [701](https://bluebaybrokers.com/listing?mls=A11796171) | 3/4 | 1,944 sf | $2,697,000 | $1,387 | $3,600 | 377 |
| [PH-1205](https://bluebaybrokers.com/listing?mls=A12014103) | 3/4 | 2,651 sf | $4,088,000 | $1,542 | $4,905 | 35 |

How to read this table

On new construction the MLS area is routinely the total rather than the interior, and it runs larger than the County's recorded figure, by 10 to 30 percent on the units already tested in this pipeline. Treat the $/sf column as the seller's own arithmetic and re-divide by the recorded area before comparing it with anything delivered.

## Photographs

The 24 photographs carried on MLS listing A12014103 at this address. On a building still under construction these are the developer's renders and the sales-gallery material, not the finished product.

**Photographs** © SEFMLS, displayed from the MLS under the same licence that permits display of the listing itself. Renders are the developer's own and are subject to change.

## What the deposit costs to hold

A preconstruction deposit is committed years before you hold a deed, earning nothing. That carry is a real cost of the trade and it is never in the pitch. Modelled on $900,000 at 4.5% simple, 24 months to delivery.

| Milestone | % | Payment | Committed | Held | Carry |
|---|---|---|---|---|---|
| At contract (assumed standard) | 10% | $90,000 | $90,000 | 24 mo | −$8,100 |
| At groundbreaking | 10% | $90,000 | $180,000 | 24 mo | −$8,100 |
| At top-off | 10% | $90,000 | $270,000 | 12 mo | −$4,050 |
| At closing | 70% | $630,000 | $900,000 | 0 mo | −$0 |
| Committed before closing |  |  | $900,000 |  | −$20,250 |

Why this line matters more than the yield

Nothing is rented and nothing is owned meanwhile, so the whole return has to come from the gap between contract price and the market at delivery. That carry, about $20,250, is the hurdle before you break even, and deposits are generally non-refundable, so a delivery that slips extends it without your consent.

## Carry at delivery

What it costs to own before any income, on the smallest residence of 678 sf.

| HOA at $1.85/sf/month | −$15,052 |
|---|---|
| Property tax at 2.02% of $900,000 | −$18,180 |
| Insurance (HO-6), $3.60/sf | −$2,441 |
| Annual carry, before any income | −$35,672 |

**What to get before you sign**

The carry is small here. Twenty-four months to delivery on a $900,000 line costs about $36,450 of dead capital, a fraction of what the four-year Brickell schedules cost, and that short runway is part of the case. Two things to obtain anyway. The deposit schedule above is the Miami standard because Constellation has not published theirs, and since ground was broken in April 2026 the first two milestones now fall together, which means 20 percent at once. And the rental policy is already answered in writing, ninety days minimum and four stays a year, so underwrite this as a home or a long-let, never as nightly income.

## Delivery risk

| Construction financing | $67.5M closed 9 June 2026, BHI as lender, arranged by Berkadia. Construction started in April 2026, two months before the loan closed. |
|---|---|
| Presold | Not disclosed |
| Delivery | 2028, per the developer's own June 2026 loan release, a year later than first marketed. Six of the seven MLS listings still carry 2027. |
| Developer | Constellation Group, led by Eduardo Otaola, with The Boschetti Group. The pair is also delivering Ella Miami Beach, 95 units in North Beach. Arquitectonica designed CORA, Urban Robot did the interiors, Winmar is building it. |
| Rental policy | Ninety-day minimum, up to four stays a year, stated in writing by the sales director in August 2026. Not a nightly-rental building |

## Recommendation

BlueBay Brokers · CORA Merrick Park

### Small, funded, and priced at a premium you should negotiate

Buy the absorption, not the brochure. Seventy-four units against 104 closings a year is the best supply position in this pipeline, the loan is closed, ground is broken, and the exit is not fighting a tower's worth of identical inventory.

Negotiate the foot. A 60 percent premium over what the band actually closes at is the number to work on, and with the deposit schedule unpublished and the co-broke paid by the developer, there is room to ask. Get the real schedule and the recorded rental language first.

## Want the rest of it?

I am Steve Gabison, a Florida broker, licence BK3411036. I wrote this page. New developments are Carolina Peña's desk at BlueBay Brokers, broker, licence BK3288753: she will send you what is behind it, in English or Spanish.

#### The full file

This page is the public read. The file adds the unit-level price list and what is actually left, the developer's land basis and what it says about room on price, the recorded rental language, and a rental underwriting on the specific line you are looking at. No charge.

#### On the purchase

Developers in this pipeline pay a cooperating broker, so having me represent you costs nothing on top of the price. I negotiate the deposit schedule, the credits and the co-broke, with the recorded comps to argue from.

## Read next

- [Cassia, The Residences at Coral Gables, Coral Gables, Q1 2027](https://bluebaybrokers.com/buildings/cassia-coral-gables)
- [14 ROC Miami, Arts & Entertainment District, Delivering 2028](https://bluebaybrokers.com/buildings/14-roc)
- [2200 Brickell, Brickell, 2026](https://bluebaybrokers.com/buildings/2200-brickell)
- [All the new-development studies](https://bluebaybrokers.com/new-developments)
- [Developer price vs resale on six delivered Miami condos](https://bluebaybrokers.com/developer-price-vs-resale-miami)
- [What a preconstruction deposit costs to hold](https://bluebaybrokers.com/preconstruction-deposit-carry-miami)
- [Buying preconstruction in Miami as a foreign buyer](https://bluebaybrokers.com/buy-preconstruction-miami-foreign-buyer)

## Sources

- [The Real Deal, Cora Merrick Park secures $67.5 million construction loan (June 2026)](https://therealdeal.com/miami/2026/06/08/cora-merrick-park-secures-67-5-million-construction-loan/)
- [Florida YIMBY, Construction loan secured for Cora Merrick Park at 4241 Aurora Street](https://floridayimby.com/2026/06/construction-loan-secured-for-cora-merrick-park-at-4241-aurora-street-in-coral-gables.html)
- [CORA sales office, written reply to a broker request, 3 August 2026: price range, HOA at $1.85/sf, ninety-day rental minimum, 2028 delivery](https://coramerrickpark.com/)
- [Miami Association of Realtors / SEFMLS via Bridge: seven listings at 4241 Aurora St, 33146](https://bluebaybrokers.com/new-developments)

**Method, licence and disclaimers**

**Absorption and closed prices** © 2026 Miami Association of Realtors / SEFMLS via Bridge Data Output, pulled 2026-10-07. Deemed reliable, not guaranteed.

**Developer data.** Unit counts, sizes, pricing and delivery dates are the developer's own and are not verified by BlueBay Brokers LLC, which does not represent the developers named here and receives no compensation from them.

**Not investment advice.** A scenario built from stated assumptions. Deposit carry uses simple interest and ignores tax. The recorded condominium documents govern every legal question raised here. Consult your own tax and legal advisers.

**Rental policy** as published by the developer and routinely amended before closing.