Jason Barr, an urban economist at Rutgers University, created an interesting index that measures the price of Manhattan land from 1866 to 2013, using data on sales of vacant land. In the four decades following the Civil War, NYC emerged as the economic capital of the U.S. And as Barr’s index reveals, rapid business and population growth boosted the price of land and spurred the construction of the city’s first skyscrapers. And between 1900 and 1930, Manhattan land prices rose ...Continue Reading → Share
In 2016, there were 2,202 condos delivered in greater downtown Miami and based on what’s under construction for 2017, that number should rise to 3,456 delivered units — according to the Miami Downtown Development Authority. But looking ahead to 2018 and 2019, new product deliveries should fall to 2,846 and 1,960 respectively. That’s because not many projects are expected to break ground this year since many of the new condo and apartment projects currently proposed may have to wait till ...Continue Reading → Share
As New York’s condo market becomes increasingly oversupplied with large, luxurious four and five bedroom units, market for townhouses has cooled off. Once a symbol of the ultimate ‘I Made It’ status, townhouses (which represent 2.5 percent of all Manhattan sales) have languished in price. The median sales price for a Manhattan townhouse fell by 5.3 percent last year to $4.97 million after several years of consecutive increases and the number of days spent on the market averaged 164 in ...Continue Reading → Share
With the beaches to its east, Wynwood Arts District and the airport to the west, downtown Miami to the south and the Design District to the north, East Edgewater presents an attractive opportunity the city has seen since Miami Beach’s South of Fifth neighborhood transformed from a rundown area to now one of the most valuable destinations.
In the 1930s, East Edgewater was home to Miami’s wealthy individuals but by the 1980s, the zone had fallen into disrepair. Then came the ...Continue Reading → Share
A few years ago, developers touted the mid-market sector — generally defined as units priced between $2 million and $5 million — as a sweet spot. Today, this price range is beginning to experience a slowdown thanks to an oversupply of inventory coupled with pent-up demand for units priced under $1.5 million. Of note, starting in early 2015, a similar softness hit the ultra luxury sector.
According to analytics site UrbanDigs.com, there are close to 1,400 listed properties between $2 million ...Continue Reading → Share