NYC: what’s happening beyond the residential market

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The first signs of distress have emerged in several pockets of New York City’s commercial real estate market in recent months, The Real Deal Magazine reports. Retail vacancies, declining hotel revenues and foreclosures are among the indications that the market might be inching closer to financial instability. The influx of troubled loans is a product of the 2007 lending boom, and $90 billion in commercial mortgage backed-securities across the country are set to mature this year.
In Brooklyn and Staten ...

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Miami

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Home buyers went on a shopping spree in Miami-Dade in May — and snapped up enough houses to set a new record, the Miami Herald reports.
Sales of single-family homes surged to a new high last month with 1,344 closings — a 9.9 percent increase in the number of homes sold over the same month in 2016 and besting the previous record of 1,276 transactions in May 2015. Mid-market homes — properties listed between $200,000-$600,000 — comprised 71.9 percent of ...

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Sellers start to get real

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Sellers start to get real

For several years, sellers have been calling the shots but times they are a changing and so are their mindsets. During the first quarter of the year, the number of sales in Manhattan, Brooklyn and Queens jumped 24 percent year-over-year, from 7,365 in 2016 to 9,162 in 2017. And listings discounts — which increased in every sector of the market — helped drive the sales activity.
While price cuts can be painful for sellers especially if they watched the high ...

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Median rent drops for new development units

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Rent is down across most metrics in Manhattan — according to Miller Samuel data, median rental prices in Manhattan fell 1.8 percent in April year-over-year, dragged down by softness in the top 10 percent and in new development units, which fell 7.8 percent in April compared to the same month last year.

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Condo flippers in Miami

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Condo flippers in Miami

Miami has attracted a lot of pre-construction condo flippers — i.e. institutional investors — because the city’s real estate, particularly near the waterfront, has seen an explosive construction boom after the housing bust. Today, this boom has created a supply problem and condo flippers have contributed to an excess of unfinished buildings.
Take Brickell for example. Among the newest condo projects is Bond Brickell, a tower with 328 units that was completed last August. StatFunding analyzed the Brickell condo area ...

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Clock Tower puts Mott Haven on the development map

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Clock Tower puts Mott Haven on the development map

In 2002, Carnegie Management converted a former piano factory on the main commercial drag at 112 Lincoln Avenue into a 90-unit rental with features seen in trendier locales, such as a rooftop deck and chic restaurant.
Since the Clock Tower opened, real estate investment in the South Bronx area has exploded — rising from about $1.9 million in 2003 to about $111 million in 2016. Over the same period, the average sale price has spiked from roughly $265,000 to roughly ...

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