Host Hotels paid $610 million for 1 Hotel South Beach, marking a new per-room record for Miami-Dade hotel sales at $1.42 million a key. Barry Sternlicht’s Starwood Capital Group and LeFrak sold the luxury beachfront hotel at 2341 Collins Avenue, according to a press release. Starwood affiliate SH Hotels & Resorts will continue to operate and manage the 429-room hotel.
by Riccardo Ravasini 
South Florida construction starts in January plummeted year-over-year, with steep declines in both residential and commercial sectors, a recently released report shows.
Total construction starts fell 45 percent to $640.8 million in January. Residential construction dropped by 55 percent to $333.2 million, while non-residential construction dipped by 28 percent to $307.6 million, according to Dodge Data & Analytics.
The difficult start of the year is a continuation of the decline in residential construction in December, reflecting a slowdown in new …
by Riccardo Ravasini 
After a prolonged period of declines, the Manhattan rental market finally started to pick up in January with the median rent price that increased 5.7% to $3,320 year over year (YoY), even though the volume of new leases fell by 4.9% YoY. This normally means that more renewals of existing leases are happening. The vacancy rate also went down to 1.65% from 1.98% a year ago, another good sign for landlords. And the share of apartments offered with landlord concessions …
by Riccardo Ravasini 
Recent data regarding the luxury segment which includes NYC properties priced $4 million and above show that February was a dynamic month: there were 92 contracts signed in this market segment from February 4th to March 3rd. And it was the first time in four months that the market registered 3 straight weeks with 20+ sales, which is a sign of recovery.
by Riccardo Ravasini 
Here are some insights from the latest Knight-Frank – 2019 Wealth Report – and other luxury market indicators.
Yes, the New York real estate market cooled down in 2018, but the city is still a favorite, amongst the uber rich of the world, for prime property investment.
New York is the world’s leading city for both residential and commercial investment, cementing its position as a global wealth hub. The study, which surveys global trends among the highest-wealth individuals, looked …
by Riccardo Ravasini 
Miami-Dade
Overall, residential sales in Miami-Dade dropped 6.2 percent to 2,081. The total residential sales volume in December fell by 5.6 percent to $928.8 million.
Miami single-family home sales decreased 5.1 percent 1,011 last month. Condo sales dropped to 1,070, a decline of 7.3 percent.
Prices of single-family homes kept rising, with the median price increasing by 6.7 percent to $355,000. The median price of a condo was flat at …
by Riccardo Ravasini