Rental perks are no longer stopping the fall of rents

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Rental perks are no longer stopping the fall of rents

September’s vacancy rate was the highest it’s been all year, hitting 2.6 percent in Manhattan (source: Douglas Elliman monthly report). The median net effective rent slipped slightly to $3,334, while the share of new leases with concessions hit 27 percent, up from 15 percent last year.

In Brooklyn, the net effective median rent fell by 6 percent to hit $2,757 in September — representing the largest drop since March 2015. Meanwhile in Queens, the median net effective ...

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Demand for Queens and Brooklyn homes outpace supply

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Demand for Queens and Brooklyn homes outpace supply

Third quarter of 2017 saw residential prices go up to new heights for homes in Brooklyn and Queens. In Brooklyn, median sale price went up to $790,000, which is $5000 below the record price hit in the borough last quarter (source: Miller Samuel quarterly report).

This indicates that the market has not yet reached its peak and is on the cusp of seeing average sales price break the $1 million threshold — $981,623 was the average sales price in Q3. Brooklyn ...

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Developers are long-term bullish on Little Havana

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Developers are long-term bullish on Little Havana

Little Havana, an area bordered by the Miami River, I-95, Southwest 17th Avenue, Southwest 9th Street and Northwest 27th Avenue, is drawing increasing interest from developers — particularly the eastern section given its proximity to the Downtown and Brickell neighborhoods. This area is where many millennials who can’t quite afford to live Downtown and Brickell are settling.

While current zoning laws are hindering a building boom, developers see a light at the end of the tunnel. Juan ...

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WeWork to debut flagship downtown Miami location in December

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WeWork to debut flagship downtown Miami location in December

The co-working firm will open its fourth Miami area location on December 1 at the Security Building, a historic 15-story building at 117 Northeast First Avenue. This location will have space for more than 1,200 members, 20 lounges, phone booths and event space. WeWork inked a 15-year lease for the nearly 97,000-square foot building. They already have two locations in Miami Beach and one at Brickell City Centre.

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Colombia loves Miami

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Colombia loves Miami

Colombians were crazy for Miami real estate in June, racking up the most web searches for homes of any other country.

Colombia, Brazil and Canada have been competing for the top three spots in recent months, according to the Miami Association of Realtors. Last year, Colombian and Brazilian homebuyers made the third-most international purchases in South Florida with a 10 percent share, according to the report.

International buyers looked to Los Angeles more than any other ...

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Where are the foreign investors putting their dollars to work?

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Where are the foreign investors putting their dollars to work?

Foreign buyers’ portion of U.S. investment sales in the two-year period ending May 31, 2017, totaled $168.32 billion — 15.5 percent of all deal volume, an analysis of Real Capital Analytics data by The Real Deal Magazine shows.

And while they’re not spending as much as they did a year and a half ago, investors from the 12 countries that poured the most money into commercial properties in the States invested a combined $56.69 billion in New ...

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