Activity is picking up in the Manhattan luxury market

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Activity is picking up in the Manhattan luxury market

Manhattan’s luxury market recorded 29 contracts at $4 million and above in the third week of February– that was the fourth week in a row contract activity topped 20 deals, The Real Deal reports.

The No. 1 spot went to a 12-room co-op apartment across from the Metropolitan Museum of Art at 993 Fifth Avenue with an asking price of $17 million. That’s a nearly 32 percent reduction off the original ask of $24.9 million when the ...

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Bronx home prices reach new record

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Bronx home prices reach new record

For all the talk of a Bronx real estate boom in recent years, here’s an interesting fact: home prices still remained below their 2006 peak, until now; the Wall Street Journal reports.

The borough’s average home price rose to $515,000 in the fourth quarter, according to the Real Estate Board of New York, 2 percent above the previous record. In Kingsbridge Heights, prices rose by a staggering 15 percent between the end of 2016 and 2017, to ...

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Continued softness in NYC rental market

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Continued softness in NYC rental market

Rental rates in New York dropped 3.7 percent in 2017 though most Bronx neighborhoods bucked the city-wide trend, with a few areas seeing double-digit increased like Highbridge (up 22 percent), Mott Haven (up 15 percent) and Woodstock Uup 15 percent). (Source: Zumper)

According to TOWN Residential, the best place for bargain hunting in the borough is the Upper West Side, which had the highest concentration of concessions (e.g. free rent or owner-paid incentives) at 15.3 percent.

 

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Townhouse Resurgence in New York?

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Townhouse Resurgence in New York?

Manhattan’s townhouse market has struggled in recent years. In 2016, there were 454 deals valued at $3.1 billion compared to 492 deals totaling $4.2 billion in 2015 (source: townhouse brokerage Leslie J. Garfield). And 2017 wasn’t much better — only 100 contracts signed for townhouses asking $4 million and up, representing an 11 percent drop from 2016 (Source: Olshan Realty).

But there might be a light at the end of the tunnel. The following record-setting deals ...

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Construction update: NYC and South Florida

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Construction update: NYC and South Florida

2018 is set to be a record year for construction in NYC, with spending expected to top $52.5 billion, exceeding the 2016 peak of $52.2 billion, according to the New York Building Congress. Building Congress also anticipates the three year outlook of the construction industry to be “white hot.”

In 2018, 15 million square feet of office space is slated for completion in Manhattan, while another 2 million square feet is coming in Brooklyn and Queens. Some of the biggest projects ...

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Miami and the Argentines

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Miami and the Argentines

Some foreign buyers come to South Florida because of political instability and lack of security in their countries, others because of the sunny weather, beaches and everything else Miami has to offer.

Whatever the reason, Miami has become one of the most desired international real estate markets. And while buyers from Russia, Brazil, Colombia and Venezuela have drawn the biggest headlines for their respective impacts, lately Argentines have not received nearly enough ...

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