Renter’s market in Miami

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With a slowdown in luxury condo sales — which fell 25% in the third quarter year-over-year according to Douglas Elliman report, developers have shifted their attention to rentals. Rates for rental apartments continue to rise because most of the new product is luxury. In the third quarter, the average rent for a two-bedroom apartment was $2,320.

Much of the inventory slated for 2017 is rentals — developers are expected to complete 3,575 rental units compared to 2,774 condos, nearly doubling Miami’s ...

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The long-awaited 2nd avenue subway to debut on New Year’s Day

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Assuming no surprises, the 2nd Avenue Subway will open on January 1, 2017. What a way to start the new year! The first subway train will leave the new station at 96th Street on the UES at 6:04am. And when commuters descend into the new station on 96th Street as well as 86th, 72nd and 63rd, they will discover the fruits of MTA’s contemporary art projects. Now who says, subway can’t be a museum of sorts?

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Famed Canadian opera star eyes Harlem

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Harlem is adding another celebrity to its mix: Canadian Soprano Sharon Azrieli has purchased a large four-unit building in Harlem, paying $3.7 million for 111 West 128th Street. The four-story building currently features 24 rooms, 12 bedrooms and eight bathrooms across 6,000 square feet and four units. The seller was sculptor Gregg LeFevre who has created over 120 public art works in cast metal around the U.S. Notably, his work has been collected by Meryl Streep.

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Pier 26

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Pier 26

Renderings for the makeover of Pier 26 in Tribeca (located between North Moore Street and Hubert Street) has been released for the first time. The Hudson RIver Park Trust, which oversees the management of the pier, recently presented to plans to the public at a community board meeting as reported by Tribeca Citizen. The design is compelling and depicts a futuristic park that will be full of activities for residents to enjoy — including elevated walkways, lounging areas, distinct green ...

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Miami lux market

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Miami lux market

With Miami more than a year deep into a housing market slowdown, many brokers are urging luxury homeowners to drop prices. As reported by The Real Deal, October was Miami’s worst month for luxe home sales since 2011 as only 94 houses and condos priced above $1 million sold that month, marking a drop-off of more than a third from the 145 sold in 2015.
The market is still contending with an inventory of 4,100 luxury homes listed for sale ...

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Arnold Schwarzenegger, a savvy real estate investor?

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Arnold Schwarzenegger, a savvy real estate investor?

Before Arnold Schwarzenegger catapulted into Hollywood stardom, he was making a good living in the late 1970’s with $100,000 he invested in real estate.
As quoted in a new book by Tim Ferriss: “I did not rely on my movie career to make a living. I realized in the 1970s that the inflation rate was very high and therefore an investment like that is unbeatable. I benefitted from a [magic decade] and I became a millionaire from my real estate ...

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