South Florida Construction Update

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South Florida Construction Update

Construction starts in South Florida fell 23 percent in October to $1.37 billion, according to Dodge Data & Analytics in a report by The Real Deal.

Commercial building continues to outpace residential, due in large part to South Florida’s condo market slowdown. Last month, new commercial starts increased 36 percent to about $720 million, while residential starts declined 47 percent to $653 million, compared to October 2016.

Year-to-date, construction spending fell 9 percent in October to $9.47 billion from $10.4 billion the ...

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Trends: Tourism in NYC is UP but foreigners are DOWN

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Trends: Tourism in NYC is UP but foreigners are DOWN

The city’s tourism promotion agency, NYC & Company, estimates that the number of visitors will increase again this year, to a record 61.8 million, from 60.5 million in 2016, an increase of slightly more than 2 percent. That would make 2017 the eighth straight year in which tourism hit a new high, NYC & Company said.

The projected annual increase in tourism this year will come despite the first decline in the number of international visitors to the city since 2009, ...

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The Manhattan Luxury Market Keeps Struggling

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The Manhattan Luxury Market Keeps Struggling

While optimism in the luxury sales segment was strong during the favourable spring market, sales are now slowing down and brokers are decidedly more anxious.

After a rocky 2016, the industry had high hopes for 2017. And the start of the year did indeed seem promising. But things began changing just after the year’s midpoint.

The luxury market logged its worst summer in terms of the number of contracts signed since 2012, according to data from Olshan Realty. While luxury contracts are ...

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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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