April 2020 - Rava Realty

Condo sales fall in Miami-Dade

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Condo sales in Miami-Dade County began to drop last week.

A total of 61 condos sold for $41.5 million last week, amid the coronavirus pandemic. That is compared to 102 units that sold for $54 million the previous week. Condos last week sold for an average price of about $680,000 or $397 per square foot.

The most expensive closing was at Fendi Chateau Residences in Surfside. Unit 806 sold for $6.9 million, or $1,538 per square foot, after 510 days on the ...

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Manhattan 1st Quarter 2020 Sales Market Report

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Finally after two years of low volumes in the sales market, the first quarter of 2020 showed an increase in closings as sellers became more realistic about pricing.

It must be said that this trend, given it is based on closed sales, doesn’t fully reflect the most recent changes of the market conditions related to the coronavirus pandemic.

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This too shall pass

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This too shall pass

We can replace the fear with the facts. The NYC real estate market has proven over the last centuries to be one of the safest and sought markets in the world and will be able to overcome this too.

Here follow excerpts from the analysis on the US real estate market of experts Brian Buffini and Lawrence Yun (Chief Economist at the National Association of Realtors):

We have faced many, many different crises in the past as a country.

No matter what, this is going to be a shorter-term situation than what ...

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How NYC Real Estate is dealing with coronavirus

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How NYC Real Estate is dealing with coronavirus

On Thursday, Cuomo said mortgage payments and foreclosures in New York will be suspended for 90 days in light of the pandemic. There will also be a grace period for loan modification, no negative reporting to credit bureaus and no late or online payment fees for the next three months.

Evictions are suspended indefinitely. New York state has suspended eviction proceedings and pending eviction orders until further notice.

Some lawmakers want to suspend construction in the city during the outbreak both to ...

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Miami-Dade orders all non-essential businesses closed due to coronavirus

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Miami-Dade orders all non-essential businesses closed due to coronavirus

Miami-Dade Mayor Carlos Gimenez has expanded his order of businesses that must close — and those that can remain open — during the coronavirus pandemic. All malls and casinos will have to shut down. Construction sites, hotels and banks can remain open.

Medical facilities, grocery stores, gas stations and restaurant kitchens can stay open for pick-up and delivery. The announcement is effective Thursday at 9 p.m.

Gimenez ordered all non-essential ...

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How NYC is dealing with coronavirus

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How NYC is dealing with coronavirus

Gov. Andrew Cuomo issued an executive order that places the state on what he calls a “pause”; nonessential retailers and services must be closed or have their employees work from home, and people are expected to largely stay home, with limited exceptions.

“We need everyone to be safe, or no one can be safe,” Cuomo said during a press conference announcing the new regulations.

Hotels are closing. The MTA has reduced subway service. Broadway has gone dark ...
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