September 2022 - Rava Realty

Miamians are seeking true love…and shared rent!

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Miamians are seeking true love…and shared rent!

From the outside, Miami might seem like a city of sex-crazed partiers looking for superficial connections. But most of us are softies searching for true romance…and someone to split rent and utilities!

OK Cupid surveyed 2 million daters asking whether they were more interested in love or sex, and found that the majority of respondents in Miami chose love (73%).

Funny thing, 87% of respondents said they’d want to split the rent! A natural choice, as a one-bedroom costing $2,500, splitting that 50/50 with your lover would save about $1,250 each ...

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Coconut Grove estate sells for record $107M

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Coconut Grove estate sells for record $107M

Adrienne Arsht, a Miami businesswoman and philanthropist, sold her waterfront Coconut Grove compound consisting of two homes for $106.9 million, marking a record in Miami-Dade County.

The price is a 29 percent discount from the $150 million asking price from January, when the property hit the market. Still, it is the first time a residential sale surpassed the $100 million mark.

The deal beats the previous record in Miami-Dade, technology company InterSystems founder Phillip Ragon’s $93 million three-house purchase this summer in Golden Beach.

(source: therealdeal.com, picture: compass.com)

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Manhattan office leasing has busiest month of Covid era

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Manhattan office leasing has busiest month of Covid era

Companies still want a piece of Manhattan. Some 3.4 million square feet of office space was leased in August, the most since January 2020, when the first Covid cases began to pop up in New York City.

Notably, space in Midtown is steadily getting harder to find. More space was newly leased than became available in Manhattan’s central business district decreased for the sixth straight month, as was the case for Manhattan as a whole.

However, Midtown’s available office space has increased by 36 percent since March 2020. Modest compared to Midtown South (where it has more than doubled), Downtown (up ...

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Private equity firms are betting big on New York apartments

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Private equity firms are betting big on New York apartments

Just before Manhattan rents started soaring at the start of the year, Blackstone Group agreed to buy a Frank Gehry-designed apartment tower in the Financial District for $930 million.

Today’s big multifamily buys, however, look different from the high-juice deals of yesterday. Instead of buying older properties with heavy rent-stabilized components and banking on the fix-and-flip model, private equity appears focused on free-market buildings with cash flow.

Blackstone’s purchase of the roughly 900-unit Gehry tower at 8 Spruce Street is the city’s biggest multifamily deal so far this year, and it helped push the market close to a record high.

Manhattan multifamily ...

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Manhattan Luxury Market Reality Check

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With this report, we are going to tell you at what prices luxury properties are actually closing and what was their actual negotiability factor, anybody interested in getting a discount?

There were 83 closings at $4 million and above in July 2022, 57 less than June. The Average Closing Price was $8,478,817 up +15%, meanwhile, the Median Closing Price was  $5,867,000 down -3.8%. The Negotiability Factor, that is the average discount from the last asking price, was 3.16% practically unchanged from the 3.19% registered during the ...

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