February 20, 2023 - Rava Realty

Rents are still high, for now

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The average asking rent in the Miami metro area was $2,141 in the fourth quarter of 2022, up 13.3% from a year earlier, per economic research firm Moody’s Analytics.

The big picture: Many would-be home buyers chose to rent longer last year, sustaining apartment demand. But folks are hitting their spending limit.

  • For the first time in over two decades, households now have to spend 30% of their income on average rents.

The expected surge in supply could help bring down prices.

  • Yes, but: Most cities will ...

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Archaeological Miracles: Unearthing Miami’s 7,000 Year-Old History

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Archaeologists discovered thousands of tools, artifacts, and human and animal remains dating back 7,000 years at the Related Group’s Miami River construction site, where the development firm plans a three-tower project.

The 16-month excavation and preservation of the items could be the most archaeologically significant findings near the mouth of the river in the past 25 years. The artifacts date back to “the time of the emergence of the first cities in Mesopotamia,” thousands of years before the Roman Empire.

It’s unclear how the ...

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Get Ready To Take A Spin: Giant Ferris Wheel Coming To Harlem

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The proposed 180-foot Harlem Wheel would rise alongside the Hudson River as part of the Harlem Gateway Waterfront Initiative to transform the 125th Street piers into a tourist destination, running several attractions including “Harlem Rocket” speedboat tours and a Harlem Maritime Center & Museum.

The wheel would open in summer 2024 and could draw millions of riders — who’d pay between $15 and $20 a ride — every year, according to the Harlem Gateway Waterfront Initiative website.

“The Harlem Gateway Waterfront Initiative will stimulate ...

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Half Of Manhattan Workers Are Back In Offices

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Roughly half of Manhattan’s workers were in the office during the average workday as of late January, according to a Partnership for New York City survey.

The pandemic emptied out Manhattan’s office buildings and shifted scores of employees to remote work. But as coronavirus restrictions were lifted, only a relative handful of workers returned to offices.

The survey found only 9 percent of workers are back at the office five days a week, a number that’s unchanged from September. However, the number of fully remote workers did tick down ...

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Manhattan Market Pulse: Feb. 23

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The monthly contract activity stood at 592 in January, down 37.8% compared to last year and down 23.7% from the 776 historical average for the month of January. The Median Sales Price is $1,075,000, at the moment, down -14% from last year.

The supply, which is the number of units on the market, stands at 6,078, up 2.7% from a year ago. While the number of pending sales, which is the number of currently in contract units, ...

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