July 21, 2023 - Rava Realty

Cipriani penthouse asks a record price per square foot

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Cipriani penthouse asks a record price per square foot

A penthouse at Cipriani Residences Miami is seeking a record-breaking price per square foot in Brickell, Miami’s financial district. The four-bedroom, five-and-a-half-bathroom Penthouse 1 is listed for $16.2 million, equating to $3,333 per square foot. If sold at that price, it would surpass the previous record set by a tri-level penthouse at Una Residences, which sold for $17.75 million at $2,506 per square foot.

Developer Camilo Miguel Jr., founder and CEO of Mast Capital, highlights the growing demand for luxury amenities and world-class cuisine among buyers, especially with the influx of ...

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Miami Residents Face Lengthy Savings Journey for Down Payments

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Miami Residents Face Lengthy Savings Journey for Down Payments

According to Zillow data, Miamians will need an average of 13 years to save for a 10% down payment on a typical home in the area. In Florida, the average time is 11.8 years, based on saving 5% of the median household income each month.

The National Association of Realtors (NAR) reports a record-low share of first-time buyers due to inventory shortages and affordability concerns. Additionally, the median age of first-time buyers has increased from 33 to 36 in the past year. The challenge of ...

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Office space in Manhattan reaches all-time high

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Office space in Manhattan reaches all-time high

The office market continues to struggle as available office space reaches a record high in the second quarter. According to Savills, there were 70.3 million square feet of office space ready for leasing, accounting for 19.7 percent of total space, the highest since the start of the pandemic. Leasing activity dropped by 12.1 percent in the first half of the year compared to 2022, and the second quarter saw a significant decrease of 25.2 percent compared to pre-pandemic levels. Lease renewals and expansions ...

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One of the most expensive sales in the history of downtown Manhattan

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One of the most expensive sales in the history of downtown Manhattan

A six-bedroom, 7,000 square feet of living space, with panoramic views of the Hudson River and Manhattan skyline, and a 5,000-square-foot terrace penthouse condo apartment at One High Line, a new development in West Chelsea has entered into contract at $52 million, and downtown $50 million sales are rare compared to uptown luxury enclaves.

Some of the few $50 million residential real estate sales in downtown Manhattan include a penthouse at 70 Vestry Street in Tribeca that sold for $56 million and another Chelsea unit at the Getty, which sold for $59 million — both sales were ...

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Manhattan Market Pulse

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Manhattan Market Pulse

The monthly contract activity stood at 979 in June, down 6% both compared to last year and from the 1,042 historical average for the month. The Median Sales Price is $1,024,000, at the moment, 1.5% up from last year. The supply, which is the number of units on the market, stands at 7,003, down 6.8% from a year ago. While the number of pending sales, which ...

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