June 2024 - Rava Realty

In Broward County, condo sales dollar volume drops to $320M

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In Broward County, condo sales dollar volume drops to $320M

Total condo sales for May amounted to $320 million, down from $338 million in April. The number of closed sales decreased to 954 units, compared to 979 in April and 841 in March, as reported by Multiple Listing Service data from Redfin.

Sale prices in May ranged widely, from $51,000 to $3.1 million, with a median sale price of $240,000. The price per square foot varied between $72 and $1,277, with a median of $239 per square foot.

The highest-priced ...

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Miami’s Brickell is Becoming the Place to Live and Work in South Florida

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Miami’s Brickell is Becoming the Place to Live and Work in South Florida

Miami’s Brickell neighborhood swiftly becomes South Florida’s top spot for living and working. Known as the “Manhattan of the South,” it offers luxury living, economic vibrancy, and cultural richness. Here are some of Brickell’s strengths:

Accessibility and Infrastructure: Centrally located, Brickell offers easy access to major transportation hubs, including Miami International Airport and Fort Lauderdale-Hollywood International Airport. The neighborhood is well-served by public transit options like the Metromover and Metrorail, ensuring seamless connectivity throughout Miami and beyond.

Economic Hub: As a hub for global finance and technology ...

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Miami-Dade property values increase for third consecutive year

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Miami-Dade property values increase for third consecutive year

Property values across Miami-Dade County have risen by about 10% from last year, according to a recent report by the county. This marks the third straight year of increases, indicating a strong real estate market despite concerns about housing affordability.

The report highlights that all 34 municipalities in the county saw values go up, with 17 of them experiencing double-digit percentage increases. Florida City saw the biggest jump at 17.6%, followed by El Portal at 15%, and several others also saw ...

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Good signs for the Manhattan office market

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Good signs for the Manhattan office market

Last month, Manhattan’s office market surged, nearing pre-pandemic levels, led by robust leasing in Midtown. Nearly 2 million square feet were leased there, contributing to a total of 3 million square feet across all central business districts in May, a 70% increase from last year. Key transactions included Bloomberg’s large lease at 731 Lexington Avenue, the largest since 2019, and substantial leases at 22 Vanderbilt, highlighting market dynamics. These large deals significantly influenced market activity, but despite challenges, the market shows signs ...

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Illegal Short-Term Rentals: NYC Co-op and Condo Board Enforcement Strategies

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Illegal Short-Term Rentals: NYC Co-op and Condo Board Enforcement Strategies

New York City’s crackdown on illegal short-term rentals has significantly impacted apartment owners and renters attempting to skirt the law. However, illegal rental schemes have not disappeared entirely. To tackle this issue effectively, NYC co-op and condo boards have adopted a range of strategies to curb illicit rentals.

These are the board’s key strategies:

1. Online Spot Checks: Regularly search platforms like Airbnb, Vrbo, Craigslist, and Facebook Marketplace for listings of units in your building.

2. The Prohibited Building List: Apply to ...

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