July 26, 2024 - Rava Realty

Miami’s Senior Population Booms

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Between 2020 and 2023, Miami’s 65-and-up population surged by 7.5%, reaching over 1.22 million, far surpassing growth in other age groups. This trend highlights a broader national pattern where the U.S. 65-plus demographic grew by 9.4% to about 59.2 million people, with some major cities seeing nearly 20% increases.

In contrast, Miami’s 15-to-24 age group grew modestly by 1.6%, while all other age groups declined. Overall, Miami’s population saw a slight increase of 0.7% during this period. This rapid growth in ...

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Bigger Apartments Are Making a Comeback

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Developers across the U.S. are responding to a growing demand for more spacious apartments as people postpone home purchases and work from home more frequently. According to RentCafe, the average size of new apartments built in 2023 is 916 square feet, up 27 square feet from the previous year.

In Miami, the average apartment size has risen to 929 square feet, a 15% increase over the past decade. This comes after a trend in 2022 where apartment sizes shrank to their smallest since at least 2014 due to ...

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Manhattan Market Pulse

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The contract activity, or the number of signed contracts, for June is down 4.2% compared to a year ago and 10% compared to the monthly historical average.

The Median Sales Price for a Manhattan apartment is $1.22M, which is basically the same number as a year ago.

The supply, or the number of units on the market, is down 1.1% compared to July 2023. Meanwhile, the number of pending sales, or the number of units currently in contract, is 19% higher than a year ago.

The Market Pulse, or pending-to-active ...

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America’s elite are getting wealthier, deals over $100M are back

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This year, the borough has recorded two sales over $100 million, the first since 2022. Recently, a penthouse at Vlad Doronin’s Aman New York sold for $135 million, following a $115 million sale at Central Park Tower.

Stock market gains and increasing wealth among the ultra-rich are driving these sales. By the end of last year, the top 1 percent’s wealth hit a record $45 trillion, largely due to stock holdings, which encouraged more spending.

The strength of the luxury market is unaffected by ...

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