September 2024 - Rava Realty

Palm Beach’s Last Stand: Struggle Over the Final Major Development Site

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Applause broke out at the Palm Beach Town Council meeting when Maggie Zeidman, then-president of the council, proposed transforming a 5.8-acre parking lot on South County Road into a park. She called on residents to raise approximately $400 million for the project, highlighting the land’s prime location and potential.

Despite her optimism, Wells Fargo sold the property to the Frisbie Group, which planned a major development with residential and commercial spaces reflecting the island’s architectural style but was eventually withdrawn, leaving the site’s future uncertain.

This ...

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Condo Market Faces New Challenges Amid Regulatory Changes

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In Miami-Dade County, August experienced a significant drop in condo sales and prices. Sales fell to $470 million from $624 million in July, with closed sales decreasing from 810 to 712. The median sale price of condos dropped from $407,500 to $380,000, and the price per square foot fell from $416 to $388.

This decline is partly due to new building safety regulations following the Champlain Towers collapse in 2021. These regulations require extensive inspections and reserve funds for older buildings, increasing costs ...

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NYC Dining Boom Fuels Top 5 Retail Leases in Recent Month

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The list of the largest retail leases in New York City’s five boroughs from last month suggests strong confidence in the city’s retail market, particularly among restaurateurs. Five of the top ten leases are for new restaurants or bars, four of which are expansions of existing locations within the city. Dante NYC secured its third location in Nolita, Carneval signed a lease for a second venue in Williamsburg, highlighting the neighborhood’s appeal for upscale dining experiences, Unya NYC is expanding into ...

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Manhattan Market Pulse

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Contract activity (or the number of signed contracts) is up 3.8% from a year ago and down 1.5% from the monthly historical average. The Median Sales Price for a Manhattan apartment is $1.14M, which is 1.5% less than the same period last year.The supply, or the number of units on the market, is down 2.6% compared to 2023. Meanwhile, the number of pending sales, or the number of units currently in contract, is 8% higher than a year ago.
The Market Pulse, or pending-to-active ratio, stands at 0.43, confirming a ...

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Airbnb asks NYC to Revise Short-Term Rental Law

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Airbnb Inc. urges New York City to revise Local Law 18, which has restricted most short-term rental listings since its implementation nearly a year ago. The company argues that the regulation, which requires hosts to be present in the apartment during stays of less than 30 days, the maximum limit of two guests simultaneously, and the licensing of the properties, has failed to address the housing crisis as intended. Instead, Airbnb claims that rents have continued to rise, leaving travelers with fewer options and higher ...

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