October 18, 2024 - Rava Realty

Beckhams Set Record with $72.3 Million Miami Beach Mansion Purchase

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Beckhams Set Record with $72.3 Million Miami Beach Mansion Purchase

David and Victoria Beckham have made headlines by purchasing a waterfront mansion in Miami Beach for $72.3 million, establishing a new record on North Bay Road. The 14,270-square-foot estate at 4736 North Bay Road features nine bedrooms. It was listed for $80 million.

The mansion includes nine bathrooms, four half-bathrooms, a gym, a spa, a home theater, a pool, and an outdoor kitchen. The property offers 124 feet of waterfrontage on a 0.6-acre lot.

The developer acquired the property for $10 million ...

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Miami: Rising Costs Impact Renters and Homeowners Alike

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Miami: Rising Costs Impact Renters and Homeowners Alike

In the greater Miami area, nearly 60% of renters allocate at least 30% of their income to rent, with about one-third facing significant financial challenges. Additionally, 42% of homeowners with mortgages are also feeling financial pressure.

Average rents for two-bedroom apartments have risen over 21% in the past year. Experts estimate that Miami-Dade needs at least 90,000 new affordable housing units to meet the demand alongside support for homeowners facing rising costs.

This positions the region as one of the most financially pressured areas in the U.S., ...

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Manhattan’s Retail Market Rebounds Post-Pandemic

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Manhattan’s Retail Market Rebounds Post-Pandemic

Manhattan’s retail market continues to recover, with availability dropping to 14.7 percent in the third quarter, the lowest ever recorded. This marks a significant improvement from the 28 percent peak in 2021.

There were just 202 available retail spaces, down from 210 the previous quarter, with lower Fifth Avenue seeing the most significant shift, dropping from 21 percent to 11.3 percent availability.

SoHo has also bounced back, with availability falling from 34.6 percent in 2021 to 11.5 percent. The area’s rent has risen ...

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Developers Near Tax Breaks with New HPD Guidelines

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Developers Near Tax Breaks with New HPD Guidelines

Developers are close to securing tax breaks for multifamily housing and office conversions, thanks to new guidance from the Department of Housing Preservation and Development (HPD). The guidelines outline rules for two programs: 485x, replacing 421a, and 467m, incentivizing office-to-residential conversions.

An essential rule under 485x requires 25% of contract costs to go to minority- and women-owned businesses (MWBE), though the process is unclear, especially for projects between 421a’s expiration and 485x’s launch.

Real estate attorneys note there’s still ambiguity about how developers can meet this threshold. HPD will ...

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Manhattan Market Pulse

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Manhattan Market Pulse

Contract activity, reflected in the number of signed contracts, has seen a notable 21% increase compared to this time last year. However, it has dipped slightly, by 1.7%, when measured against the monthly historical average. In terms of pricing, the median sales price for a Manhattan apartment remains steady at $1.14 million, mirroring last year’s figures. The market has tightened a bit on the supply side, with the number of available units dropping by 3.7% compared to 2023. Despite ...

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