November 2024 - Rava Realty

PortMiami Was Once Again The World’s Busiest Cruise Port In 2024

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PortMiami Was Once Again The World’s Busiest Cruise Port In 2024

PortMiami broke its cruise traffic record in fiscal year 2024, welcoming 8.23 million passengers—a 12.79% increase from the previous year. This achievement keeps PortMiami as the world’s busiest cruise port, leading over Port Canaveral.

In environmental progress, PortMiami activated shore power in June, cutting pollution by allowing ships to use electricity while docked. Additionally, major infrastructure projects are underway, including the world’s largest cruise terminal by MSC Cruises and a new Royal Caribbean terminal starting construction in 2025.

Port Everglades in Fort Lauderdale also ...

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Florida by the Numbers: International Buyers in 2024

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Florida by the Numbers: International Buyers in 2024

Florida continues to be a hotspot for international real estate investors, with significant interest from abroad despite market challenges. Between August 2023 and July 2024, international buyers contributed a total of $7.1 billion in residential purchases.

During this period, 10,900 existing homes were purchased by international buyers, accounting for 3% of all existing home sales. Notably, 69% of these buyers had their primary residence outside the United States, highlighting the state’s allure as a global destination.

Canadian buyers led the way, ...

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Market Fluctuations. Is Now the Right Time to Buy in Florida?

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Market Fluctuations. Is Now the Right Time to Buy in Florida?

Florida remains desirable for many, with its warm climate, no state income tax, and extensive coastline.

However, the real estate market is shifting. According to Realtor.com’s September Housing Market Report, four of the ten U.S. metro areas with the most significant year-over-year declines in home prices are in Florida. Miami experienced the steepest drop at 12.4%, with Jacksonville, Orlando, and Tampa also seeing major price reductions.

These declines follow a post-pandemic population boom. Since 2020, Florida’s population has grown from 21.5 million ...

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Manhattan’s Office-to-Residential Conversions Boost the Rental Supply

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Manhattan’s Office-to-Residential Conversions Boost the Rental Supply

Manhattan is experiencing a surge in office-to-residential conversions, boosting the rental supply. With the 421a tax break expiring in 2022, new construction slowed, but conversions like Vanbarton Group’s 77 Water Street and Bushburg Properties’ 80 Pine Street are adding thousands of rental units. By 2028, around 7,500 apartments are expected from these projects, making up over 40% of new rentals.

This trend is crucial given Manhattan’s housing shortage, although issues remain, such as wage requirements and rent restrictions that could deter some developers. Notably, the former Pfizer ...

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Investing Smart: Soho Property Sells for 43.75% More in Two Years

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Investing Smart: Soho Property Sells for 43.75% More in Two Years

A Manhattan retail space housing Cartier in Soho has just sold for 43.75% more than what the owner paid in 2022. An undisclosed Japanese conglomerate purchased 102 Greene Street from Aby Rosen’s RFR Holding for $46 million, equating to about $4,020 per square foot, with a capitalization rate of 4.2%.

The four-story building, dating back to 1881, was transformed by Cartier into a flagship location featuring a gallery, lounge, studios, and a rooftop garden and opened late last year. RFR had acquired ...

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