Miami has frequently been featured in the top ten of Christie’s International Real Estate annual list of the world’s top luxury real estate markets. But in the 2015 list that was just released, Miami overtook both San Francisco (#8) and Paris (#9) to reach 7th place — its highest spot ever.
The surge in the ranking may have been due to the sale of one single mega-priced penthouse: Hedge fund manager Ken Griffin’s $55 million purchase of the penthouse at ...

Extell Development all but wrote the narrative for Billionaires’ Row when it launched One57 in 2011. Now, as the luxury market slows, the developer is having a second act by repositioning 38 high-end rentals at the soaring tower as condominiums with mid-market pricing.
The developer said last week it would sell 38 units on floors 32 through 38 as condos starting at $3.45 million, Bloomberg reported. Seven units will ask $10 million or higher.
A $3 million pad at One57 ...

Last December the median price of a Manhattan apartment crossed the $1 million mark for the first time.
More recently the average sales price jumped 18.4 percent to $2.05 million during 2016’s first quarter. That’s up from $1.7 million at the same time in 2015, according to Miller Samuel latest quarterly market report.
Closings of new development units pushed up overall prices, but those deals represent contracts signed 12 to 18 months ago. Judging by the recent activity, it looks ...

The MTA has released more detail regarding its timeline to fix the Canarsie tunnel (the main transportation gateway between Manhattan and Williamsburg), which will shut down L train service potentially for years beginning in 2019, according to new documents.
The MTA, which had been keeping its repair plans under wraps, laid out some of its plans in board documents released few days ago. To fix the tunnel damaged by Hurricane Sandy, the MTA plans to replace or repair 56 miles ...

Miami market is becoming more attractive to buyers. For instance, in the Miami Beach area, sales volume dropped 21 percent in the first quarter of 2016 (according to Douglas Elliman and Miller Samuel data) compared to the same quarter in 2015. The median price is also down from $437,750 a year ago to $408,750 now. At the same time, real estate inventory on the Beach is soaring — a 33 percent uptick in units on the market which translates to ...