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 for …
by Riccardo Ravasini 
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 the …
by Riccardo Ravasini 
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 neutral …
by Riccardo Ravasini 
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 hotel …
by Riccardo Ravasini 
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 the …
by Riccardo Ravasini 
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 high …
by Riccardo Ravasini