The residential sales market keeps slowing down. The number of pending sales, which is the number of units that are currently in contract, stands at 2,760. This value is 12% lower than a month ago and 27% lower than a year ago; it has been decreasing for 19 weeks already.
Even though the 3rd quarter 2022 closed transactions were a healthy 3,692 (or 44% above the 2019 level), with median sales price and average sales price increasing +3.6% and +4.3% respectively, it is clear that the situation has, in the recent months, turned from a market that favored the seller to a more balanced market which is heading into a buyers’ market.
by Riccardo Ravasini
Miami-based real estate development firm Ytech, has announced The Residences at 1428 Brickell, a 70-story luxury condominium development planned for 1428 Brickell Avenue in Miami’s Brickell Financial District. Designed by Arquitectonica with interiors by Italian architecture firm ACPV ARCHITECTS, the building will be the first-ever high-rise residential tower using solar energy.
The development will be the world’s first luxury high-rise residential tower to integrate photovoltaic glazing within the building’s façade. Solar cells are integrated into the glass, effectively elongating …
by Riccardo Ravasini 
From the outside, Miami might seem like a city of sex-crazed partiers looking for superficial connections. But most of us are softies searching for true romance…and someone to split rent and utilities!
OK Cupid surveyed 2 million daters asking whether they were more interested in love or sex, and found that the majority of respondents in Miami chose love (73%).
Funny thing, 87% of respondents said they’d want to split the rent! A natural choice, as a one-bedroom costing $2,500, splitting that 50/50 with your lover would save about $1,250 each month.
by Riccardo Ravasini 
Adrienne Arsht, a Miami businesswoman and philanthropist, sold her waterfront Coconut Grove compound consisting of two homes for $106.9 million, marking a record in Miami-Dade County.
The price is a 29 percent discount from the $150 million asking price from January, when the property hit the market. Still, it is the first time a residential sale surpassed the $100 million mark.
The deal beats the previous record in Miami-Dade, technology company InterSystems founder Phillip Ragon’s $93 million three-house purchase this summer in Golden Beach.
(source: therealdeal.com, picture: compass.com)
by Riccardo Ravasini 
Companies still want a piece of Manhattan. Some 3.4 million square feet of office space was leased in August, the most since January 2020, when the first Covid cases began to pop up in New York City.
Notably, space in Midtown is steadily getting harder to find. More space was newly leased than became available in Manhattan’s central business district decreased for the sixth straight month, as was the case for Manhattan as a whole.
However, Midtown’s available office space has increased by 36 percent since March 2020. Modest compared to Midtown South (where it has more than doubled), Downtown (up 95 …
by Riccardo Ravasini 
Just before Manhattan rents started soaring at the start of the year, Blackstone Group agreed to buy a Frank Gehry-designed apartment tower in the Financial District for $930 million.
Today’s big multifamily buys, however, look different from the high-juice deals of yesterday. Instead of buying older properties with heavy rent-stabilized components and banking on the fix-and-flip model, private equity appears focused on free-market buildings with cash flow.
Blackstone’s purchase of the roughly 900-unit Gehry tower at 8 Spruce Street is the city’s biggest multifamily deal so far this year, and it helped push the market close to a record high.
Manhattan multifamily sales totaled $4.4 …
by Riccardo Ravasini