As with Election Day uncertainties behind, Americans show renewed confidence in the economy. The University of Michigan’s Consumer Sentiment Index hit a seven-month high. At the same time, the expectations index, measuring economic optimism for the next six months, surged to its best reading since July 2021. This upbeat mood extends to New York City’s real estate market. During the first full week of November 2024, Manhattan saw a 28% spike in contract signings compared to the previous week, making it one of the …
by Riccardo Ravasini 
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 in …
by Riccardo Ravasini 
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., exceeding …
by Riccardo Ravasini 
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 to $301 …
by Riccardo Ravasini 
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 …
by Riccardo Ravasini