Amid the narrative of New York City residents leaving during the pandemic, a hidden trend emerges — out-of-state buyers investing in Manhattan real estate. Analyzing residential sales over the past two years, excluding purchases through shell companies, reveals a dynamic market.
New Jersey residents led the pack, investing $1.48 billion in over 1,400 deals, comprising over 20% of the total sample volume.
California followed closely, contributing $1.25 billion across 900 deals, with San Francisco buyers accounting for over 15% of that spending.
Florida saw significant investment, with Floridians spending nearly $788 million …
by Riccardo Ravasini 
Here we go with the Manhattan Market Pulse, what’s going on in the Residential Market?
The contract activity, the number of signed contracts, for the month of October is down 9.8% compared to a year ago and also down 11% compared to the historical average for the month of October.
The Median Sales Price for a Manhattan apartment is $1.12M and it’s 2% down compared to a year ago.
The supply, the number of units on the market, is down …
by Riccardo Ravasini 
Miami Beach’s renowned outdoor shopping and dining destination, Lincoln Road, is set to welcome five new tenants by the end of October, enriching the mix of over 200 shops, galleries, and restaurants along its eight blocks.
The newcomers include:
HOKA: An international footwear brand joining the likes of Nike and Adidas on Lincoln Road.
Luli Fama: A South Florida-based retailer known for luxurious women’s swimwear.
IT’SUGAR: An immersive candy experience store offering a vast array of candies.
IT Italian Trattoria: A restaurant with an …
by Riccardo Ravasini 
Miami Beach DJ and windsurfer Henrique Jordan has sold his waterfront residence on Sunset Island II for $27 million. The historic property, built in 1940 on a 0.7-acre lot at 2501 Lake Avenue, features 5,400 square feet of living space with five bedrooms and seven bathrooms. The allure includes 200 feet of waterfront, a pool, and a private dock. The buyer, a Delaware entity, remains undisclosed.
(source: therealdeal.com, picture: google maps)
by Riccardo Ravasini 
Almost four years after the pandemic, remote work still shapes Miami’s commercial real estate scene. A U.S. Census survey found that about 15% of Miami-Fort Lauderdale workers telecommuted in 2022, only slightly down from 16% in 2021. Despite this shift, the number of lease transactions remains strong, with Miami seeing 331 office leases in Q2.
The city has almost 2 million square feet of office space under development, indicating confidence in future growth. Although remote work is prominent, the 10% surge in local office rental rates highlights …
by Riccardo Ravasini