What’s going on in the Residential Market?
The contract activity, the number of signed contracts, for the month of November is down 5.3% compared to a year ago and also down 22% compared to the monthly historical average.
The Median Sales Price for a Manhattan apartment is $1.12M, and it’s 1% up compared to a year ago.
The supply, the number of units on the market, is down 3.4% compared to December 2022. While the number of pending sales, or …
by Riccardo Ravasini 
Manhattan’s Real Estate market is influenced by economic, social, and geopolitical factors. Examining five key areas, this piece utilizes data and market trends to anticipate potential shifts in the Manhattan real estate market in the months ahead.
Changes in the Federal Reserve’s rates, 10-year Treasury yield, and mortgage rates strongly impact Manhattan’s real estate scene. A recent rise in rates coincided with a dip in signed contracts, prompting buyers to rethink affordability. If Fed rate cuts materialize in May …
by Riccardo Ravasini 
South Florida’s cost of living surpasses the national average. When an index of 100 represents the national average cost of living across 269 cities, Miami and Fort Lauderdale had index values of 115.3 and 118.3, respectively, in the third quarter of 2023.
Notably, if Manhattan were considered separately, it would lead with an index value of 227.8.
(source: axios.com, picture: rachel-martin)
by Riccardo Ravasini 
South Florida’s Miami River is poised for a development surge, with a dozen projects potentially adding 10,500 condo and apartment units. The analysis focused on applications and construction loan filings from the past year, hinting that the count might be higher.
Ranging from proposals to nearly completed constructions, these projects signal a resurgence along the 5.5-mile stretch from Miami International Airport to Biscayne Bay.
The river, a historic site dating back 7,000 years, is witnessing renewed interest after developers diverted to other areas. This …
by Riccardo Ravasini 
Among the twelve 2023 star-winners are two Japanese establishments that ascended from one star to two stars: Odo in Flatiron and Sushi Noz on the Upper East Side.
The list of new One Star recipients includes a diverse range of cuisines and neighborhoods:
bōm: A contemporary Korean eatery in Flatiron.
Essential by Christophe: A French contemporary restaurant on the Upper West Side.
Jōji: A Japanese and sushi spot in Midtown.
Meju: A Korean restaurant in Long Island City.
Restaurant Yuu: A French contemporary and Japanese establishment …
by Riccardo Ravasini