Billionaire Jeff Bezos, the third richest person in the world, reportedly paid $68 million to purchase a waterfront home in Miami’s Indian Creek Village, a guard-gated island north of Miami Beach.
The mansion Bezos reportedly purchased was built in 1965 and expanded in 1985. It spans nearly 9,300 square feet with three bedrooms and three bathrooms on a 2.8-acre lot.
Bezos will be among other billionaires on Indian Creek, including Tom Brady, Ivanka Trump and Jared Kushner, and singer Julio …
by Riccardo Ravasini 
According to a new residential real estate report, South Florida apartment rental prices have come back to earth after two years of big annual pandemic jumps of 7% in 2022 and 25% in 2021.Median rents this year through July have only slightly increased by less than 1%, signaling a slowdown in the previously surging rental market.
The influx of new large apartment complexes in the region has contributed to the decline in rent hikes, adding competition to the market, which …
by Riccardo Ravasini 
In July, Zero buildings and zero units were approved for construction in Manhattan, and only 10 buildings and 279 units were approved for construction across all of New York City. Manhattan’s president, Mark Levine, highlighted this as a crisis and expressed the need to address the issue.
The likely reasons for this decline are high-interest rates and the expiration of the crucial tax incentive program 421a, which provided tax breaks to developers who included affordable units in their projects and …
by Riccardo Ravasini 
The monthly contract activity stood at 816 in July, basically the same amount as last year, with just three more contracts signed and down almost 10% from the 906 historical average for the month. The Median Sales Price is $1,019,000, at the moment, 3% down from last year. The supply, which is the number of units on the market, stands at 6,418, down 6.9% from a year ago. While the number of pending sales, which is the number of units …
by Riccardo Ravasini 
A penthouse at Cipriani Residences Miami is seeking a record-breaking price per square foot in Brickell, Miami’s financial district. The four-bedroom, five-and-a-half-bathroom Penthouse 1 is listed for $16.2 million, equating to $3,333 per square foot. If sold at that price, it would surpass the previous record set by a tri-level penthouse at Una Residences, which sold for $17.75 million at $2,506 per square foot.
Developer Camilo Miguel Jr., founder and CEO of Mast Capital, highlights the growing demand for luxury amenities and world-class cuisine among buyers, especially with the influx of Wall …
by Riccardo Ravasini 
According to Zillow data, Miamians will need an average of 13 years to save for a 10% down payment on a typical home in the area. In Florida, the average time is 11.8 years, based on saving 5% of the median household income each month.
The National Association of Realtors (NAR) reports a record-low share of first-time buyers due to inventory shortages and affordability concerns. Additionally, the median age of first-time buyers has increased from 33 to 36 in the past year. The challenge of saving …
by Riccardo Ravasini