Currently, the contract activity reached 1,077 signed contracts in March, increasing 29.8% from the previous month but remaining 3.3% below last year’s level. The median sale price stood at $1.24M, up 4.3% year over year. Manhattan supply currently stands at 6,295 listings, down 8.1% compared to the same period last year. Pending sales total 3,021 units, slightly down 1.6% year over year. As a result, based on the ratio between pending sales and supply, the Market Pulse stands at 0.48, placing the market in the neutral zone.
by Riccardo Ravasini 
Governor Kathy Hochul blindsided the real estate industry with a last-minute proposal for an annual tax on New York City second homes worth over $5 million, leaving no time for organized pushback.
The key issue is its recurring nature. Unlike the 2019 one-time transfer tax, ongoing costs tend to weigh directly on property values, raising concerns across the luxury market.
Politically, however, the move is calculated. Hochul avoids raising income taxes while targeting a narrow group of mostly non-resident ultra-wealthy owners, aligning with affordability …
by Riccardo Ravasini 
Miami-Dade is undergoing a major shift in public housing redevelopment, with more than 10,000 new affordable and workforce units planned under the Rental Assistance Demonstration (RAD) program. The initiative is driving a wave of private investment aimed at replacing aging housing stock with higher-density, modern developments.
The model gives developers long-term access to public land and subsidized financing, while the county benefits from new revenue streams and expanded housing supply. Still, concerns remain around land valuation, privatization, and tenant protections, with residents seeking firm guarantees on …
by Riccardo Ravasini 
Mark Zuckerberg and Priscilla Chan have closed on a $170 million estate on Indian Creek Island, setting a new record for Miami-Dade County. The under-construction home at 7 Indian Creek Island Road sits on roughly 2 acres (over 8,000 sqm) and was purchased from cosmetic surgeon Aaron Rollins.
The future residence will span about 30,000 square feet (approx. 2,790 sqm), featuring nine bedrooms, a gym, hair salon, and a 1,500-gallon aquarium.
The deal highlights the continued migration of ultra-wealthy buyers to Florida, driven in part by favorable tax policies compared …
by Riccardo Ravasini 
Contract activity reached 831 signed contracts in February, increasing 17.2% from the previous month but remaining 3.5% below last year’s level. The median sale price climbed to $1.28M, representing a 7.6% increase year over year. Manhattan supply currently stands at 5,682 listings on the market, a 9.6% decline compared to the same time last year. Pending sales total 2,921 units, up 4.7% year over year. Based on the ratio between pending sales and supply, the Market Pulse stands at 0.51, placing the market in a neutral territory.
*Currently, above …
by Riccardo Ravasini 
A 4.25-acre waterfront assemblage on Brickell Bay Drive has traded for $520 million, marking the largest single land acquisition ever in Florida. The site, at 1001 and 1111 Brickell Bay Drive, offers 485 feet of uninterrupted Biscayne Bay frontage and is the last developable parcel of this scale in Brickell’s financial district.
The purchase was made by a joint venture between Oak Row Equities, OKO Group, and Mariposa Real Estate, with TYKO Capital as senior lender.
The project is expected to set a new benchmark for ultra-luxury living …
by Riccardo Ravasini