The recent shift from flexible work-from-home policies to more stringent return-to-office (RTO) mandates by financial firms could affect New York City’s real estate market. Wall Street companies, which previously allowed hybrid work schedules, now require many employees to be in the office, up to five days a week.
Employees are responding to these changes by adjusting their housing plans. For instance, some opt to move back to the city full-time, while others maintain their suburban homes and acquire smaller apartments in Manhattan for convenience. Some are …
by Riccardo Ravasini 
April saw a significant surge in condo sales in Miami-Dade County, with higher closings and total dollar volume than the previous month.
The momentum continued to build in April, with total condo sales reaching an impressive $849 million, a significant increase from the $694 million recorded in March. Brokers sealed the deal on 979 sales, a substantial jump from the 796 sales in March and 704 in February, according to Multiple Listing Service data from Redfin.
Leading the way was a $25 million unit sale at …
by Riccardo Ravasini 
Based on information gathered from permit applications submitted to the Department of Buildings, builders across the city collectively filed 19,819 residential and hotel construction units from January to March, marking the highest count for any such period since YIMBY began monitoring the data in 2020.
Of the 1,044 new building permits, 57 were designated explicitly for high-rise constructions spanning ten stories and beyond. These developments are poised to enhance the city’s skyline and add essential density to areas characterized by pedestrian-friendly environments and transit-oriented communities.
(source: YIMBY.com, …
by Riccardo Ravasini 
The contract activity, the number of signed contracts, for the last month is up 12.6% compared to a year ago, and down 12% compared to the monthly historical average.
The Median Sales Price for a Manhattan apartment is $1.15M, which is 2.9% lower than a year ago.
The supply, or the number of units on the market, is down 1.6% compared to May 2023. Meanwhile, the number of pending sales, or the number of units currently in contract, is 18.7% …
by Riccardo Ravasini
A Henley & Partners study revealed that New York City (NYC) has the highest concentration of millionaires globally. The ranking comes as no surprise, given NYC’s status as the largest city in the United States, boasting a population of over 8 million residents. In comparison, the Bay Area, coming in second globally, has approximately 7.75 million inhabitants. Thus, on a per capita basis, NYC’s lead remains unchallenged.
One noteworthy aspect of this ranking is its contradiction of the prevalent narrative that suggests wealthy …
by Riccardo Ravasini