Here are some insights from the latest Knight-Frank – 2019 Wealth Report – and other luxury market indicators.
Yes, the New York real estate market cooled down in 2018, but the city is still a favorite, amongst the uber rich of the world, for prime property investment.
New York is the world’s leading city for both residential and commercial investment, cementing its position as a global wealth hub. The study, which surveys global trends among the highest-wealth individuals, looked …
by Riccardo Ravasini 
Miami-Dade
Overall, residential sales in Miami-Dade dropped 6.2 percent to 2,081. The total residential sales volume in December fell by 5.6 percent to $928.8 million.
Miami single-family home sales decreased 5.1 percent 1,011 last month. Condo sales dropped to 1,070, a decline of 7.3 percent.
Prices of single-family homes kept rising, with the median price increasing by 6.7 percent to $355,000. The median price of a condo was flat at …
by Riccardo Ravasini 
In 2015 after a few boom years buyers had been consistently bidding an average of $685 per square foot for Manhattan land.
Then from 2015 to 2016 the total dollar volume for development site trades in Manhattan below 96th Street plummeted 55 percent to $2.6 billion from $5.8 billion. In 2017, the dollar volume dropped by another 34 percent, according to data provided by commercial brokerage Ariel Property Advisors.
Although land sale prices …
by Riccardo Ravasini 
NYC & Company, the city’s official tourism arm, announced that a record 65.2 million visitors came to NYC last year, the New York Times reports. Most of those visitors came from other parts of the United States, and the largest number of foreigners visited from Great Britain (1.24 million) and China (1.1 million).
That number is a jump from the 62.8 million tourists who came to the city in 2017, and is part of a larger …
by Riccardo Ravasini 
The penthouse at 220 Central Park South that billionaire Ken Griffin bought in January for a ridiculous $239,958,219 (that was the exact purchase price..don’t ask me why) set a record for the most anyone has ever paid for a home in the United States.
Griffin’s penthouse —a combination of two units— measures approximately 24,000 square feet, according to the Wall Street Journal.
Griffin went into contract for it back in 2015 and …
by Riccardo Ravasini 
The 2nd Quarter 2018 Miller-Samuel report tells us that the Miami Beach market had more overall sales activity with a lower pace of inventory growth and a shift towards larger units. There were more transactions, +10.7% from the year-ago quarter. There were more condo sales of three, four and five bedroom homes. Although listing inventory has been rising for more than four years, the rate of growth has slowed considerably in the past year (“only” + 3.9%), which is …
by Riccardo Ravasini