Latest report by Miami Association of Realtors says sales of existing luxury condos rose 51.1 percent year-over-year in July. The chairman of the Miami Association of Realtors said that “Sellers are becoming more realistic with their prices, especially at the top of the market.”
Luxury single-family home sales rose 9.6 percent year-over-year in July, from 73 to 80.
Existing condo sales increased 2.5 percent, from 1,104 to 1,132.
The median sales price was flat at $225,000.
Total sales volume …
by Riccardo Ravasini The first signs of distress have emerged in several pockets of New York City’s commercial real estate market in recent months, The Real Deal Magazine reports. Retail vacancies, declining hotel revenues and foreclosures are among the indications that the market might be inching closer to financial instability. The influx of troubled loans is a product of the 2007 lending boom, and $90 billion in commercial mortgage backed-securities across the country are set to mature this year.
In Brooklyn and Staten …
by Riccardo Ravasini Home buyers went on a shopping spree in Miami-Dade in May — and snapped up enough houses to set a new record, the Miami Herald reports.
Sales of single-family homes surged to a new high last month with 1,344 closings — a 9.9 percent increase in the number of homes sold over the same month in 2016 and besting the previous record of 1,276 transactions in May 2015. Mid-market homes — properties listed between $200,000-$600,000 — comprised 71.9 percent of …
by Riccardo Ravasini 
For several years, sellers have been calling the shots but times they are a changing and so are their mindsets. During the first quarter of the year, the number of sales in Manhattan, Brooklyn and Queens jumped 24 percent year-over-year, from 7,365 in 2016 to 9,162 in 2017. And listings discounts — which increased in every sector of the market — helped drive the sales activity.
While price cuts can be painful for sellers especially if they watched the high …
by Riccardo Ravasini Rent is down across most metrics in Manhattan — according to Miller Samuel data, median rental prices in Manhattan fell 1.8 percent in April year-over-year, dragged down by softness in the top 10 percent and in new development units, which fell 7.8 percent in April compared to the same month last year.
by Riccardo Ravasini 
Miami has attracted a lot of pre-construction condo flippers — i.e. institutional investors — because the city’s real estate, particularly near the waterfront, has seen an explosive construction boom after the housing bust. Today, this boom has created a supply problem and condo flippers have contributed to an excess of unfinished buildings.
Take Brickell for example. Among the newest condo projects is Bond Brickell, a tower with 328 units that was completed last August. StatFunding analyzed the Brickell condo area …
by Riccardo Ravasini