A report from commercial brokerage CBRE reveals more than half a billion dollars worth of Asian cash flowed into Miami real estate during the first six months of 2016, making it the country’s fourth most popular destination for investments from across the Pacific. Asian investors spent $665 million on real estate in Miami during the first half of this year, marking a massive jump in volume from the $34 million during the same time period in 2015.
The flow of …
by Riccardo Ravasini Condo market in Miami appears to be in trouble — in other words, “in the early stages of a distressed preconstruction condo market,” according to StatFunding Founder Andrew Stearns, as inventory soars and is expected to increase by 417% over the next two years!
More specifically, over the last three years, inventory has increased from about 8,000 units to over 14,000 units, and transaction volume is down about 30% year over year. And in the next two years, there are …
by Riccardo Ravasini Throwback to 2009?
Do you remember the real estate market in 2009? Let me refresh your memory… landlords and condo developers were dangling a month or two of free rent; sellers were offering paid attorneys’ fees to interested buyers and everyone was experiencing falling prices.
While we aren’t close to the 2009 scenario, the market has started to turn in different segments of New York’s residential market after five+ years of increasing real estate values. And in some cases, it’s …
by Riccardo Ravasini The pipeline of Manhattan condo units has grown steadily for the past three years since bottoming out at 12,602 units in the third quarter of 2013. But after a three-year climb, the number of condo units proposed, under construction and on the market has plateaued, according to a new analysis by The Real Deal. And the existing pool of condos could shrink even more as the tighter financing market weeds out projects deemed to be too risky in the current …
by Riccardo Ravasini As recently reported by The Real Deal, the Qatar Investment Authority (QIA) has started to make splashy purchases in New York’s real estate market, increasingly drawing the industry’s attention. For example, in August, the sovereign wealth fund bought nearly 10% state in Empire State Realty Trust, which owns the Empire State Building among other office and retail properties. And over the past two years, the fund has bought $3.78 billion worth of Manhattan p
roperties (source: Real Capital Analytics), including …
by Riccardo Ravasini The city in August announced that the Department of Planning would initiate a study on the neighborhood for a possible rezoning. In doing so, Gowanus will join East Harlem, East New York and Long Island City as areas targeted for rezoning under the city’s affordable-housing strategy.
Surrounded on three sides by Park Slope, Carroll Gardens and Boerum Hill, Gowanus has been dubbed the next Dumbo. Between 2007 and 2015, median home sales prices rose to $720,000 from $535,335 — a …
by Riccardo Ravasini