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 According to a new report from Miller Samuel, the average sale price for luxury condos in Miami and Miami Beach plunged 30% year over year in the third quarter, to $948,700 and $2.6 million respectively. The number of luxury condo sales also dropped by 25% in MIami and 17% in Miami Beach — amidst a glut of high-priced homes and condos. Inventory of luxury condos in Miami Beach jumped 30% in the quarter compared with a year ago while in …
by Riccardo Ravasini