According to the newly released Elliman reports, the Miami market is transitioning from this hyperbolic period that was unsustainable to a market with a more moderate pace.
For the mainland, sales dropped by 12.5% year-over-year, from 5,016 homes and condos sold last year to 4,390 in this year’s second quarter. Miami Beach fared much worse with sales declining 24.7%, from 1,186 deals during 2015’s second quarter to 893 this year.
One major reason behind the ongoing sales slowdown is oversupply: …
by Riccardo Ravasini 
The sheer numbers make millennials — those born between 1981 and 1997 — all but impossible to ignore, explains a report from The Real Deal.
Currently 75.4 million strong, millennials surpassed the Baby Boomer generation last year, according to the Pew Research Center. One in five New Yorkers is a millennial, according to data from the U.S. Census Bureau. And their ranks are growing, thanks to an influx of millennial immigrants to the United States.
Their collective spending power is …
by Riccardo Ravasini 
In 1882, the developers of the Rembrandt, the first NYC co-op apartment building at 152 West 57th Street, declared they were seeking “people of means and good social standing,” as owners. Today co-ops still make up the majority of the housing stock in NYC. But the age of the co-op is well and truly over: Since 2000, developers have moved to create a mere 75 new co-op projects, and no more than seven total in any given year, according to …
by Riccardo Ravasini Buyers from India see New York as a solid investment opportunity. During the 12 months that ended March 2015, Indian buyers spent $7.9 billion on U.S. real estate — up from $5.8 billion a year prior, according to the National Association of Realtors.
Historically, there were roadblocks that kept Indian investors at bay, including the country’s widespread poverty, the government’s restriction on how much individuals can invest abroad (limit up to $250,000 per year) and a smaller number of high …
by Riccardo Ravasini Miami has frequently been featured in the top ten of Christie’s International Real Estate annual list of the world’s top luxury real estate markets. But in the 2015 list that was just released, Miami overtook both San Francisco (#8) and Paris (#9) to reach 7th place — its highest spot ever.
The surge in the ranking may have been due to the sale of one single mega-priced penthouse: Hedge fund manager Ken Griffin’s $55 million purchase of the penthouse at …
by Riccardo Ravasini 
With the significant increase in downtown residential properties — many of them rental apartments — in tandem with construction of multipurpose developments, retail stores, restaurants, supermarkets, a mass transit hub and cultural institutions, Miami’s downtown has become a dynamic and vibrant area.
According to a February report from the city’s Downtown Development Authority, rental construction was “very active,” with around 13,000 units proposed or under construction. Rents downtown have risen 5 percent annually on average for the last three years.
by Riccardo Ravasini