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 Extell Development all but wrote the narrative for Billionaires’ Row when it launched One57 in 2011. Now, as the luxury market slows, the developer is having a second act by repositioning 38 high-end rentals at the soaring tower as condominiums with mid-market pricing.
The developer said last week it would sell 38 units on floors 32 through 38 as condos starting at $3.45 million, Bloomberg reported. Seven units will ask $10 million or higher.
A $3 million pad at One57 …
by Riccardo Ravasini Last December the median price of a Manhattan apartment crossed the $1 million mark for the first time.
More recently the average sales price jumped 18.4 percent to $2.05 million during 2016’s first quarter. That’s up from $1.7 million at the same time in 2015, according to Miller Samuel latest quarterly market report.
Closings of new development units pushed up overall prices, but those deals represent contracts signed 12 to 18 months ago. Judging by the recent activity, it looks …
by Riccardo Ravasini The MTA has released more detail regarding its timeline to fix the Canarsie tunnel (the main transportation gateway between Manhattan and Williamsburg), which will shut down L train service potentially for years beginning in 2019, according to new documents.
The MTA, which had been keeping its repair plans under wraps, laid out some of its plans in board documents released few days ago. To fix the tunnel damaged by Hurricane Sandy, the MTA plans to replace or repair 56 miles …
by Riccardo Ravasini Miami market is becoming more attractive to buyers. For instance, in the Miami Beach area, sales volume dropped 21 percent in the first quarter of 2016 (according to Douglas Elliman and Miller Samuel data) compared to the same quarter in 2015. The median price is also down from $437,750 a year ago to $408,750 now. At the same time, real estate inventory on the Beach is soaring — a 33 percent uptick in units on the market which translates to …
by Riccardo Ravasini The number of apartments for which new construction applications were filed hit a one-year low in January, according to the Department of Buildings data. The month only added 842 new units to the pipeline. The dip in applications started in September as land has become increasingly more expensive.
While the number of super luxury condos might come back to more normal levels, the inventory of listed homes priced under $1 million in Manhattan appears stable, and relatively low, even as …
by Riccardo Ravasini