Foreign Real Estate Investment Dips to $5.1 Billion in 2023, Yet Market Share Remains Resilient

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Foreign Real Estate Investment Dips to $5.1 Billion in 2023, Yet Market Share Remains Resilient

Foreign buyers injected $5.1 billion into South Florida residential real estate this year, experiencing a $1.7 billion decrease from the 2022 total of $6.8 billion, as the Miami Association of Realtors reported. This dip reflects the overall cooling of markets after the pandemic-induced frenzy.

While both domestic and foreign purchases declined, international buyers maintained their South Florida market share at 18%, engaging in 6,200 home transactions. Miami-Dade accounted for 72% of the foreign buyer sales volume, totaling $3.7 billion, followed by Broward at $1.1 billion ...

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Nearly 5K resi units in the pipeline along the U.S. 1 and Metrorail stations in Miami-Dade

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Nearly 5K resi units in the pipeline along the U.S. 1 and Metrorail stations in Miami-Dade

In a rush to tap into the potential of transit-oriented sites, developers in Miami-Dade have unleashed a wave of residential towers along U.S. 1, predominantly capitalizing on the density and height opportunities provided by Metrorail stations. A comprehensive analysis reveals a pipeline of nearly 5,000 units comprising apartments, spanning completed, under-construction, and proposed projects from Dadeland Mall to Coconut Grove.

While some projects, such as Grove Central by Terra and Grass River Property, align with Metrorail stations through public-private partnerships, others, like Fortune Development Group’s ...

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The Manhattan Market Pulse: December 2023

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The Manhattan Market Pulse: December 2023

What’s going on in the Residential Market? 

The contract activity, the number of signed contracts, for the month of November is down 5.3% compared to a year ago and also down 22% compared to the monthly historical average.

The Median Sales Price for a Manhattan apartment is $1.12M, and it’s 1% up compared to a year ago.

The supply, the number of units on the market, is down 3.4% compared to December 2022. While the number ...

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5 Things to Expect for Manhattan Real Estate in 2024

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5 Things to Expect for Manhattan Real Estate in 2024

Manhattan’s Real Estate market is influenced by economic, social, and geopolitical factors. Examining five key areas, this piece utilizes data and market trends to anticipate potential shifts in the Manhattan real estate market in the months ahead.

  1. Changes in the Federal Reserve’s rates, 10-year Treasury yield, and mortgage rates strongly impact Manhattan’s real estate scene. A recent rise in rates coincided with a dip in signed contracts, prompting buyers to rethink affordability. If Fed rate cuts materialize in May ...

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Cost of living in South Florida outpaces national average

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Cost of living in South Florida outpaces national average

South Florida’s cost of living surpasses the national average. When an index of 100 represents the national average cost of living across 269 cities, Miami and Fort Lauderdale had index values of 115.3 and 118.3, respectively, in the third quarter of 2023.

Notably, if Manhattan were considered separately, it would lead with an index value of 227.8.

(source: axios.com, picture: rachel-martin)

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