New development market defies seasonal norms

Posted by:

Usually, the ideal time to be on the market is to launch sometime in March or April, but we are seeing a different trend, at least in terms of new developments. Despite a slowdown in April due to various factors such as holidays, spring breaks, and the First Republic bank failure, New York City’s new development got a fresh wind in May.

Surprisingly, higher interest rates have boosted demand for new developments, as potential sellers in the resale market are hesitant to list and lose their lower rates. Developers have no ...

Continue Reading →
0

Are things kinda sorta looking normal again?

Posted by:

Possibly. It is accurate to say that interest rates have been gradually inching up in recent months. However, it’s easy to forget that securing a 30-year fixed mortgage at a rate as low as 2.75% was highly unusual, especially after enjoying historically low interest rates for an extended period.

Supply and demand in the real estate market are actually within ...

Continue Reading →
0

Manhattan Real Estate Market Pulse: June 2023

Posted by:

The monthly contract activity stood at 1,143 in May, down 34.8% compared to last year and up 1.2% from the 1,102 historical average for the month. The Median Sales Price is $1,023,000, at the moment, up 3.2% from last year. The supply, which is the number of units on the market, stands at 7,530, down 2.2% from a year ago. While the number of pending sales, which is the number of units currently in contract, stands at 3,332, ...

Continue Reading →
0

Florida lawmakers advance questionable real estate bills

Posted by:

Florida lawmakers have passed a number of bills during the session that could have a significant impact on the real estate market.

Senate Bill 102 is among the most consequential, as it allocates over $700 million for affordable and workforce housing and offers tax incentives to developers, as well as giving local agencies the power to oversee inspections of condo and co-op buildings within three miles of the coastline.

Another new law, House Bill 837, is designed to make it harder to sue insurance companies, while a proposed bill ...

Continue Reading →
0

Tri-Rail Train Service to Downtown Miami Starting in November 2023

Posted by:

From November 2023, the South Florida Regional Transportation Authority will operate Tri-Rail train service to MiamiCentral in downtown Miami. At the moment, installation of ticket machines and signage for Tri-Rail is ongoing at MiamiCentral. To replace 24 rail vehicles, which makes up 32 percent of their fleet, Tri-Rail has secured $71.7 million in federal funding. The new cars are expected to begin service in three years, and all of them will be in operation in five years.

(source:  Continue Reading →

0

Exciting news for Miami’s business district!

Posted by:

The upcoming One Brickell City Centre skyscraper site is now undergoing demolition, making way for the tallest commercial building in the southeast United States.

Once completed in 2027, the tower will stand an impressive 1,040 feet tall and offer 1.5 million square feet of office space across 68 floors. The building is part of the second phase of Brickell City Centre, a mixed-use development that opened in 2016.

In addition to its impressive size, the tower will feature oversized office spaces with 15-20 foot floor-to-ceiling ...

Continue Reading →
0
Page 16 of 106 «...101415161718...»