Rava Realty - Market News

Record High Availability in the Manhattan Office Market

The Manhattan office market had another tough month in April. A new report reveals that a record 94 million square feet of office space was available last month, while only 1.5 million square feet were leased in the period, significantly below the monthly average from the past three years. The report also shows that availability rates continue to rise, with Midtown South and Downtown experiencing a decline in leasing volume.

Despite this, Midtown had a slight increase in leasing volume, but it ...

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24
MAY
2023

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april, asking rent, availability rates, downtown, leasing, leasing volume, Manhattan office market, Midtown South, neighborhoods, office space, pandemic, square foot, year-over-year

Cash buyers are back as mortgage rates rise

Posted by: Riccardo Ravasini

An analysis of citywide sales data by The Real Deal shows that all-cash deals make up a more significant portion of the New York City market than at any time on record, accounting for 60% of condo sales in Manhattan this year. Cash buyers have also successfully scooped up 37% of condo deals in Brooklyn this year and 40% in Queens. All three figures are a record since at least 2018.

This trend can be attributed to rising mortgage rates above 6%, raising borrowing costs ...

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24
MAY
2023

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all-cash deals, brooklyn, cash buyers, condo sales, manhattan, mortgage, mortgage rates, New York City market, queens, record, supply of for-sale homes

Manhattan Market Pulse: May 2023

Posted by: Riccardo Ravasini

The monthly contract activity stood at 850 in April, down 39.6% compared to last year and up 2% from the 1088 historical average for the month of April. The Median Sales Price is $1,019,000, at the moment, down -9.4% from last year. The supply, which is the number of units on the market, stands at 7,469, virtually unchanged from a year ago. While the number of pending sales, which is the number of currently in contract units, stands ...

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24
MAY
2023

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$4 million mark, buyer's market, contracts signed, expensive contract, historical average, luxury segment, market pulse, median sales price, monthly contract activity, negotiability factor, new lease signings, pending sales, pending-to-active ratio, sponsor deals, supply, total asking price, units on the market

Dolce & Gabbana to brand a condo tower in Miami

Posted by: Riccardo Ravasini

The Italian designer is the latest fashion house to work with a developer on branded condos in South Florida, as it expands into real estate worldwide.

The development in Miami is likely JDS’ 888 Brickell project; the supertall, at 1,049 feet tall, could become among the tallest in Miami, with other towers also planned at that height.

The branded residences trend has boomed in South Florida, brands such as Porsche Design, Armani/Casa, Aston Martin, Missoni, Ritz-Carlton and others have ...

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21
APR
2023

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888 Brickell, Armani/Casa, Aston Martin, branded condos, branded residences trend, Italian designer, JDS Development Group, Miami, Miami-Dade County, Missoni, Porsche Design, real estate, Ritz-Carlton, south florida, supertall, tallest buildings

South Florida homes start selling at discounts

Posted by: Riccardo Ravasini

Florida’s luxury residential real estate market has been breaking records with properties selling for never-before-seen prices. However, the overall slowdown in sales has resulted in more price cuts and longer closing times.

Miami Beach is one city where price reductions or discounts are becoming more prevalent, with nearly all $5 million-and-up sales trading at a discount off the asking price. The slowdown in home sales has created a divide between older homes in need of repairs and new or renovated properties, with ...

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21
APR
2023

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florida, home sales, luxury residential real estate, miami beach, new constructions, perception, price cuts, property market, real estate trends, record-breaking prices, renovation