Finally, apartment rents flatten. But affordability is still a concern

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Finally, apartment rents flatten. But affordability is still a concern

According to a new residential real estate report, South Florida apartment rental prices have come back to earth after two years of big annual pandemic jumps of 7% in 2022 and 25% in 2021.Median rents this year through July have only slightly increased by less than 1%, signaling a slowdown in the previously surging rental market. 

The influx of new large apartment complexes in the region has contributed to the decline in rent hikes, adding competition to ...

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The City Needs More Housing But New Development Approvals Plummets

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The City Needs More Housing But New Development Approvals Plummets

In July, Zero buildings and zero units were approved for construction in Manhattan, and only 10 buildings and 279 units were approved for construction across all of New York City. Manhattan’s president, Mark Levine, highlighted this as a crisis and expressed the need to address the issue. 

The likely reasons for this decline are high-interest rates and the expiration of the crucial tax incentive program 421a, which provided tax breaks to developers who included affordable units in ...

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Manhattan Real Estate Market Pulse

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Manhattan Real Estate Market Pulse

The monthly contract activity stood at 816 in July, basically the same amount as last year, with just three more contracts signed and down almost 10% from the 906 historical average for the month. The Median Sales Price is $1,019,000, at the moment, 3% down from last year. The supply, which is the number of units on the market, stands at 6,418, down 6.9% from a year ago. While the number of pending sales, which is the number ...

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Cipriani penthouse asks a record price per square foot

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Cipriani penthouse asks a record price per square foot

A penthouse at Cipriani Residences Miami is seeking a record-breaking price per square foot in Brickell, Miami’s financial district. The four-bedroom, five-and-a-half-bathroom Penthouse 1 is listed for $16.2 million, equating to $3,333 per square foot. If sold at that price, it would surpass the previous record set by a tri-level penthouse at Una Residences, which sold for $17.75 million at $2,506 per square foot.

Developer Camilo Miguel Jr., founder and CEO of Mast Capital, highlights the growing demand for luxury amenities and world-class cuisine among buyers, especially with the influx of ...

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Miami Residents Face Lengthy Savings Journey for Down Payments

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Miami Residents Face Lengthy Savings Journey for Down Payments

According to Zillow data, Miamians will need an average of 13 years to save for a 10% down payment on a typical home in the area. In Florida, the average time is 11.8 years, based on saving 5% of the median household income each month.

The National Association of Realtors (NAR) reports a record-low share of first-time buyers due to inventory shortages and affordability concerns. Additionally, the median age of first-time buyers has increased from 33 to 36 in the past year. The challenge of ...

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Office space in Manhattan reaches all-time high

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Office space in Manhattan reaches all-time high

The office market continues to struggle as available office space reaches a record high in the second quarter. According to Savills, there were 70.3 million square feet of office space ready for leasing, accounting for 19.7 percent of total space, the highest since the start of the pandemic. Leasing activity dropped by 12.1 percent in the first half of the year compared to 2022, and the second quarter saw a significant decrease of 25.2 percent compared to pre-pandemic levels. Lease renewals and expansions ...

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