(data source: millersamuel.com)
Continue Reading →OCT
2023
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Miami-Dade County’s condo sales volume fell last week, while the average sale price rose.
Condo sales totaled $97.7 million, lower than the $119.8 million in sales from the previous week. The average sale price continued to climb, as it has for several weeks, reaching $913,000. That compares with $754,000 the week prior.
Prices for the top 10 sales ranged from $1.5 million to $21 million, compared with $1.8 million to $9.4 million the previous week.
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DEC
2022
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Newly signed contracts have been falling annually for nearly a year, distorted by the 2020-2021 boom, and new listings have declined annually for three of the past four months. New listings have been substantially below pre-pandemic levels for the past six months.
(source: millersamuel.com)
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Adrienne Arsht, a Miami businesswoman and philanthropist, sold her waterfront Coconut Grove compound consisting of two homes for $106.9 million, marking a record in Miami-Dade County.
The price is a 29 percent discount from the $150 million asking price from January, when the property hit the market. Still, it is the first time a residential sale surpassed the $100 million mark.
The deal beats the previous record in Miami-Dade, technology company InterSystems founder Phillip Ragon’s $93 million three-house purchase this summer in Golden Beach.
(source: therealdeal.com, picture: compass.com)
Continue Reading →Just before Manhattan rents started soaring at the start of the year, Blackstone Group agreed to buy a Frank Gehry-designed apartment tower in the Financial District for $930 million.
Today’s big multifamily buys, however, look different from the high-juice deals of yesterday. Instead of buying older properties with heavy rent-stabilized components and banking on the fix-and-flip model, private equity appears focused on free-market buildings with cash flow.
Blackstone’s purchase of the roughly 900-unit Gehry tower at 8 Spruce Street is the city’s biggest multifamily deal so far this year, and it helped push the market close to a record high.
Manhattan multifamily ...
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