condo Archives - Rava Realty

Surf Club Four Seasons tops Miami-Dade’s weekly condo sales

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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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Coconut Grove estate sells for record $107M

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Adrienne Arsht, a Miami businesswoman and philanthropistsold 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)

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Private equity firms are betting big on New York apartments

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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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