condo sales Archives - Rava Realty

Condo Market Faces New Challenges Amid Regulatory Changes

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In Miami-Dade County, August experienced a significant drop in condo sales and prices. Sales fell to $470 million from $624 million in July, with closed sales decreasing from 810 to 712. The median sale price of condos dropped from $407,500 to $380,000, and the price per square foot fell from $416 to $388.

This decline is partly due to new building safety regulations following the Champlain Towers collapse in 2021. These regulations require extensive inspections and reserve funds for older buildings, increasing costs ...

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In Broward County, condo sales dollar volume drops to $320M

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Total condo sales for May amounted to $320 million, down from $338 million in April. The number of closed sales decreased to 954 units, compared to 979 in April and 841 in March, as reported by Multiple Listing Service data from Redfin.

Sale prices in May ranged widely, from $51,000 to $3.1 million, with a median sale price of $240,000. The price per square foot varied between $72 and $1,277, with a median of $239 per square foot.

The highest-priced ...

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Miami-Dade Condo Sales Dollar Volume Sees Substantial Jump

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April saw a significant surge in condo sales in Miami-Dade County, with higher closings and total dollar volume than the previous month.

The momentum continued to build in April, with total condo sales reaching an impressive $849 million, a significant increase from the $694 million recorded in March. Brokers sealed the deal on 979 sales, a substantial jump from the 796 sales in March and 704 in February, according to Multiple Listing Service data from Redfin.

Leading the way was a $25 million unit sale ...

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Cash buyers are back as mortgage rates rise

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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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