inventory levels 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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Decoding the Future of NYC Real Estate: Will Rate Cuts Change the Game?

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Currently, the Fed has maintained its benchmark interest rate at a 23-year high to combat inflation, resulting in elevated mortgage rates. This has deterred many potential buyers, especially those with limited funds. Meanwhile, existing sellers, benefiting from historically low mortgage rates of around 3 percent, have been reluctant to enter the market, fearing higher rates upon purchasing a new property.

A rate cut by the Fed could theoretically prompt more sellers to list their apartments. However, such a move might not substantially alter the landscape for buyers. Lower ...

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