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21
JUL
2023
JUL
2023
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Manhattan Market Pulse
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Lionel Messi, widely recognized as the world’s most accomplished soccer player, has selected Miami as his new residence, generating significant excitement in the city’s real estate market.
Messi now possesses three units in Sunny Isles: a $5 million unit on the 47th floor of the Porsche Design Tower, and units on the 40th and 43rd floors of the nearby Trump Royale Tower, each purchased for slightly over $1 million.
Additionally, Messi’s family acquired a condominium on the ninth floor of Regalia, another oceanfront tower in Sunny Isles, for $7.3 million.
Nevertheless, these properties may only partially meet ...
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19
JUN
2023
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JUN
2023
New development market defies seasonal norms
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Usually, the ideal time to be on the market is to launch sometime in March or April, but we are seeing a different trend, at least in terms of new developments. Despite a slowdown in April due to various factors such as holidays, spring breaks, and the First Republic bank failure, New York City’s new development got a fresh wind in May.
Surprisingly, higher interest rates have boosted demand for new developments, as potential sellers in the resale market are hesitant to list and lose their lower rates. Developers have no ...
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19
JUN
2023
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JUN
2023
Are things kinda sorta looking normal again?
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Possibly. It is accurate to say that interest rates have been gradually inching up in recent months. However, it’s easy to forget that securing a 30-year fixed mortgage at a rate as low as 2.75% was highly unusual, especially after enjoying historically low interest rates for an extended period.
Supply and demand in the real estate market are actually within normal ranges. The ...
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19
JUN
2023
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JUN
2023
Florida lawmakers have passed a number of bills during the session that could have a significant impact on the real estate market.
Senate Bill 102 is among the most consequential, as it allocates over $700 million for affordable and workforce housing and offers tax incentives to developers, as well as giving local agencies the power to oversee inspections of condo and co-op buildings within three miles of the coastline.
Another new law, House Bill 837, is designed to make it harder to sue insurance companies, while a proposed bill ...
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24
MAY
2023
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MAY
2023
Miami dev site prices nosedive
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Miami developer Harvey Hernandez faced a tough market competition with out-of-state high-rise builders for land deals in the city last year. However, the sellers’ attitude towards development sites has significantly changed, and they are now willing to negotiate 5 to 10 percent price discounts and better terms. Land prices in Miami’s urban core fell after the second quarter of last year due to a dwindling inventory of suitable sites for condominium and multifamily developments and rising interest rates, ...
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17
MAR
2023
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MAR
2023