Manhattan Luxury Market Reality Check

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With this report, we are going to tell you at what prices luxury properties are actually closing and what was their actual negotiability factor, anybody interested in getting a discount?

There were 83 closings at $4 million and above in July 2022, 57 less than June. The Average Closing Price was $8,478,817 up +15%, meanwhile, the Median Closing Price was  $5,867,000 down -3.8%. The Negotiability Factor, that is the average discount from the last asking price, was 3.16% practically unchanged from the 3.19% registered ...

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Downtown Miami Metrocenter Details Released

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Miami-Dade County opened the bidding process for a massive 23.7 million square foot Downtown Miami development project called Metrocenter.

One of the main priorities in evaluating bids will be whether the proposals are of world-class urban design, including excellence in architecturewalkability, and if they are transit-oriented (Metrorail, Metromover, Brightline and others are either at or adjacent to the properties). The county will also evaluate whether proposals are of the highest ...

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Manhattan real estate rental market update

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The net effective median rent (face rent minus landlord concessions) surged +33.4% year over year to $4,100exceeding the $4,000 threshold for the first time and reaching a new high for the seventh consecutive month. While the net effective average rent, up +31.5%, reached $5,051exceeding the $5,000 threshold for the first time ever.

As a result, the market share of landlord concessions fell to 12.8%, down -26.3% from the same period last year, the lowest ...

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Miami April 2022 New Signed Contracts

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“Newly signed contracts for single families declined month over month for the first time in 2022. In addition, condo new signed contracts fell for the second time. However, the jump in mortgage rates took some of the edge off of still elevated demand, enabling seasonal expansion of new single family listings.”

(data source: millersamuel.com)

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The Great Rental Market Comeback

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There were 4,494 New Lease Signings in Manhattan in the month of April -50.5% compared to the same period last year, but that was due to the distortion of surging inbound activity last year as the market woke up post pandemic.

Bidding Wars accounted for more than one in five new lease signings, with a 21.3% market share and a 10.7% average premium above the landlord’s last asking price.

The Median Rental Price was $3,925, ...

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The 2022 List Of Every Supertall Tower Currently Being Planned In Miami

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Developers are increasingly planning to build towers in Miami that will reach supertall status (above 300 meters, or around 969 feet), with the real estate market here among the hottest anywhere. And several supertall towers have been announced in recent months, all by top-tier developers.

Here below is the link to the complete article with the list of every supertall currently being planned in Miami. http://ow.ly/WRtc50IMqbr

(source: thenextmiami.com, ...

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