real estate Archives - Page 5 of 15 - Rava Realty

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 $4,100, exceeding 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 $5,051, exceeding 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 ...

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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, up +31.9% from April ...

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

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

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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NYC’s last batch of new condos with 421a tax abatements

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NYC’s last batch of new condos with 421a tax abatements

Condos built under the 421a tax abatement program, are starting to fade away to a point where there will eventually not be any more.

Created in 1971 to spur development in neglected neighborhoods of New York, the 421-a program allowed condo buildings to be exempted from millions of dollars in property taxes for 10 to 25 years, depending on location and other criteria. The program expired in 2016, but the tax breaks persist depending on when a building was built. Owners of 421-a apartments pay a fraction of the property’s full taxes during a period of ...

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Manhattan Luxury Reality Check

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There were 121 closings at $4 million and above in January 2022, 50 less than December. The Average Closing Price was $8,111,567 down -18%, meanwhile, the Median Closing Price was $6,125,797 down a nominal -0.4%. The Negotiability Factor, that is the average discount from the last asking price, was 4.55% down from 6.62% during the previous month. The pace of the market was basically unchanged since the Average Days On the Market were 155 compared to 153 for the ...

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