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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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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 2021, ...
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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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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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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 properties that closed ...
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Another big Wynwood apartment project has topped off.
Wynwood 29 actually includes two buildings, one at 12 stories (178 feet) and another at 8 stories, on opposite sides of the street
The combined project will include:
248 apartments
26,651 square feet of retail
372 parking spaces
Related Group and Metro 1 are the developers, Arquitectonica is the architect and Beauchamp Construction is the contractor.
(source: thenextmiami.com, rendering: Beauchamp Construction)
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