record Archives - Rava Realty

Cash buyers are back as mortgage rates rise

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Cash buyers are back as mortgage rates rise

An analysis of citywide sales data by The Real Deal shows that all-cash deals make up a more significant portion of the New York City market than at any time on record, accounting for 60% of condo sales in Manhattan this year. Cash buyers have also successfully scooped up 37% of condo deals in Brooklyn this year and 40% in Queens. All three figures are a record since at least 2018.

This trend can be attributed to rising mortgage rates above 6%, raising borrowing costs ...

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Coconut Grove estate sells for record $107M

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Coconut Grove estate sells for record $107M

Adrienne Arsht, a Miami businesswoman and philanthropist, sold her waterfront Coconut Grove compound consisting of two homes for $106.9 million, marking a record in Miami-Dade County.

The price is a 29 percent discount from the $150 million asking price from January, when the property hit the market. Still, it is the first time a residential sale surpassed the $100 million mark.

The deal beats the previous record in Miami-Dade, technology company InterSystems founder Phillip Ragon’s $93 million three-house purchase this summer in Golden Beach.

(source: therealdeal.com, picture: compass.com)

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Miami’s Homeless Population Now At The Lowest Level Ever Recorded

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Miami’s Homeless Population Now At The Lowest Level Ever Recorded

Miami-Dade’s homeless population has reached a new record low, according to CBS4.

In total, there were just 919 unsheltered homeless in Miami-Dade as of August 2021, a countywide census showed.

The total homeless population in Miami-Dade, including both sheltered and unsheltered, stood at 3,355 – a 58% decrease compared to the 8,000 recorded in 1996, when records began.

The Miami area has one of the lowest per-capita homeless rates of any big U.S. city.

Miami-Dade’s overall population has also increased 29% over the past 25 years, so the homeless population drop ...

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Newcomers drive the rent hikes in South Florida

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Newcomers drive the rent hikes in South Florida

Interest in relocating to Miami has tripled since last year and now ranks higher than any other destination in the U.S., according to a new report from real estate website Redfin.com, based on a sample of about 2 million users who searched for homes across 112 metro areas.

It is the first time ever that Miami topped Redfin’s monthly rankings, which measures net inflow from other metro areas. However, Miami has been consistently in the top 10 since the list was created in 2017.

An Interest confirmed by the huge increase ...

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$230M for Boca Raton apartments, the priciest multifamily sale of the year

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$230M for Boca Raton apartments, the priciest multifamily sale of the year

A new apartment community in Boca Raton sold for $230 million, marking the most expensive multifamily sale in South Florida this year.

Giles Capital Group, Rosemurgy Properties, Schmier Property Group and Wheelock Street Capital sold the 456-unit, seven-building development to Atlanta-based Cortland.

The Residences at Uptown Boca was completed last year, and the sale breaks down to about $504,000 per apartment. Units range from 718 square feet to 1,737 square feet and from one to four bedrooms.

According to the release, the Boca community includes a 24-hour gym and ...

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NYC could become the most expensive rental market in the United States

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NYC could become the most expensive rental market in the United States

According to a recent Zumper’s report, the city’s median rent for a one-bedroom apartment — $2,680 — is currently the second-highest in the nation, only $40 behind San Francisco’s $2,720, and New York City has seen much more growth than San Francisco in recent months.

The city posted a 4.3 percent month-over-month gain in median one-bedroom rent in July, making prices just 5.6 percent lower than they were this time last year; in comparison, San Francisco prices are currently down 15 percent compared to the previous year.

“With the COVID vaccine widely available, renters are adapting to a ...

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