Archive for July, 2011

New development highlight: 250 West Street

Posted by ricardo on 7/20/2011 | |

 

Just launched this week by El Ad Group, the same developer as The Plaza, 250 West St. is a great new addition to Manhattan.  The building has all of the qualities that make a GREAT building – location, location, location, good bones, high ceilings, great luxury kitchens and baths, over-the-top amenities, and Hudson River, Statue of Liberty and Empire State Building views.

The building, a former warehouse built in 1906, is nestled in the heart of Tribeca’s landmark historic district, surrounded by cobble stone streets, which is quintessential Old New York. While the exterior of the building is brick, the interiors are very modern.

In addition, with the opening of Piers 25 and 26 along the River, owners will have a great “back yard” to play in since the Piers now feature children’s playground, miniature golf course, beach volleyball courts, and more. The building has a roof-top pool and roof-deck where you can chill out and take in the gorgeous views all around you.

The shortage of land on the waterfront will likely make this a building one to watch for future price appreciation. Other river-front neighbors, such Superior Ink, Richard Meier, and One Morton Square have all done so well. And, 150 Charles, another future river-front neighbor is expected to perform very well too.

 

Open lofts start at – $1,150,000  –  1 bedroom plus den starts at $1,545,000

 

2 bedroom plus den starts at $2,575,000  –  3 bedroom plus den starts at $2,895,000

 

For more details click here.

 

Lincoln Road gets a 5 napkin burger

Posted by ricardo on 7/16/2011 | |

 

Five Napkin Burger debuts in NYC’s “sixth borough”, Miami Beach.

Danny Meyer’s Shake Shack has a new competitor in the hood. This week I was surprise to see one of my favorite NYC burger joints on Lincon Road. With a decor described as “butcher shop chic” and a menu full of American classics, 5 Napkin Burger is definitely a great addition to the open air pedestrian mall. Big boys should try the ten-ounce ground chuck and, Paris Hilton wannabes, the Veggie is your probably the best bet. Or, you can go a la Snooki by jumping yourself into deep-fried pickles and pastrami.

5 Napkin Burger
455 Lincoln Road
Miami Beach, FL

 

brio by burke

Posted by ricardo on 7/16/2011 | |

 

If you are craving for a great pizza in NYC, you should definitely try Brio.

This UES neighborhood gem, by chef and restaurateur David Burke, has one of the best pizzas in town. Add a great crowd and friendly staff to the mix and I’m sure you won’t be disappointed.  Enjoy the Summer by sitting al fresco while sipping a Bellini and devouring my favorite pizza, La Bufalina.

brio nyc
137 east 61st street
new york, NY

 

Miami Housing Inventory Drops 20% in Last Six Months

Posted by ricardo on 7/15/2011 | |

 

Miami-Dade county available inventory has declined to only six months. Due to the brisk sales pace in Miami, housing inventory has dropped 20% since January 1, 2011 and 60% since August 31, 2008, a great sign that the Miami-Dade housing market is stabilizing.

The unknown in Miami is how many foreclosures will be coming on the market to add to inventory levels, however, Florida foreclosures have declined approximately 60% in the first six-months of the year compared to last year.  In addition, very few new development units will be coming on the market since nothing has been built in Miami for years. And, once they do come on, they will likely be quickly absorbed.

Take, for example, ST Residential, which purchased the assets of Corus Bank when it folded. Over the last six months, ST Residential brought online 990 units with the re-launch of Mint and Infinity at Brickell in Miami. Currently, only 200 units remain, given the brisk sales pace.

ST Residential is also one of the only companies that is adding new inventory, as it will be launching the long-awaited and luxurious Paramount Bay in Miami, as well as Artecity in South Beach and Dolce Vita in Palm Beach Shores on the southern tip of Singer Island.

As a result, Miami housing inventory levels are likely decline or at least remain level over the next six months. Whether that positively affects pricing, we are sure to find out soon enough.

To read the full article, click here

 

Click here for the latest Miami Condos For Sale

 

Click here for the latest Miami Beach Condos For Sale


New Development Highlight: 305w16

Posted by ricardo on 7/9/2011 | |

 

Just launched in June, 305W16 is a boutique Condop in an excellent location, as it is centrally located in Chelsea, just a few blocks away from the West Village and the Meatpacking District. The building offers a selection of great value apartments with smart layouts, an abundance of natural light, charming views and, the best of all, realistic price tags.  These factors led two of M|M Real Estate’s customers to sign contracts over the past two weeks. If you are a first time buyer or an investor looking for a good return and future appreciation, 305W16 will definitely fit the bill. Besides, you can never go wrong buying a property in Chelsea, one of the hottest locations in NYC.

Studios start at $505,000  –  1 bedrooms start at $695,000  –  2 bedrooms start at $1,265,000

 

For more details click here


Manhattan Rentals Jump 10%

Posted by ricardo on 7/8/2011 | |

 

RENTS JUMP 10% – CONGRATULATIONS TO OUR MANHATTAN PROPERTY INVESTORS!

 

Economics 101 is playing out in Manhattan as tight supply and strong demand sent Manhattan rental rates skyrocketing 10% over last year, according to Citi Habitats most recent quarterly report on Manhattan rentals.

Rent spikes hit all neighborhoods and apartment sizes during the second quarter.

SoHo and Tribeca have the top average rental rates of $5,046 per month followed closely by Chelsea and West Village which come around $4,100 per month.

A tight supply contributed significantly to the rental increase, as the Manhattan vacancy rate fell to 0.72% during the second quarter, the lowest vacancy rate on record since Citi Habitats began tracking vacancy rates in 2002.

A separate report for release by Jonathan Miller also found that Manhattan rentals are rising, but his data found that average rent levels were up 3.5% in the second quarter compared with the year-earlier period.

The New York apartment market has fully recovered from its low point in July 2009 when 60% of all Manhattan rental transactions involved landlord concessions, such as a month free rent or payment of brokerage fees. These concessions are a thing of the past!

 

Sellout at 41 Bond

Posted by ricardo on 7/8/2011 | |

 

We just published two weeks ago the launch of of the luxury condo 41 Bond and found out today that the building is almost sold out. Six of the seven units at the luxury condominium are under contract with an average of $2,500 a square foot.

This is no surprise, given the lack of high quality inventory in Downtown, the stellar reputation of Bond Street, and recent Wall Street’s performance.

 

Subscribe to our Showcase of Properties

Posted by ricardo on 7/8/2011 | |

 

Subscribe to receive our complimentary subscription of our bi-monthly Showcase of Properties.

 

Our Showcase highlights the current best buys in Manhattan & Miami, provides a market snapshot and features New Developments projects in both cities.

Click on the image below to be redirected to the subscription page.

Romer Debbas’ Newsletter

Posted by ricardo on 7/7/2011 | |

 

 

Our Real Estate Attorneys Michael Romer & Pierre  Debbas shared with us their latest Newsletter. Highlight for Michael’s excellent article on Foreign Investors…

Interest of Foreign Investors in U.S. & Manhattan Real Estate Remains Strong
By: Michael J. Romer, Esq.

Commercial and high end residential real estate in New York City, particularly Manhattan, have long been an attractive acquisition for the foreign investor. Simply put, the foreign investor has always been a player in the New York City real estate market. This is due to numerous factors including, but not limited to, the following:
a)    Traditionally high rate of return (i.e. price appreciation) associated with owning New York City real estate over extended periods of time;
b) New York City being the financial and cultural capital of the world;
c)    Popular second home location; and d) Especially of late, the weakened U.S.
dollar.
However, at the height of the New York real estate market last decade, statistics indicated that the foreign investor was beginning to lose confidence. At that time, prices had escalated to a point where many became pessimistic regarding the potential for future appreciation.
If the recent Association of Foreign Investors in Real Estate (AFIRE) Survey referenced herein and market activity are to be believed, it seems evident that such lost confidence has been restored.

 

Click below for the full article & Newsletter:

2011 Newsletter.Q1

 

Romer Debbas, LLP

820 Second Avenue, Suite 7C
New York, NY 10017

Phone: (212) 888-3100
Fax: (212) 888-1701
info@romerdebbas.com

Miami Pending Home Sales are on the upswing

Posted by ricardo on 7/7/2011 | |

 

by the MIAMI Association of REALTORS

Total current cumulative Miami pending home sales – including single-family homes and condominiums – in Miami-Dade County increased 15 percent compared to a year ago, from 10,366 to 11,936, and .23 percent, up from 11,860, compared to the previous month according to the 24,000-member MIAMI Association of REALTORS and the local Multiple Listing Service (MLS) systems.

May Contract Activity
The total number of listings, including single-family homes and condominiums, that pended during the month of May increased by 29 percent, from 2,718 to 3,508, compared to the previous year.

“International buyers increasingly are having a positive effect on the Miami real estate market, as sales continue to exceed last year’s levels, which were boosted by the homebuyers tax credit,” said Jack H. Levine, 2011 chairman of the board of the MIAMI Association of REALTORS.  “Current figures corroborate the healthy market activity agents are experiencing first-hand and the evident demand for local properties.”

Cumulative Pending Sales on the Rise
In the current month, pending sales of single-family homes performed better than that of condominiums.  Pending sales of single-family homes are 12 percent higher than they were a year ago, up from 4,490, and are 2.2 percent above what they were last month, up from 4,919.  Pending sales of condominiums are 18 percent above what they were a year ago, from 5,876 to 6,909, and a negligible .46 percent lower compared to last month, when pending condominium sales totaled 6,941.

 

For full article please check our Miami Market Report page.

 

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