Archive for February, 2013

NYC Apartment Prices Lowest Since 2004 When Adjusted for Inflation

Posted by ricardo on 2/27/2013 | |

 

Appraiser Jonathan Miller recently released his annual 10–Year Manhattan Market Report that shows NYC Median and Average property Prices, adjusted for inflation, are the lowest since 2004. That is in stark contrast to what everyone seems to think about NYC apartment prices, given the constant stories about Billionaires purchasing at One57, 15 Central Park West and 432 Park Avenue.

For the average customer, however, apartment prices in Manhattan are as low as they are going to get, taking inflation into account.  Foreigners come to NYC and find that the prices in Manhattan seem a bargain compared to places like London, Hong Kong and Singapore.

That doesn’t mean that NYC apartment prices will stay low for long, however, as there has never before been such a scarcity of apartments like there is in today’s market.  Given scarcity and lack of new development coming on the market anytime soon, prices are expected to rise in 2013.  We have already seen a pre-cursor to this in the form of bidding wars, not seen since 2007 at the peak of the housing market.

Here’s a video from the WSJ that discusses this topic.

 

 

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Evolution of Miami on the TODAY Show

Posted by ricardo on 2/26/2013 | |

 

Here is an interesting video from the Today Show (NBC). They discuss how Miami has changed so much over the last few years. Once considered a playground, Miami is a much more vibrant city than it ever was before with the opening of art centers, performance centers, and new museums. Miami is becoming a year-round city like never before. The development has happened very fast and it is continuing. No longer is South Beach the only place to go, as some of the most upscale buildings have moved further north to Bal Harbour and Surf Side and Mid-Beach.

While Miami still has one of the highest foreclosure rates for its non-coastal lower-end real estate properties, the High End of the market is surging!

 

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The Year of the House

Posted by ricardo on 2/5/2013 | |

 

Deutsche Bank is referring to 2013 as “The Year of the House”.  Why is that?  Well, CNN delves into answering this question.

In summary, the overall US Real Estate market is in a recovery mode, with home prices higher, historically low interest rates, open houses with record breaking number of visitors, and housing affordability being reset as incomes are up and prices are more reasonable than they have been pre-crisis.

Take a look at the below video to see what a Housing Recovery looks like:

 

New Development Highlight: Faena House

Posted by ricardo on 2/2/2013 | |

 

From the same developer of the over-the-top elegant Faena Hotel in Buenos Aires, Argentinian fashion designer and hotelier Alan Faena, comes a new Miami Beach neighborhood the Faena Distict in Miami Beach at 3201 Collins.  The Faena District will be comprised the Faena House, a 19-story condo building, the refurbished art deco Saxony Hotel reborn as the Faena Saxony Hotel, as well as a Faena Sphere Arts Center, which will be located across the street on Collins, featuring the finest retail, restaurants, nightlife and a private dock.

Developed by the world-renowned architect Lord Norman Foster, the ultra-luxury Faena House is perhaps the most futuristic design on Miami Beach. The building’s cutting edge design is aerodynamic, mitigating the force of its constant ocean winds. Each residence has been thoughtfully imagined to maximize indoor and outdoor living by maximizing the use of terraces as living space. To accomplish this goal, glass sliding doors and windows will be much larger than have ever been used before – 10 to 12 feet wide rather than the 4 foot wide, which is the current standard. Kitchens by Dada are ultra modern and minimalist.

Ocean facing apartments at the Faena House have been reserved for the largest units, including 4-bedroom units starting at $8 million (for 5,600 sq. ft.). The west facing apartments, are a bit smaller and more affordable, as 1 bedrooms start at $2 million (1700 sq.  ft.) and 2 bedrooms start at $4.5 million (3,428 sq. ft.).

Below are a couple renderings and a video that features a Spatial Study of the Faena District Miami Beach.

 

faena-house-miami-beach-3-

 

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Faena District Miami Beach- Spatial Study from faena.com on Vimeo.