Manhattan Micromarkets Bounce Back

Posted by ricardo on 8/28/2011 | |

A recent article in the New York Times, “In New York, a Sprinkling of Higher Prices,” discussed how certain pockets and buildings within Manhattan and Brooklyn are experienced a rebound past pre-recession prices. While this certainly isn’t occurring in the far reaches of Manhattan, if an apartment or a building has that something special – great views (like those of Central Park), prime neighborhoods, or large units that are in move-in condition – these apartments are in high demand and pricing has moved past the lows.

While the article mentions particular buildings that have fared well, we have seen the same thing with 15 CPW, Park Laurel, Superior Ink, Harrison, and Park Millennium, just to name a few. 15 CPW continues to break record pricing and was untouched by the recession. Prices actually rose here in the midst of all the turmoil. It’s neighbor, Park Laurel, is also benefiting from the success of 15 CPW and its location, as many foreign buyers looking for condos facing Central Park see an investment there as a bargain compared to its neighbor 15 CPW. For you next real estate purchase, remember to chose a property with those special characteristics that will insulate you from any downturn.

To read the full article click here.

Boca Raton oceanfront gets an upscale refresh

Posted by ricardo on 8/4/2011 | |

 

While most of our customers have been searching for property in South Beach or Bal Harbour, a client recently requested that I preview two new luxury properties – One Thousand Ocean and Luxuria – both in Boca Raton. This past week I took a 45 minute drive north of South Beach to Palm Beach County. I had previewed One Thousand Ocean at its showroom when the building was still being built, so it was great to go back and see the finished product, and what a great finished product it is.

In fact, I was blown away by both buildings, but for very different reasons.

 

One Thousand Ocean

 

One Thousand Ocean has a sophisticated, but casual elegance about it, where owners can live a country-club lifestyle in a sleek ultra modern building. The horseshoe-shaped One Thousand Ocean is a private enclave at the end of a tiny peninsula that is surrounded by water on three sides, providing spectacular views from every angle. All owners receive full membership to the private Boca Raton Resort & Club, one of the worlds most prestigious and exclusive country clubs, which sits just across the Boca Inlet, and the Boca Raton Beach Club, which sits adjacent to the building and is part of the club.

The residences at One Thousand Ocean are very grand! Three bedrooms start at 3,000 sq. ft. with 650 sq. ft. of outdoor front and back terraces with private plunge pools and outdoor kitchens. Residences feature oversized rooms throughout, very top-of-the line kitchens and baths, and two fireplaces, among other things. Most of the 52 condos are flow through, so you will have double exposures, N/S, E/W, NW/SE – get the idea? There are only 12 residences remaining, along with 4 townhouse Beach Villas and a gorgeous penthouse.

This a perfect condo for the New Yorker, Bostonian, European and South American buyer who wants an exclusive country-club lifestyle without having to operate an entire house. With direct beach access, 8 pools between the building and its club neighbors, room service, in-room or club spa treatments, award winning golf courses, clay tennis courts, mega yacht marina, Club Boca’s children’s activity center, and five-star hotel and concierge services, One Thousand Ocean is about convenience, service, exclusivity, and peace and quiet, all at the same time.

Prices start at $2.6 million for a 2 bedroom in the only line that doesn’t face the ocean and $3.9 million for 3 bedrooms with direct ocean views.

For more info, click here.

 

Luxuria

 

A short drive south from One Thousand Ocean, you will find Luxuria on the Ocean, one of the very few new condos built directly on the ocean in Boca in a very long time. Luxuria is sophisticated in a different way than One Thousand Ocean. Luxuria is a Mediterranean Villa that has the feeling of an“estate residence.” Each of the 26 residences start at 4,500 sq. ft., with 4 bedrooms being smallest, so the apartments are very spacious and feature large terraces with outdoor kitchens.

Residences offer its residents direct ocean and inter-coastal views, seclusion and privacy that a well- heeled clientele desires. One feature that is offered by the developer is the option to select your own custom kitchen. Owners select the style (modern, traditional, etc.), color scheme and materials. By the time the unit is closed, the kitchens are built out. This is a great feature that allows an owner to put their style stamp on the property without having to manage the project of installing a new kitchen.

Like One Thousand Ocean, Luxuria owners have a full membership to the Boca Raton Resort & Club. The Club is only 2 miles away, so it is very close by.

Since the developer is down to its last 6 units and wants to move on to its next project, Aqualina II in Sunny Isles, some great discounts are being offered for this true luxury property. Reduced prices start at $3.6 million for 4,500 sq. ft. (which is a steal at $780 psf ($8,396 per sq. mt.), since recent closed prices are around $900 psf. (9,687 per sq. mt.)).

Boca Raton has a scarcity of oceanfront property due to the many national parks on the shore, so these two new projects on the Atlantic Ocean are definitely two of the best when the subject is Boca Raton Luxury Real Estate… very exclusive, since nothing new or this beautiful has been built on the ocean in Boca for many years.

For more info, click here.

 

Please contact us If you would like a private showing for any of these properties.

 

Click here for the latest Boca Raton Luxury Real Estate For Sale

 

Click here for the latest Fort Lauderdale Luxury Real Estate For Sale

 

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


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!

 

The Globalization of Real Estate

Posted by ricardo on 5/26/2011 | |

  The Wall Street Journal just published this interesting article titled The New Global City that discusses the globalization of residential real estate.  While much of this information is not new to us since we have been working with foreign buyers for many years, it is interesting to find that the number of foreign buyer transactions is growing in Manhattan and Miami (as well as elsewhere). While the Europeans are still in the US market, given the relative weakness of the dollar compared to the Euro, the WSJ article identifies the Brazilians, Chinese and Russians as the current drivers of foreign buyer transactions in the US (and internationally as well). Imagine the wealth creation that occurs in these BRIC countries when GDP growth is in the 6 to 10% range. These people are gaining wealth at a rapid rate. Since they are already heavily invested in their home countries, they would bode well by diversifying their holdings and buy US property to protect themselves from the effects of the asset-price bubbles being created in their home countries. US real estate, even with the great recession, is still a very solid investment with a long history (especially Manhattan).  Besides diversification, owning property in New York City or Miami is such a status symbol around the world (including in the US). Of course, for some, it’s the actual building not the city itself, that is the status symbol. Consider the Russian composer Igor Krutoy, who “made headlines when he and his wife, Olga, purchased a 6,000-square foot 12th floor condo at The Plaza for $48 million. It was one of the highest prices ever paid for a condo in New York.”  Only in New York! Featured in the article are a number of Manhattan buildings that you will find on our website: The Plaza, Trump SoHo, William Beaver House, Sheffield, and Setai Fifth Avenue.  In addition, the article also comments on Jade Ocean, One UpCapri South Beach, and Icon Brickell – some of our favorite buildings in Miami.   Read full article, The New Global City, on the Wall Street Journal website. Blog Directory

10 Hudson Yards Opens in New York

Posted by ricardo on 6/1/2016 | |

On Tuesday, 10 Hudson Yards officially opens with its first commercial tenant in place, as Coach Inc. consolidates its offices at the building on the far West Side.

Read the full article at: www.wsj.com

10 Hudson Yards finally opened its doors yesterday, four years after ground breaking. The 52-story commercial tower built over the rail yard next to the High Line at West 39th Street and 10th Avenue in New York will house corporate heavyweights like Coach, L’Oréal, SAP, and Boston Consulting Group, to name a few.

Phase I of the project will include an additional 4 towers. It will also feature a 1-million square foot mall anchored by NYC’s first Neiman Marcus scheduled to open in 2018. In addition, Phase I includes the recently opened new 7 train train extension at West 34th St. and 11th Avenue. Phase II of the project, which will be mostly residential, will be rising due West along the Hudson River as Phase I nears completion.

The effect of the Hudson Yards project on New York City has been huge, with many large companies planning to decamp to the area as the other towers come online.  In addition, the project fueled land and condo price growth in the neighboring vicinity, especially along the High Line due south, which is lined with many interesting residential condo developments from notable architects like Zaha Hadid, Soo Chan, Isay Weinfeld, and Thomas Juul Hansen, to name a few.

Every day we are hearing announcements of businesses coming to the area. Most recently we have heard that KKR, Time Warner, Wells Fargo Securities, and HBO will decamp to 30 Hudson Yards and the first Equinox Hotel will open at 35 Hudson Yards. Even NYC’s Fashion Week will decamp to the Culture Shed, Hudson Yards’ 6-story event space. And, most important to New Yorkers looking to live in the area, it has been reported that Whole Foods will be coming to the area, opening directly opposite the mall on 10th Avenue between 31st and 32nd Streets.

 

Check out the posts below to learn more about the Hudson Yards project in New York:

Hudson Yards Effect – A New City Rises

New Development Highlight: 15 Hudson Yards

New Development Highlights: 35 Hudson Yards

 

NYC Wealth Stats from The Knight Frank Wealth Report

Posted by ricardo on 3/25/2016 | |

The global population of ultra-high-networth individuals (UHNWIs) has grown by 60% in the 10 years since The Wealth Report was first published. According to data prepared for the 2016 report by wealth intelligence company New World Wealth, there are now 187,500 UHNWIs with $30 million or more in net assets, excluding their principal residence, around the world. This figure is up 61% from 116,800 in 2005.

Read the full article at: www.knightfrank.com

The Wealth Report, an annual publication released by worldwide property consultancy Knight Frank, looks at wealth and global prime property trends. In 2016, NYC ranked #2 in terms of being the most important and well-connected cities for Ultra High Net Worth Individuals or UHNWIs (those with over $30 million in net worth excluding primary residence), behind London. This is the second year in a row that London has beaten NYC, however, both cities have long dominated the ranking of global cities that matter to the world’s wealthy.

New York City had 5,600 UHNWI residents in 2016, the highest of any of the global cities, up by 32% over the last 10 years. In addition, the report looked at how well connected cities were in terms of UHNWIs living within 2 hours travel time. NYC came in at 8,300 UHNWIs, while London had 4,500 UHNWI residents, with 16,100 UHNWIs were living within 2 hours travel time, the highest of any of the global cities. The concentration of wealth in Europe helps to explain why the report suggested London being the more important global city than New York.

In terms of Multi-Millionaires (those with over $10 million in net worth, excluding primary residence), NYC came in first with 14,300 Multi-Millionaires vs. London with 12,730 Multi-Millionaires. In terms of Millionaires (those with over $1 million in net worth, excluding primary residence), NYC came in second with 320,000 millionaires vs. London with 370,000 millionaires.

The report also reported on Seasonal Fluctuations of the Multi-Millionaire population (those with over $10 million in net worth, excluding primary residence), which are good prediction of demand for second home purchases.  With a peak population of 32,500, NYC ranked #2 behind London. The Low Population of 11,870 ranked #1, higher than London, which came in at 10,450.

Going forward, the report predicted that in the next 10 years, NYC would pick up an additional 1,624 UHNWIs, maintaining its status of one of the most important cities for UHNWIs.

So, what does all this mean for the property market? Expect a robust market for Manhattan prime and super-prime properties for the next decade. 

Miami Real Estate Market Update | Q4 2015

Posted by ricardo on 2/22/2016 | |

In 2015, Miami Real Estate transitioned to a more mature market, with solid price growth thru December 2015, albeit at a slower rate than past years. The effect of the supply of new development projects slowed re-sale price appreciation in Downtown Miami in 2015, which had been spiking for the past two years. Luxury pricing, mostly on Miami Beach, stabilized in 2015, especially in the $1 to $5 million price class, and was especially strong in the over $10 million price class. UHNWIs continue to be attracted to Miami beachfront property, especially with high style designs from starchitects the likes of Norman Foster, Renzo Piano, Richard Meier, and Jean Nouvel, to name a few.

Price increases have brought more inventory into the Miami real estate market, but still at levels 60% below 2008 when the market bottomed. Months of supply of condos was 9.6 months, up from 8.4 months supply last year. Historically, that is not such a bad number for Miami where many owners list their properties at outrageous prices just to test the market.

  • Average price per square foot for a condo on Miami Beach was $600, with Bal Harbour averaging $730 per square foot, South Beach averaging $666 per square foot for the quarter and Sunny Isles averaging $565 per square foot.
  • Average price per square foot for Luxury condos in Miami Beach (the top 10% of the market) was $1,206, with a luxury entry threshold of $1.4 million.
  • Average price per square foot condo in Downtown Miami (aka Miami Coastal Mainland) was flat at $283 per square foot, with Brickell averaging $470 per square foot and Luxury (top 10% of the market) averaging $612 per square foot.  The luxury entry threshold on the mainland was $580K.
  • Miami Beach distressed sales activity continued to see a significant decline, making up only 10% of the condo activity for the beach and only 17% of the condo activity for the mainland, down 36% and 41% respectively.

Manhattan Real Estate Market Update | Q4 2015

Posted by ricardo on 2/22/2016 | |

The Manhattan Real Estate Market median and average sales price, as well as the average price per square foot, reached the highest levels recorded in 27 years in Q4 2015. The resale market remained tight with low inventory, fast pace and rising prices. New development closings are on the rising as well. While many regions are suffering enormous instability, NYC, in contrast, is one of the last bastions of stability. In 2015, Manhattan saw record job growth and the highest number of people employed in history. We expect similar market conditions to carry over into 2016.

  • As of Q4 2015, the Average price per square foot of Re-sale condos rose 8% to $1,788, up from $1,615 the same quarter last year, as months of supply rose to a still tight 5.8 months.
  • The Average price per square foot of New Development condos declined by 17% to $2,142, as more mid-market and affordable luxury new development product came on the market.  In contrast, last year’s new development sales activity included many closings from very expensive ultra-luxury and super-luxury buildings absent this quarter. Months of supply for new development declined to only 3.4 months.
  • The Average price per square foot of Luxury, defined as the top 10% of all closed sales in terms of price, also declined by 8% to $2,649, as the sales mix in the quarter didn’t comprise as many units from ultra-luxury and super-luxury buildings. The Luxury entry threshold rose to $3.99 million up from $3.35 million in prior year quarter.
  • According to Streeteasy “Non-Luxury homes in Manhattan saw strong appreciation. While the luxury market in Manhattan has begun to waiver, moderately priced homes (between roughly $525,000 and $1.3 million) have experienced strong price appreciation recently as buyers chase a dwindling amount of supply on the market. The median resale price for homes in the second and third tiers grew 6.9 percent and 7.0 percent in the last year, respectively.”

Trump World Tower is most valuable NYC condo building

Posted by ricardo on 1/31/2016 | |

The Donald Trump-developed condo tower at 845 United Nations Plaza has the highness total tax assessment in the city, according to Department of Finance data.

Read the full article at: therealdeal.com

Certainly, this “win” will give Trump one more thing to brag about during his fascinating presidential campaign. Built in 2001, the Trump World Tower condo building, which also goes by the name Trump World Tower, is 72-stories tall and sits on the East River in NYC.

Other notable NYC condo buildings that made the top 10 were: 15 Central Park West, which came in second, but held first place last year; One57, the infamous new ultra-luxury 90-story tower overlooking Central Park that opened in 2014, which came in third place; the Sheffield, located at 57th and 8th, which came in fifth place; and Rushmore, overlooking the Hudson River in the Upper West Side, which came in 10th place.

As to how the city comes up with the assessed value, that’s a good question.  Assessed values are generally well below actual market values, so they may not mean too much to buyers and sellers. But, they mean a lot to the tax man. For the first time in history, the total assessed value of all NYC property crossed the $1 trillion threshold, resulting in an increase in the average condo tax assessment across the city by 10.6%. This has led to calls from Governor Cuomo for New York City to cap property tax rates at 2%.

Echo Aventura is completed and ready for it’s residents

Posted by ricardo on 1/31/2016 | |

The 190-unit Echo has opened its doors in the heart of Aventura

Read the full article at: miami.curbed.com

Below are some images of the newly completed condominium Echo Aventura located at the 8250 N.E. 188th Street.

Designed by architect Carlos Ott and Yabu Pushelberg’s firm, Echo Aventura offers flow-through residences ranging from 2,700 sq ft. to up 4,000 sq.ft which catered well to their majority of South American buyers, specially Brazilians and Mexicans.

The link below contains the current availability for sale at Echo Aventura.

Echo Aventura Condos For Sale

 

NYC Condo plans nowhere close to pre-crash levels

Posted by ricardo on 1/13/2016 | |

Condominium-plan submissions to the New York State Attorney General are the highest they’ve been since 2007, according to a TRD analysis of applications data.

The final unit count for 2015 will come nowhere close to pre-crash 2005 and 2006 levels. However, some argue that the lower numb

Read the full article at: therealdeal.com

A recurring theme in the NYC condo market for years has been low inventory. The Real Deal chart above provides a great depiction of the trend of new development applications over the last 10 years and confirms what we have been anecdotally have been talking about for years.

After the Lehman Brother’s collapse in 2008, there was a steep drop off in NYC condo unit applications after 2008, as bank financing dried up. It was only in 2013 before inventory started to pick up again.  Anyone buying during the 2011 – 2012 time frame remembers how crazy that time was, with scarce choices and bidding wars.

While the chart depicts good news that inventory is increasing to more normal levels, offering buyers more options, it is still much lower than 10 years ago and still nowhere near demand. For instance, demand for NYC Condo units is so strong that November inventory declined by the most on record says Streeteasy. Basic supply and demand dictates that low inventory will create higher prices, creating opportunities for current buyers.

 

New Development Highlight: The Bryant NY Residential Condo

Posted by ricardo on 12/5/2015 | |

The 33-story mixed-use tower at 16 West 40th Street is the first ground-up New York project by the British architect known for his pared-down aesthetic.

Read the full article at: www.nytimes.com

The Bryant NY is the newest midtown residential condo located on Bryant Park. The lower 15 floors will house a hotel from which residents can use its services on an a la carte basis. With units starting on the 16th floor, all residential units will have great views north to Bryant Park and south to the Empire State building in NY.

Since all units are corner apartments at The Bryant NY, with at least double exposure, each unit will draw in light no matter where one is located in the building. We especially like the slim-profile, floor-to-ceiling sliding windows with Juliet balconies.

David Chipperfield, award winning British architect created this unique building in minimalist design, used terrazzo, both inside and out, as the main structural element of the building. We have never seen terrazzo used in this manner in any other NYC condos, so are excited to see the building when it is completed in 2017. Currently, Chipperfield is designing a new wing for modern and contemporary art at The Metropolitan Museum of Art in NYC.

The Bryant Park neighborhood has been in the state of change for many years, with Manhattan’s core becoming more and more residential. A testament to this new trend is that a Whole Foods opening up only 1 block away. Occupancy for The Bryant NY Condo is expected for 2017.

 

the bryant ny condo

The Bryant Condos NYC

 

New Development Condo at 55 West 17 Street NY

Posted by ricardo on 12/5/2015 | |

55 West 17th offers a collection of 53 distinctively modern condominiums in the heart of Chelsea. Come explore these magnificent residences today.

Read the full article at: www.55west17th.com

At the nexus of the Flatiron, Chelsea and Union Square, 55 West 17 Street in NY is a reasonably priced new development condo with 53 homes ranging from 1 to 4 bedrooms, designed to maximize space and light, which is enhanced by oversized windows. Residences are modern, but classically inspired, designed to fit in the context of the “Ladies Mile” historic neighborhood.

Residences at 55 West 17 Street feature open floor plans for entertaining, wide-plank oak flooring, oak custom cabinetry, Bianco Oro marble countertops, and top-of-the-line Gagganeau kitchen appliances. Amenities at this new development condo include 24-hour doorman, residents’ lounge, outdoor terrace, fitness center, and children’ playroom.

The neighborhood West 17 Street, between 5th and 6th Avenues, is essentially the epicenter of Tech Startups in Manhattan, so we expect the building to do very well. Toll Brothers developed the building and architect Morris Adjmi designed the project. Occupancy 2017.

 

55 west 17 street - chelsea-1

55 west 17 street - chelsea-2

432 Park splits full floor units as few buyers of huge apartments

Posted by ricardo on 11/10/2015 | |

The developers of 432 Park Ave. have split full-floor apartments at the 1,396-foot tall tower in half in a move that may signal a slowdown in sales for $50 million-plus apartments.
With several…
To view the full story, click the title link.

Read the full article at: www.crainsnewyork.com

While 432 Park is over 70% sold out, the tony New York City Condo building has been having a hard time selling its high, full floor apartments. It’s no wonder that they remain unsold, since full floor units at 432 Park measure over 8,000 square feet, enormous for New York City condos. And, since they are on some of the highest floors, very expensive as well (close to $80 million).

Dividing up full floors on 91-95 into two sized units, one at 3,977 sq. ft. and one at 3,942 sq. ft., would make much more sense, as it would be more in line with the sizes being offered by many of its competitors, such as 520 Park Avenue, which has full floors at 4,613 sq. ft., Baccarat (although not all will consider this an exact competitor), which has full floor units at 4,500 sq. ft., and 111 West 57th Street, which has units around 5,000 sq. ft.

One57 and 53 West 53rd Street (MoMa tower by Jean Nouvel) have larger units, with full floors at 6,240 sq. ft. and 6,786 sq. ft., respectively. But, even with 432 Park Avenue cutting up floors 91-95, the building will still be the only one to have such enormous full floors, clocking in at 8,055 sq. ft. on floors 96 to 99. To learn more about the floorplans offered at 432 Park, contact us.

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