Manhattan and Miami Real Estate Trends

ricardo, Apr 30, 2012 10:56:13 PM

 

Recent articles from The Wall Street Journal (”Stunned Home Buyers Find the Bidding Wars Are Back”) and The New York Times (”The Sun Shines Again in Miami”) have been spot on in terms of the Manhattan and Miami Real Estate markets. Here are our observations of both markets:

Manhattan and Miami have seen significant price increases on a per square foot basis over the same prior-year quarter (Q1):

 

·     Manhattan Condo prices increased 8%

·      Manhattan Luxury prices increased 9%

·      Miami Luxury prices increased 13%

·      South Beach prices increased 20%

·      Miami Beach prices increased 27%

·      Downtown Miami prices increased 19%

 

Inventory has declined significantly, causing multiple bids on certain properties that have stunned buyers. At current sales rates, Miami has only 4 months of inventory and New York City has only 9 months of inventory.

While multiple bids are not happening across the board, many prime neighborhoods now have a shortage of inventory.

Mortgage lending standards remain tough for entry-level buyers; however, standards have loosened considerably for foreign buyers, as down payment requirements have been lowered by the big banks to 30% in Manhattan and 40% in Miami (although some smaller banks are offering 30%).

The very high end of the market has been surging, as cash rich buyers, who have been sitting on the sidelines for years, decided to get back into the market.  Record prices have been seen for Manhattan Real Estate (a $88 million for a penthouse at 15 CPW and record prices, averaging $6,000 per sq. ft., at One 57, the new uber-luxury 90-story pre-construction development towering over Central Park) and Miami (a $20 million for a sale at St. Regis Bal Harbour, $21.5 million for a penthouse at Setai and $25 million for a new listing at Apogee).

In Manhattan, new development is scarce, with boutique new developments like Touraine, 130 West 12, and 422 W 20, selling out in a heartbeat.  After the huge success of One 57, deep pocket buyers are anxiously waiting for trophy buildings like 432 Park Avenue, One Madison Park and 56 Leonard.

In Miami, new towers like, Icon Bay, The Mansions at Acqualina, Grove at Grand Bay, and Porsche Design Tower Miami, are being announced weekly.  But, gone are the days of 10% down payment. Developers are requiring 50%-60% in progress payments over 2 years, with the remaining at closing - a practice borrowed from Brazil.

 

Recent articles from The Wall Street Journal (”Stunned Home Buyers Find the Bidding Wars Are Back”) and The New York Times (”The Sun Shines Again in Miami”) have been spot on in terms of the Manhattan and Miami Real Estate markets. Here are our observations of both markets:

Manhattan and Miami have seen significant price increases on a per square foot basis over the same prior-year quarter (Q1):

 

·     Manhattan Condo prices increased 8%

·      Manhattan Luxury prices increased 9%

·      Miami Luxury prices increased 13%

·      South Beach prices increased 20%

·      Miami Beach prices increased 27%

·      Downtown Miami prices increased 19%

 

Inventory has declined significantly, causing multiple bids on certain properties that have stunned buyers. At current sales rates, Miami has only 4 months of inventory and New York City has only 9 months of inventory.

While multiple bids are not happening across the board, many prime neighborhoods now have a shortage of inventory.

Mortgage lending standards remain tough for entry-level buyers; however, standards have loosened considerably for foreign buyers, as down payment requirements have been lowered by the big banks to 30% in Manhattan and 40% in Miami (although some smaller banks are offering 30%).

The very high end of the market has been surging, as cash rich buyers, who have been sitting on the sidelines for years, decided to get back into the market.  Record prices have been seen for Manhattan Real Estate (a $88 million for a penthouse at 15 CPW and record prices, averaging $6,000 per sq. ft., at One 57, the new uber-luxury 90-story pre-construction development towering over Central Park) and Miami (a $20 million for a sale at St. Regis Bal Harbour, $21.5 million for a penthouse at Setai and $25 million for a new listing at Apogee).

In Manhattan, new development is scarce, with boutique new developments like Touraine, 130 West 12, and 422 W 20, selling out in a heartbeat.  After the huge success of One 57, deep pocket buyers are anxiously waiting for trophy buildings like 432 Park Avenue, One Madison Park and 56 Leonard.

In Miami, new towers like, Icon Bay, The Mansions at Acqualina, Grove at Grand Bay, and Porsche Design Tower Miami, are being announced weekly.  But, gone are the days of 10% down payment. Developers are requiring 50%-60% in progress payments over 2 years, with the remaining at closing - a practice borrowed from Brazil.

 

Recent articles from The Wall Street Journal (”Stunned Home Buyers Find the Bidding Wars Are Back”) and The New York Times (”The Sun Shines Again in Miami”) have been spot on in terms of the Manhattan and Miami Real Estate markets. Here are our observations of both markets:

Manhattan and Miami have seen significant price increases on a per square foot basis over the same prior-year quarter (Q1):

 

·     Manhattan Condo prices increased 8%

·      Manhattan Luxury prices increased 9%

·      Miami Luxury prices increased 13%

·      South Beach prices increased 20%

·      Miami Beach prices increased 27%

·      Downtown Miami prices increased 19%

 

Inventory has declined significantly, causing multiple bids on certain properties that have stunned buyers. At current sales rates, Miami has only 4 months of inventory and New York City has only 9 months of inventory.

While multiple bids are not happening across the board, many prime neighborhoods now have a shortage of inventory.

Mortgage lending standards remain tough for entry-level buyers; however, standards have loosened considerably for foreign buyers, as down payment requirements have been lowered by the big banks to 30% in Manhattan and 40% in Miami (although some smaller banks are offering 30%).

The very high end of the market has been surging, as cash rich buyers, who have been sitting on the sidelines for years, decided to get back into the market.  Record prices have been seen for Manhattan Real Estate (a $88 million for a penthouse at 15 CPW and record prices, averaging $6,000 per sq. ft., at One 57, the new uber-luxury 90-story pre-construction development towering over Central Park) and Miami (a $20 million for a sale at St. Regis Bal Harbour, $21.5 million for a penthouse at Setai and $25 million for a new listing at Apogee).

In Manhattan, new development is scarce, with boutique new developments like Touraine, 130 West 12, and 422 W 20, selling out in a heartbeat.  After the huge success of One 57, deep pocket buyers are anxiously waiting for trophy buildings like 432 Park Avenue, One Madison Park and 56 Leonard.

In Miami, new towers like, Icon Bay, The Mansions at Acqualina, Grove at Grand Bay, and Porsche Design Tower Miami, are being announced weekly.  But, gone are the days of 10% down payment. Developers are requiring 50%-60% in progress payments over 2 years, with the remaining at closing - a practice borrowed from Brazil.

  월스트리트저널 최근 기사(”Stunned Home Buyers Find the Bidding Wars Are Back”)와 뉴욕타임즈 최근 기사(”The Sun Shines Again in Miami”)를 살펴보면 맨하탄과 마이애미 부동산 시장의 최근 상황을 정확하게 설명하고 있습니다. 맨하탄과 마이애미 시장의 현재 상황은 다음과 같습니다. 두 시장 모두 지난해 같은 기간(1분기)과 비교하여 평방피트당 부동산 가격이 현저하게 증가하였습니다.   • 맨하탄 콘도 가격 8% 상승 • 맨하탄 콘도 가격 9% 상승 • 마이애미 고급 부동산 가격 13% 상승 • 사우스 비치 부동산 가격 20% 상승 • 마이애미 비치 부동산 가격 27% 상승 • 마이애미 도심 지역 부동산 가격 19% 상승   부동산 재고 물량이 현격히 감소하고 있으며, 특정 부동산에 다수 구매 희망자가 몰리고 있습니다. 현재 부동산 매매 비율을 고려할 때 마이매미 부동산 시장은 4개월 재고 물량, 뉴욕시 부동산 시장은 9개월 재고 물량만 보유하고 있는 실정입니다. 전반적으로 부동산 구매가 집중되고 있지 않지만 주요 인기 지역의 경우 부동산 재고 물량이 부족한 상황입니다. 신용 경력이 짧은 부동산 구매자의 경우 모기지 대출 요건이 까다로워진 반면 외국인 부동산 구매자의 경우 대출 요건이 상당히 완화되었습니다. 자기 부담금 요건이 대형 은행을 중심으로 30%(맨하탄), 40%(마이애미)로 낮아졌습니다. 일부 중소 은행의 경우 30%까지 줄어들었습니다. 최고급 부동산 시장이 각광받고 있습니다. 수년 동안 부동산 시장을 관망해오던 현금 보유 자산가들이 부동산 시장에 진입하고 있습니다. 맨하탄 부동산의 경우 최고가 기록을 세우고 있습니다. (15 CPW 매매가: 8,800만 달러, One 57 평방피트당 6,000달러, 센트럴 파크 지역 최고급 90층 빌딩 신축 프로젝트: 평방피트당 6,000달러) 그리고 마이매이 지역의 경우 (세인트 레지스 발 하버 매매가: 2,000만 달러, 펜트하우스 Setai 매매가: 2,150만 달러, Apogee 신규 등록 매물: 2,500만 달러) 맨하탄 부동산 시장의 경우 신축 부동산 개발 공급 물량이 부족한 상황입니다. href="http://manhattanmiami.com/ko/property/the-touraine/">Touraine, 130 West 12, 422 W 20과 같은 최고급 부동산은 매물이 나오기 무섭게 구매자들이 몰리고 있습니다. 마이애미 부동산 시장의 경우 Brickell House, The Mansions at Acqualina, Millecento, Porsche Design Tower 등 신축 타워 건설 계획이 매주 속속 발표되고 있습니다. 이렇게 긍정적인 상황에도 불구하고 자기 부담금을 10%로 완화해주던 규정이 폐지되었습니다. 부동산 개발업자는 2년 이상 부동산 개발이 진행될 경우 마감 기한을 정해 놓고 개발비용의 50%~60%를 단계적으로 지급해야 합니다. 이러한 관행은 마이애미 부동산 시장에 적극적으로 참여하고 있는 브라질 부동산 업자들로부터 시작되었습니다.

 

Recent articles from The Wall Street Journal (”Stunned Home Buyers Find the Bidding Wars Are Back”) and The New York Times (”The Sun Shines Again in Miami”) have been spot on in terms of the Manhattan and Miami Real Estate markets. Here are our observations of both markets:

Manhattan and Miami have seen significant price increases on a per square foot basis over the same prior-year quarter (Q1):

 

·     Manhattan Condo prices increased 8%

·      Manhattan Luxury prices increased 9%

·      Miami Luxury prices increased 13%

·      South Beach prices increased 20%

·      Miami Beach prices increased 27%

·      Downtown Miami prices increased 19%

 

Inventory has declined significantly, causing multiple bids on certain properties that have stunned buyers. At current sales rates, Miami has only 4 months of inventory and New York City has only 9 months of inventory.

While multiple bids are not happening across the board, many prime neighborhoods now have a shortage of inventory.

Mortgage lending standards remain tough for entry-level buyers; however, standards have loosened considerably for foreign buyers, as down payment requirements have been lowered by the big banks to 30% in Manhattan and 40% in Miami (although some smaller banks are offering 30%).

The very high end of the market has been surging, as cash rich buyers, who have been sitting on the sidelines for years, decided to get back into the market.  Record prices have been seen for Manhattan Real Estate (a $88 million for a penthouse at 15 CPW and record prices, averaging $6,000 per sq. ft., at One 57, the new uber-luxury 90-story pre-construction development towering over Central Park) and Miami (a $20 million for a sale at St. Regis Bal Harbour, $21.5 million for a penthouse at Setai and $25 million for a new listing at Apogee).

In Manhattan, new development is scarce, with boutique new developments like Touraine, 130 West 12, and 422 W 20, selling out in a heartbeat.  After the huge success of One 57, deep pocket buyers are anxiously waiting for trophy buildings like 432 Park Avenue, One Madison Park and 56 Leonard.

In Miami, new towers like, Icon Bay, The Mansions at Acqualina, Grove at Grand Bay, and Porsche Design Tower Miami, are being announced weekly.  But, gone are the days of 10% down payment. Developers are requiring 50%-60% in progress payments over 2 years, with the remaining at closing - a practice borrowed from Brazil.

 

Recent articles from The Wall Street Journal (”Stunned Home Buyers Find the Bidding Wars Are Back”) and The New York Times (”The Sun Shines Again in Miami”) have been spot on in terms of the Manhattan and Miami Real Estate markets. Here are our observations of both markets:

Manhattan and Miami have seen significant price increases on a per square foot basis over the same prior-year quarter (Q1):

 

·     Manhattan Condo prices increased 8%

·      Manhattan Luxury prices increased 9%

·      Miami Luxury prices increased 13%

·      South Beach prices increased 20%

·      Miami Beach prices increased 27%

·      Downtown Miami prices increased 19%

 

Inventory has declined significantly, causing multiple bids on certain properties that have stunned buyers. At current sales rates, Miami has only 4 months of inventory and New York City has only 9 months of inventory.

While multiple bids are not happening across the board, many prime neighborhoods now have a shortage of inventory.

Mortgage lending standards remain tough for entry-level buyers; however, standards have loosened considerably for foreign buyers, as down payment requirements have been lowered by the big banks to 30% in Manhattan and 40% in Miami (although some smaller banks are offering 30%).

The very high end of the market has been surging, as cash rich buyers, who have been sitting on the sidelines for years, decided to get back into the market.  Record prices have been seen for Manhattan Real Estate (a $88 million for a penthouse at 15 CPW and record prices, averaging $6,000 per sq. ft., at One 57, the new uber-luxury 90-story pre-construction development towering over Central Park) and Miami (a $20 million for a sale at St. Regis Bal Harbour, $21.5 million for a penthouse at Setai and $25 million for a new listing at Apogee).

In Manhattan, new development is scarce, with boutique new developments like Touraine, 130 West 12, and 422 W 20, selling out in a heartbeat.  After the huge success of One 57, deep pocket buyers are anxiously waiting for trophy buildings like 432 Park Avenue, One Madison Park and 56 Leonard.

In Miami, new towers like, Icon Bay, The Mansions at Acqualina, Grove at Grand Bay, and Porsche Design Tower Miami, are being announced weekly.  But, gone are the days of 10% down payment. Developers are requiring 50%-60% in progress payments over 2 years, with the remaining at closing - a practice borrowed from Brazil.

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