Real Estate New York City

Hello, New Yorkers and New York Lovers. Can you recognize this spot just from this detail?

This picturesque beach is a popular destination for sunbathing, surfing, and enjoying the ocean breeze.

Hint: It's located in Queens!

Hello, New Yorkers and New York Lovers. Can you recognize this spot just from this perspective?

The view from above captures its exciting layout and colorful attractions.

Hint: It's located in Brooklyn!

Hello, New Yorkers and New York Lovers. Can you recognize where this beautiful house is located?

This beautiful real estate surrounded by lush greenery is a hidden gem that showcases the hidden natural beauty of its neighborhood.

Hint: It's located in the same borough as the Yankee Stadium!

Miami's Senior Population Booms.

Between 2020 and 2023, Miami's 65-and-up population surged by 7.5%, reaching over 1.22 million, far surpassing growth in other age groups. This trend highlights a broader national pattern where the U.S. 65-plus demographic grew by 9.4% to about 59.2 million people, with some major cities seeing nearly 20% increases.

In contrast, Miami’s 15-to-24 age group grew modestly by 1.6%, while all other age groups declined. Overall, Miami’s population saw a slight increase of 0.7% during this period. This rapid growth in the senior population underscores the need for enhanced services and support tailored to older residents, including health care, transportation, and affordable housing.

(Chart: Alice Feng/Axios)

Bigger Apartments Are Making a Comeback.

Developers across the U.S. are responding to a growing demand for more spacious apartments as people postpone home purchases and work from home more frequently. According to RentCafe, the average size of new apartments built in 2023 is 916 square feet, up 27 square feet from the previous year.

In Miami, the average apartment size has risen to 929 square feet, a 15% increase over the past decade. This comes after a trend in 2022 where apartment sizes shrank to their smallest since at least 2014 due to high rental demand.

The increase in apartment size is driven by more two- and three-bedroom units entering the market, although one-bedroom apartments still dominate. This shift towards larger living spaces is expected to continue, shaping the future of apartment living.

(picture: Daniel Lee)

New Museum's Expansion Takes Shape.

Construction is advancing on the New Museum's seven-story expansion at 231 Bowery in Manhattan's Lower East Side. Designed by OMA and Cooper Robertson & Partners, the 174-foot-tall annex will rise south of the SANAA-designed main building, nearly doubling the museum's size to 115,277 square feet. The 60,000-square-foot addition will connect to the current museum, adding three gallery floors, an 80-seat restaurant, a larger bookstore, office space, outdoor terraces, artist residency studios, an upper-level forum, and a home for NEW INC.

The building will feature an expanded lobby, three new elevators, and a public plaza for art installations and performances. The New Museum is temporarily closed and will reopen with the new addition in early 2025.

(picture: YIMIBY, OMA Instagram)

America’s elite is getting wealthier, and deals over $100M are back.

This year, the borough has recorded two sales over $100 million, the first since 2022. Recently, a penthouse at Vlad Doronin’s Aman New York sold for $135 million, following a $115 million sale at Central Park Tower.

Stock market gains and increasing wealth among the ultra-rich are driving these sales. By the end of last year, the top 1 percent's wealth hit a record $45 trillion, largely due to stock holdings, which encouraged more spending.

The strength of the luxury market is unaffected by mortgage rates but influenced by Federal Reserve policies affecting the stock market. While buyers of such expensive properties are not concerned with interest rates, they are aware of their financial market investments.

The latest Manhattan sale, nine-figure deals nationwide by June already surpassed last year’s total. If this trend continues, 2024 could double the $100 million-plus sales from 2023, setting a new record.

However, these high-profile deals do not reflect broader market trends, which are impacted by high mortgage rates, political uncertainty, and limited inventory.

(picture: YIMBY, Rendering of Aman New York at the Crown Building)

Hello, New Yorkers and New York Lovers. Can you recognize this spot just from this detail?

This whimsical grass-made rabbit is a delightful piece of topiary art, nestled in a serene and beautiful corner of a beloved New York City green space.

Hint: It's located in the Bronx!

Guess the NYC Spot of the Week! Hello, New Yorkers and New York Lovers. Can you recognize this spot just from this detail?

Hint: If you pay attention to the picture, you will find a big clue!

In April, 64% of homes sold in Manhattan were purchased entirely in cash (Marketproof)

Guess the NYC Spot of the Week! Alright, New York City Lovers, here is another one. Have you ever seen this red tree? Where is it placed?

Tip: It's on an elevated linear park created on a former New York Central Railroad.

Guess the NYC Spot of the Week! Many of you surely have jogged in New York, but how many on a bridge?

Who among you can tell me where this place is? I know that many of you will even know the name of the bridge!

Tip: It is not the Brooklyn Bridge!

Miami’s Brickell is Becoming the Place to Live and Work in South Florida.

Miami's Brickell neighborhood swiftly becomes South Florida's top spot for living and working. Known as the "Manhattan of the South," it offers luxury living, economic vibrancy, and cultural richness. Here are some of Brickell’s strengths:

Accessibility and Infrastructure: Centrally located, Brickell offers easy access to major transportation hubs, including Miami International Airport and Fort Lauderdale-Hollywood International Airport. The neighborhood is well-served by public transit options like the Metromover and Metrorail, ensuring seamless connectivity throughout Miami and beyond.

Economic Hub: As a hub for global finance and technology industries, Brickell hosts significant players such as J.P. Morgan, Chase, and Visa, contributing significantly to Miami's economic growth with an impressively low unemployment rate of 1.7%, the lowest in the nation.

Investment Potential: Investors are increasingly drawn to Brickell's robust growth prospects and strong property value appreciation, which have averaged between 6-8% annually over the past decade. With expected annual rental returns ranging from 5-7%, Brickell presents lucrative opportunities for real estate investment. Ongoing developments and infrastructure enhancements drive upward trends in property values, promising continued growth and profitability.

(source: benoitproperties, picture: Sergio Arteaga)