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Manhattan Pads rising in value

RICCARDO RAVASINI

Published: May 06, 2013

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Prices continue to go up in downtown Manhattan – starting below 34th Street – as buyers flock to this area. According to The Corcoran Group report, median sales prices in new developments there are up 51 percent versus this time last year.  For the first time in a decade in the fourth quarter of 2012, the average asking price in the downtown luxury market (the top 10 percent of co-op and condo transactions) overtook uptown and midtown.  Luxury pads downtown hit an average of $2,777 per square foot during Q4 2012 while in uptown and midtown, similar units had an average asking price of $2,685.  The downtown surge is partly a result of Manhattan's housing inventory declining 26 percent this year compared with the same period a year ago.

Another hot item in New York real estate is closets.  Yes, you read correctly.  Closets, a small and enclosed space in a house used for general storage or hanging clothes.  In space-starved New York City where the desire for square footage is insatiable, closets are increasingly being recognized as a factor in the real estate equation.  Developers, as a result, are taking notice.  In luxury buildings, they are carving out space for closets that will make buyers swoon.  Some are outfitting closets in model apartments with shelves and multiple hanging bars; others are lavishing attention on every closet in the building.  Gone are the days when closets were overlooked.

The Miami real estate market continues to be hot, and Brazilians are its biggest fans.  According to the Miami Association of Realtors, Brazil ranked as the top foreign country for consumers searching South Florida properties on its Miamire.com website in February.  After Brazil came Colombia, followed by Canada, Venezuela, Argentina, France, Spain and Peru.

In January, Miami ranked as the fourth most popular U.S. city to be searched by international consumers on the National Association of Realtors’ website, Realtor.com, behind Chicago, Los Angeles and Detroit.

What’s the hottest zip code in Miami?  According to Coldwell Banker, Miami Beach’s 33139 zip code ranked among the nation’s top luxury real estate markets in 2012, logging eight sales of $10 million or more.  Miami’s 33156 zip code, which includes Pinecrest, chalked up six sales in the $10 million or higher category, according to the brokerage’s Luxury Market Report for 2012.

This is it for today, dear readers.  I am available to answer your questions and provide you with more information on New York City, Miami and U.S. real estate.

 

• Riccardo Ravasini is a real estate maven and an active agent in New York and Miami.  He grew up in Italy where he studied Business and Finance at Bocconi University in Milan before moving to the U.S.  He enjoys assisting people in the search for the perfect rental apartment as well as international buyers looking for smart investment properties.  Contact him at +1-917-214-2509 or rava@ravarealty.com.

 
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