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What Market is Hotter, Miami or NYC?

Published On March 20th, 2014 by Alexander Team

 As has been shown repeatedly and is well-documented in the press, The Alexander Team is your one stop shop for the best real estate services in Miami and New York City. As the weather begins to heat up in New York and the market along with it, and Miami continues to break records and draw developers, international buyers, and prestige, we wanted to discuss these two real estate markets and decide: which is hotter?

    New York has been on fire in the luxury sector throughout the winter months and beginning of 2014, with The Alexander Team remaining at the forefront of these sales. Just in the past few weeks, some of the hottest sales in the history of the Team have either gone into contract or closed: 102 Prince Street, a sexy and sizable loft in Soho, broke the price per square foot record for the neighborhood for moving at $3,475 per square foot, 150 Columbus Avenue did the same for that building, and the seemingly unreachable height of over $6,000 per square foot was achieved in the Time Warner Center at 25 Columbus Circle.

     But what about the market in general? Rents have leveled off according to Miller Samuel, but sales have continued to boom. This is largely due to the continued low interest rates and many renters becoming buyers. We remain at the highest level of sales in over 25 years, with an almost insatiable demand (14-year record low). However, look out for the release of dozens of new developments in the coming months to raise this inventory. Keep an eye out for our next blog post to view The Alexander Team’s favorite new developments hitting the market this summer!

    Miami has been hot on the heels of New York throughout the winter, fueled by incentives such as blue skies, high temperatures, and low taxes. Just recently, discussed in another blog post, the Wall Street Journal published an article about the Miami market and how on fire it truly has been throughout the record-breaking cold NYC winter. Again, The Alexander Team has experienced this firsthand. At the Jade in Miami, our penthouse recently closed for $7,070,000, and a massive and breathtakingly beautiful waterfront home at 1826 West 23rd Street, listed at $6,100,000, is in contract. Sales in general are booming, with Miller Samuel reporting the highest prices since 2008, the highest number of sales in more than seven years, and the highest number of cash buyers in the market ever (71.2% of all purchases). The lack of transfer taxes and shockingly low taxes in South Florida are driving development and purchasing.

 So what’s our decision? We’d have to crown Miami the hottest market for the winter months. However, Miami is nowhere near ready to usurp the crown for hottest real estate market during the prime Spring and Summer selling season in NYC. New York remains, and for the foreseeable future (with the current conditions), the king of East Coast real estate markets!

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