The Covid-19 pandemic has made it almost unrealistic for international investors to purchase real estate in New York City, and the United States in general, during the last months. Either because of some objective impediments such as travel restrictions or uncertainty about what would happen at the market level, especially luxury and high-end investments.
However, some real estate agents, including us, are seeing a rebound in international interest.
With the easing of restrictions and pandemic measures, overseas buyers are enticed by the idea of getting discounts and the feeling that this window of time is already closing. In fact, according to the consistently excellent report by Miller Samuel, the average selling price of apartments in Manhattan has already increased by 12% in the last quarter.
This year, some of the most notable investments were made by international buyers; for example, Joe Tsai from Alibaba, a Taiwanese and Hong Kong citizen, was recently revealed as the buyer of two units at 220 Central Park South, a total spend of $157 million for what is currently the most significant residential sale of the year.
A Centurion Real Estate Partners administrator told the New York Post that 212 West 72nd Street, one of last year’s most expensive condos, saw a 33% increase in international traffic during the first half of the year.
However, someone isn’t convinced that the pool of international buyers is entirely back, some potential buyers may not feel comfortable returning to the United States, again given the pandemic situation, but the first signs of a return are there. So we’ll wait, convinced that the appeal and solidity of the New York City real estate market will still attract investors from all over the world.
Miami is getting new amenities
A key stretch of Downtown Miami’s Baywalk has been opened to the public. With the newly opened space, pedestrians will now walk along the bay on an uninterrupted path that starts from behind the Perez Art Museum near I-395 to the Miami River. Construction has been underway since at least 2019.
Soon, the walkway will be further extended. A pedestrian bridge has been planned to connect it beyond the I-395 to the Resorts World Miami and towards Edgewater. A pedestrian bridge that could even become a new tourist destination, as the city is considering a $ 20 million plan to give the future structure an iconic design, making it a hangout.
But the news for Miami does not end there! Brickell’s Southside Park will be redesigned, and the project was given to James Corner Field Operations of New York. The same architecture firm had previously worked at the Brickell Backyard Underline and the High Line in New York City. The rebuilding plans, presented to Miami-Dade County in June, will include, among other things, a direct link to the Underline.
The park’s reconstruction is part of an agreement linked to the development of a new 64-story residential tower, 1 South Park, on adjacent land by the JDS Development Group.