immobiliare

Unleashing Miami’s Magic: Where Irresistible Vibrancy Meets Unstoppable Real Estate Growth and Celeb Allure

By Columbus International,10 August 2023

Miami, the city with a thousand facets, continues to amaze with its irresistible vitality. In fact, it is in constant advancement, with rising property values and businesses relocating here at a steady pace. This real estate phenomenon is just beginning: we can liken it to the second inning of a nine-inning game. An epic exodus is underway, with companies moving, workers seeking opportunities, and families choosing to settle here in an unprecedented phenomenon.

The words of the co-founder of E11EVEN, spoken during an interview on “Mornings with Maria,” shed light on an extraordinary phenomenon. In 2022, Florida witnessed an exceptional influx of new residents, mainly from states with a Democratic tendency and characterized by high taxes. Data from the National Association of Realtors reveal that around 319,000 Americans have chosen to make this land their new refuge. This increase corresponds to almost 2 percent population growth, well above the modest national growth rate of 0.4 percent recorded in the United States between July 2021 and July 2022. This influx of new residents is largely attributable to the power of “word of mouth.”

Enthusiastic accounts from those who have experienced Miami’s lifestyle spread like a spell, contributing to this epochal exodus. Anyone who has spent time here cannot help but share with friends and family how extraordinary it is to live in this city. Life in Miami is synonymous with unforgettable moments with family, of a quality of existence beyond the ordinary. This form of advertising, based on real experiences, represents the true driving force behind everything surrounding Miami. Amidst a wave of crime that has affected the entire nation, some people from Democratic-leaning states are searching for safer cities. This is where Miami stands out as the “best choice.”

Commercial real estate in Miami is anything but ordinary. It is, in fact, an anomaly within the United States. While uncertainties are observed elsewhere, in Miami, office buildings are being constructed with confidence and determination. Speculative projects for top-notch office spaces are becoming reality, thanks to the rapid occupancy of existing spaces. The city is a real estate dynamo, a case study that skillfully balances demand and supply in an exceptional manner. An unparalleled ferment characterizes it, and the prospects are astounding. In summary, Miami shines like a guiding star in the real estate ocean. Its unstoppable growth, the security it offers, and the exciting forecasts make it a beacon of hope in a rapidly evolving global landscape.

Brooklyn’s Real Estate Renaissance: A Thriving Market Amidst Urban Evolution. Here Is The Outlook For Brooklyn

By Columbus International,8 August 2023

New York’s real estate scene is buzzing with excitement, and the spotlight is firmly on Brooklyn. Recent outlooks reveal a remarkable transformation that has taken the borough by storm. Bed-Stuy is evolving into a modern-day Fort Greene, while Prospect Lefferts Gardens is swiftly becoming the new Park Slope. Venture down Tompkins or Nostrand for dinner, and you’ll witness firsthand the dynamic results of this urban boom. What’s more, Flatbush and East New York are breaking free from decades of stagnation, showcasing early signs of a striking revival.

Contrary to the headlines that often focus on New York’s upscale retail market challenges, Brooklyn is spearheading a retail revolution. A decade of transformative changes has left many neighborhoods craving more commercial options, igniting a wave of opportunity for local entrepreneurs. Their retail concepts are flourishing, driving them to establish multiple thriving locations in quick succession.

With commercial spaces available for as little as $5,000 to $10,000 per month on attractive avenues, the borough is fostering a bold entrepreneurial spirit that’s redefining its landscape.

Surprisingly, residential rents and prices have surged upward, defying expectations. Several factors fuel this ascent. Building new homes has become an uphill battle since the pandemic hit. Inflation has driven costs to unprecedented heights, straining budgets. Skilled labor and construction workers are in short supply, causing delays. Obtaining construction permits from local governments has turned into a lengthy process.

Moreover, New York State discontinued the critical tax abatement program known as 421A, a lifeline for developers and investors aiming to create market-rate rental housing. This absence has caused a virtual halt in new construction, contributing to a scarcity of available units.

Another factor lies in the transformation of New York City’s rental landscape. Historically, approximately 60,000 new rental units were added annually, a paltry figure for a global hub with nearly 9 million residents. However, a 2019 legislative decision eliminated the conversion of regulated properties into free-market housing, wiping out a significant chunk of supply virtually overnight.

This shift dramatically decreased investment demand, eroding values and exacerbating the dearth of free-market properties, ultimately making them more coveted and valuable.

As the city rebounds from the population exodus triggered by Covid-19, New York is on the path to recovery. Brooklyn’s allure is undeniable, attracting a wave of returning individuals, making it an attractive destination for investors. And while interest rates climb, they are outpaced by rising rents, painting a rosy picture for those considering long-term investment opportunities.

Despite a temporary dip from March 2022 to February 2023, largely due to the steepest interest rate surge in four decades, Brooklyn’s market remains steadfast. Multifamily properties are experiencing a renaissance, hitting all-time pricing highs in many neighborhoods. The allure of a 15% rent hike since February 2020 has enticed investors back into the fold, especially as higher interest rates become more justifiable. In the grand scheme, one thing is crystal clear: the need for increased housing development is undeniable. There’s a glimmer of hope on the horizon, with changing mindsets among city leaders. Governor Kathy Hochul, in particular, has unveiled an ambitious housing plan targeting the construction of 800,000 new residential units over a decade.

Despite initial setbacks, this signals a promising shift in policy. But it’s time for unity, not division. To ensure the Big Apple’s ongoing growth, it’s imperative that stakeholders and local communities unite in a harmonious dialogue. Only through collective effort can we realize the true potential of New York City’s real estate landscape, a hallmark of a civilized and world-class metropolis. If Brooklyn wishes to hold its winning streak, the State of New York must play its part. Supporting the borough’s vibrancy and inclusivity is paramount, echoing the sentiment that resonates throughout the entire city and across the nation. As Forbes aptly states, in the end, it’s a win-win for everyone.

Real Estate: Elevating Milan’s Skyline, The Majestic A2A Tower Redefining Urban Elegance. Explore Further News

By Columbus International,7 August 2023

An ambitious architectural project is beginning to take shape in the heart of Milan: the creation of the new A2A Tower. In the coming months, or perhaps as early as the upcoming autumn season, construction will commence on this grand structure, set to redefine the appearance of Porta Romana as it rises impressively over 28 floors, reaching a height of 145 meters.

The task of shaping the tower has been entrusted to the architecture firm led by Antonio Citterio and Patricia Viel. The design will be a symphony of modernity and elegance: an oval-shaped base, enveloped in glass walls, will embrace a total surface area of 37,000 square meters, including the base spaces. The building will undoubtedly be one of the tallest in the city, and its structure will house a variety of functions. The initial twelve floors, for instance, will transform into office spaces, creating a stimulating and innovative work environment. However, at a height of around 60 meters, around the twentieth floor, a genuine suspended garden will emerge, offering an atmosphere of tranquility and nature that blends with the surrounding urban energy.

This green paradise will be accessible from one of its sides, opening its doors to contemplation and recreation. As one ascends towards the sky, an additional eight floors of office spaces will stand, crowned by a striking “belvedere” that will offer breathtaking views of the city to the citizens of Milan and visitors alike. In numerical terms, it is estimated that the tower could accommodate a working community of approximately 1,500 individuals, all integral parts of the company. Yet, the impact of the A2A Tower goes beyond its work-related function. This architectural gem will transform the surrounding urban landscape, a vertical revolution that will shed new light on the entire neighborhood. Surrounded by an ambiance of water and framed by green spaces, the glass structure will enchant onlookers and give rise to a new landscape identity. The inauguration of this magnificent creation appears to be planned in conjunction with the anticipated event of the 2026 Winter Olympic Games.

Despite financial details not yet being disclosed, former A2A CEO Luca Valerio Camerano had suggested in June 2019 that the project would find its financial backing, also offering value-added opportunities for shareholders. An important aspect of the new tower’s construction process involves the rationalization of the energy company’s real estate properties. Seven buildings in Milan, including the current headquarters at Porta Vittoria, will be divested, allowing for the concentration of the 1,500 employees within the spectacular new headquarters. The existing locations will remain intact for those directly involved in essential operations, such as Amsa and the immediate intervention of Unareti.

NYC Roars Back: Recaptures 99% of Pandemic Jobs, Yet Economic Gains Dance to Different Beats

By Columbus International,4 August 2023

New York City‘s private sector job market has successfully rebounded to pre-COVID-19 levels, although the recovery varies significantly across different industries. The recent analysis was hailed as positive news for the city’s economic outlook by State Comptroller Thomas DiNapoli. He emphasized that while sectors like securities, transportation, warehousing, and offices have displayed resilience and growth, others such as retail, restaurants, construction, and tourism are still struggling to catch up with the national recovery pace.

This study sheds light on the ongoing challenges that New York City continues to grapple with following the economic disruptions caused by the COVID-19 pandemic. The analysis comes shortly after the conclusion of a three-year-long national emergency officially declared by the federal government.

As of March 2023, New York City has managed to restore 99.4% of its total private sector employment figures from March 2020, when the initial cases of coronavirus were reported in the state. Specifically, the analysis reveals a 6.41% surge in securities-related positions, totaling 192,700 jobs, between March 2019 and March 2023. Office jobs also experienced a 3.72% increase during the same period, amounting to a total of 1,513,100 positions, despite a 22% current vacancy rate in commercial office spaces. Transportation and warehousing sectors exhibited modest growth, reaching 130,300 positions. However, the arts, entertainment, and recreation industry underwent a substantial decline of 14.59%, leaving a total of 79,600 jobs, down from 93,200 in 2019.

Tourism faced a similar setback, losing 14.50% of its workforce, which now stands at 243,153 jobs. Retail experienced a reduction of 12.65%, with employment dropping from 343,900 jobs in March 2019 to 300,400 jobs in March 2023. Construction jobs saw an 8.07% decrease, totaling 145,900 positions across the city’s five boroughs. Furthermore, the restaurant sector encountered a 4.54% decrease in staffing.

In total, New York City’s private sector employment currently stands at 4,078,300 jobs, reflecting a 1.06% overall increase compared to the 4,035,500 jobs recorded four years ago. DiNapoli cautioned that industries facing ongoing challenges, including the arts, hospitality, and retail sectors, must regain a substantial number of jobs to ensure the stability and long-term growth of the positions that have already been restored. He emphasized the importance of these sectors, which collectively employ hundreds of thousands of workers, in contributing to a robust and inclusive economic recovery that benefits all residents of New York City.

Unlocking Luxury: The Preferred Choice for Milan’s High-End Homeowners. Source: Nativo/Idealista News

By Columbus International,2 August 2023

Owning a luxury residence in Milan can be a stroke of luck: in these cases, it’s a small treasure to be carefully managed, whether you choose to sell or generate income. According to Nativo, a company specialized in luxury short-term rentals, the latter option is preferred by luxury homeowners in Milan. According to co-founders Sara Lini and Adriano Frigoli, here are the reasons why more and more luxury property owners in Milan prefer renting over selling. According to Nativo’s data (Nativostay.com), over 30% of luxury property owners who approach them are considering both selling and renting, but almost all of them opt for renting after a thorough analysis of the market and economic factors. In short, the key factors that often determine the choice between selling and renting a luxury home in Milan are: inflation growth, difficulty in finding viable alternative investments – both in the real estate and stock markets, and government bonds – rising mortgage rates, and the increasing demand for luxury rentals influenced by events like Brexit or the introduction of a flat tax, as well as more fluid lifestyles that require greater mobility.

The reasons for choosing to rent a luxury home in Milan are diverse:

Protection against inflation: Firstly, the luxury rental sector represents a protected segment within the real estate market. A luxury property is considered a solid asset against inflation and an option that safeguards long-term investment returns.

Difficulty in investing sales proceeds: Currently, there are no convenient and alternative solutions to invest the liquidity generated from selling a luxury property. The instability of the stock market, compounded by geopolitical factors and rising commodity costs, makes residential real estate investment in Milan more profitable compared to other options, such as government bonds. For example, renting a two-bedroom apartment in Milan with an open-ended lease averaging a gross annual yield of 5.5% for the owner, which proves to be more lucrative than government bonds, generating revenue of 3.75%.

Limited supply of luxury properties: Another aspect to consider, for those who temporarily leave Milan but intend to return, is the difficulty in finding a luxury property in the city. Demand consistently exceeds supply, and many properties are owned by families who do not require liquidity, so those who own a beautiful apartment often hold onto it.

Olympic Games effect: Additionally, the Olympic Games effect should not be overlooked. Many believe that prices will continue to rise at least until 2026, which is why they choose to generate income from their assets until the market reaches its peak.

ECB interest rate hikes: Looking at the economic context, the European Central Bank’s tight monetary policy has led to a significant increase in mortgage interest rates. This means that those who purchased a property in the past at lower rates would end up paying much more if they decided to purchase another one, consequently losing the advantage of the previous rate.

Growing rental demand: Other factors influencing the choice to rent instead of selling involve the growing demand for rentals from high-spending foreigners, making this segment particularly lucrative. Many of Nativo’s tenants come to Italy to take advantage of the flat tax, while others arrive after having lived in London for an extended period due to Brexit. In general, it’s becoming increasingly clear that Milan is attracting a great deal of talent, including successful executives and entrepreneurs, which naturally drives strong demand for luxury rental properties.

Greater flexibility: Lastly, changing lifestyles and work patterns make it challenging for property owners to predict where they will live in the future. Flexibility becomes a crucial aspect, and renting offers the opportunity to keep options open for potential future use of the property.

Rub Shoulders with Nicole Kidman and Domenico Dolce in this New York City Home. The price? Just $9 Million!

By Columbus International,28 July 2023

Get ready for a luxury and glamorous adventure in the heart of Chelsea!

Located at 200 11th Ave, a building renowned for housing celebrities like Nicole Kidman, Domenico Dolce, and Diana Widmaier Picasso, it is now capturing attention with a new real estate offer. This extraordinary paparazzi-proof Chelsea duplex even had its moment in the spotlight during a Vogue photoshoot back in 2015. The Chelsea duplex, spanning an impressive 2,364 square feet, offers ample and sophisticated space, but what truly sets it apart is the private sky garage situated at the same level as the apartment. You can park your car in style without having to descend into an underground parking lot. And all of this can be yours for the price of $9 million, nearly double what it was purchased for in 2010 when it was acquired through the Perdita Real Estate LLC for $5.52 million. The sellers, David Levy and Amanda Bowman, are well-known for hosting numerous charity events in their residence. However, their generosity extends beyond that. In 2015, the same year they were featured in Vogue, they decided to donate a custom-built mansion from 1996, located in Sloatsburg, NY, to the Archdiocese of New York. Initially listed for $8 million in 2009, they later lowered the price to $3.5 million, but still had no takers. Ultimately, their altruistic spirit led them to donate the residence.

The West Chelsea home boasts towering 24-foot-tall ceilings, creating an atmosphere of elegance and grandeur. The panoramic view of the Hudson River adds a touch of enchantment to the overall picture. The design of the residence is truly a sight to behold, with window walls and French doors overlooking the splendid Hudson River panorama. These features have not only caught the attention of Vogue but have also been featured in prestigious design magazines like Casa Vogue and New York Design Magazine. The interior is equally stunning, with folding teak doors that open up to a chef’s kitchen, making it a haven for even the most discerning cooks. The main bedroom suite, situated on the top floor, ensures the utmost comfort and privacy. The spa-like bathroom is a true oasis of relaxation, while a sliding pocket door leads to a third bedroom suite with its own private bathroom. This real estate gem is a testament to the luxury and extraordinary lifestyle of its inhabitants. It presents a unique opportunity to immerse yourself in the elegance and prestige of one of the most coveted areas of New York City. If you’ve ever dreamt of living like a celebrity, don’t miss out on this opportunity, as time is precious, and this dream residence could soon become your exclusive retreat!

Source: New York Post

Christie’s International Takes the Real Estate World by Storm at ‘Top of the Rock! (news from The Real Deal)

By Columbus International,24 July 2023

Christie’s International Real Estate Group has ascended to the summit of “Top of the Rock” by setting up its sleek and stylish new office at One Rockefeller Plaza.

It is truly an honor for our team at Columbus International to coexist in the same building and office space with such an esteemed titan of the real estate and auction industry!

Sonja Cullaro, the firm’s visionary co-founder and EVP, granted The Real Deal an exclusive glimpse into the innovative ways her team is making the most of this newfound space. “One Rockefeller Center nestles right in the heart of vibrant New York City,” Cullaro proudly exclaimed, emphasizing her team’s unique blend of local expertise and global connections through Christie’s International extensive network. “With over 31,000 agents across 50 countries and 940 offices, facilitating more than $100 billion in annual sales, Christie’s International real estate network truly speaks for itself.”

Regionally, Christie’s International Real Estate Group maintains its stronghold with more than 30 offices and 1,000 dedicated associates serving the tri-state area encompassing New York, New Jersey, and Connecticut. A strategic location for the new office, just steps away from the famed Christie’s Auction House on 49th Street, reinforces the seamless connection between the real estate practice and the auction house, igniting a mutual drive for growth and success. Boasting an unrivaled global reach, cutting-edge technology, and an unparalleled marketing approach, Christie’s positions itself as the ultimate destination for high-end and unique properties that require expert handling. “As part of the fastest-growing real estate business in the tri-state area,” Cullaro beamed, “we take great pride in bringing the distinguished Christie’s experience and over 250 years of brand tradition to our esteemed clientele.”

For real estate agents in pursuit of a new home, aligning with Cullaro and her team proves to be a rewarding decision, particularly for those seeking increased exposure and enriched experiences. “We offer ongoing opportunities for growth and development to agents looking to elevate their business,” Cullaro emphasized, affirming that the new flagship office in New York City marks a significant milestone in the company’s expansion. “This is just the beginning; more Christie’s International offices are on the horizon.”

Real Estate Mogul Josh Flagg Dives into Miami’s Luxury Market with Stunning Mediterranean Villa

By Columbus International,21 July 2023

Josh Flagg, the star of Million Dollar Listing Los Angeles, seems to be on a real estate buying spree. According to the New York Post, the renowned real estate agent, along with his business partners, Adam Rubin and Andrew Shanfeld, has recently purchased a vacation villa in Miami located at 4727 N Bay Road for $4.25 million.

TheMediterranean-style villa was initially listed at $4.45 million, but it appears that Flagg managed to strike a favorable deal. Last year, following his divorce from Bobby Boyd, a former model for Versace and Calvin Klein who is now also a real estate agent, Flagg invested in another property in Beverly Hills, featuring the same charming Italian style, with an initial price tag of $9.2 million. However, rumors suggest that Flagg still has the desire to hunt for new residences in Beverly Hills or Bel-Air. He has been a part of the “MDLLA” program since its debut back in 2006.

Flagg is the grandson of Edith Flagg, a renowned Austrian fashion designer, executive, and philanthropist, who escaped Nazi persecution and became famous for introducing polyester fabric to the United States in 1967. The new Miami property, complete with a fence, offers its buyers a delightful pool and a relaxing view with palm trees on a plot of just under a quarter acre. Inside the house, there are four bedrooms, a study, and 4.5 bathrooms, perfectly suiting Flagg’s needs and his real estate business ventures.

Reconstruction of Penn Station in New York City is moving forward, with an Italian company leading the proposals

By Columbus International,13 July 2023

The reconstruction of the heavily criticized entrance of Penn Station is set to proceed despite the presence of controversial new skyscrapers. With a project value totaling $7 billion, Governor Kathy Hochul announced that the construction of the skyscrapers may be delayed for several years. As per the New York Post, state authorities have already allocated $1.3 billion towards the project, but additional substantial federal funding is needed to bridge the remaining gap, particularly due to the economic threat posed by remote work in the wake of the Covid-19 pandemic. Governor Kathy Hochul expressed her determination to see the project through, stating, “My focus right now is on completing this project.” Hochul and MTA officials have also revealed plans to accept proposals from architects and external firms to develop a more detailed vision for enhancing the main level of Penn Station. The vision includes merging two levels of the station into a unified entrance level, with a goal of doubling or even increasing the ceiling heights throughout the station, which have long been a subject of complaints.

Additionally, an eye-catching new railway atrium is set to be constructed between 7th and 8th Avenue, where the currently unused Madison Square Garden runway is located. This design aims to allow sunlight to reach the new entrance level, a feat not achieved since the original complex was demolished. The MTA’s vision also entails building two new main entrances at the corners of 8th Avenue. The owners of Madison Square Garden have strongly opposed the railways’ current proposal, expressing concerns over potential interference with their operations and sporting events. Meanwhile, an Italian company, with former MTA President Pat Foye serving as a high-level executive, has put forth its own plan, which involves demolishing the Hulu Theater—an auxiliary structure of Madison Square Garden—to create a new railway atrium on 8th Avenue within the complex.

Real estate market on the rise, +2.5% compared to the beginning of 2023. The most expensive city is Milan

By Columbus International,13 July 202313 July 2023

According to a report published by the biannual Residential Property Market Observatory by Immobiliare.it Insights, the average cost of buying a house in Italy is currently €2,125 per square meter, showing a 2.5% increase compared to the beginning of 2023. During the same period, rental prices have increased by 5.4%. It is interesting to note that Milan, one of Columbus International‘s reference markets, is the most expensive location for both buying and renting properties. Despite a decrease in demand and an increase in supply in the Italian real estate market, housing prices continue to rise in the first half of 2023.

The Residential Property Market Observatory by Immobiliare.it Insights also highlights a decrease in affordability for singles and couples across the country. In major cities, the average cost of buying a house is €3,236 per square meter. However, demand has decreased by 2.9% in the last semester, while the supply of available properties on the market has increased by 8.3%. Regarding rentals, rental prices remain higher in major cities, with an average of over €16 per square meter compared to €10 in smaller cities. However, smaller cities show a higher growth rate (+8.1% in the semester) compared to larger cities (+5.5%). Milan confirms its position as the most expensive city for buying a house, with an average price exceeding €5,250 per square meter, followed by Bolzano, Florence, Bologna, and Rome. Additionally, Milan is also the most expensive city for rentals, with an average of €22 per square meter, followed by Florence and Bologna.