Manhattan Market Makes Strong Showing; Fort Lauderdale Condos Sell
By: LX Collection
Florida Beachfront Condos Selling Quickly
A luxury condo project on the outskirts of Fort Lauderdale has sold 10 percent of its 105 condos in a month of pre-sales, the Miami Herald reports. Developed by Related Group and designed by celebrated architecture firm Arquitectonica, condos at Solemar start at $1.3 million for a two-bedroom, two-and-a-half bathroom measuring 2,000 square feet. The amenities at the 18-story tower on the Pompano Beach waterfront include a wine-tasting salon, valet parking, and two outdoor pools overlooking the Atlantic Ocean and the Intracoastal Waterway. Construction is expected to begin in 2021.
Manhattan Luxury Market Makes Strong Late-September Showing
Things are looking up for the Manhattan luxury market after a period of stagnation brought on by the COVID-19 pandemic. Donna Olshan’s weekly Manhattan luxury sales report charted an exceptionally strong showing from Sept. 21 to 27, with 21 contracts signed for properties priced at $4 million and above. That number represents the strongest final week in September since 2014, when 33 contracts were signed. The costliest property that went into contract last week was South Penthouse B at the Renzo Piano-designed 565 Broome Street, asking $30 million. A $4.41 million three-bedroom condo at McKim, Mead & White’s 108 Leonard was also among the week’s top sales.
Puerto Rico Luxury Real Estate Lifts Off
Sales of luxury condominiums and houses in Puerto Rico have taken off since the beginning of the COVID-19 pandemic. The upturn in the market has encouraged some developers to move ahead with new projects catering to the luxury buyer. The Wall Street Journal reports that Royal Palm Companies plans to bring two branded resorts, which include 95 luxury residences, to the island’s northeast coast. The company increased the number of residences in response to area demand. Prices for three-bedroom homes will start in the $1 million to $2 million range.
Canadian Property Taxes May Rise
It isn’t only New York that’s mulling new property taxes to bridge budget shortfalls in the wake of the economic downturn brought on by COVID-19. Romana King, director of content at Canadian online real estate marketplace Zola.ca, told Mansion Global that “just about every municipality across Canada” is looking into the feasibility of raising property taxes. In Vancouver, lawmakers are considering an increase of up to 5 percent. But, even with the bump, Vancouver’s tax rate would remain among the lowest in North America. Meanwhile, Montreal has announced a freeze on property taxes in 2021.
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