Billionaire Stephen Ross Believes in South Florida—and Is Spending Big to Transform It
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
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The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Real estate brokerage stocks tumbled Thursday on waning expectations for Federal Reserve interest-rate cuts, and as a disappointing earnings release raised concern about the sector’s outlook.
Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
A South Florida office skyscraper from Related Cos. landed new finance tenants, including a John Paulson business and a private equity firm that counts Mark Bezos as a founding partner.
Oracle Corp. is moving its headquarters out of the city. Tesla Inc. is pulling back after a rapid expansion. Almost a quarter of commercial office space is vacant, and nowhere in the country have residential real estate prices fallen further from their pandemic peak.
May 3, 2021
BNN Bloomberg
,Toronto’s downtown condominium segment is staging a comeback with sales nearing pre-pandemic levels.
New condo sales in the Greater Toronto Area totaled 5,385 units in the first quarter of 2021, which was just shy of the 5,593 figure from a year ago, according to a market report by real estate research firm Urbanation Inc.
The report also found that buyers are making a return to the downtown core with 2,886 new units sold in that same time frame. It’s a figure that is more than twice the amount of units sold in the second and fourth quarter in 2020 and even beat the pre-pandemic first quarter in 2020, which saw 2,829 units sold.
The demand for new condos resembled the real estate market high of 2017 with 76 per cent of new presale condos finding a buyer by the end of the quarter – the highest since 2017.
During the pandemic, buyers were trading their smaller condo spaces for larger homes out in the suburbs, fuelling rapid rises in home values in the detached segment while condo sales plunged.
Shaun Hildebrand, president of Urbanation, explained that the soaring suburban house prices played a role in this condo market rebound.
“The downtown Toronto condo market turned the corner in the first quarter of the year on low borrowing costs and renewed optimism regarding the outlook,” Hildebrand said in the report. “But also partly due to chain reaction after suburban home prices soared 30 per cent over the past year and put the spotlight back on urban properties.”