Prices start at approximately $3.5 million and go up to more than $35 million. Sales were launched on Friday and are being handled exclusively by official partners. Dolce & Gabbana joins fellow fashion houses Giorgio Armani and Diesel in launching branded residences in the Magic City. The brand is also developing a residential project in Marbella, Spain and a hotel in the Maldives.
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Best time to buy a home? Right now
If you’re house hunting, there’s good news: prime buying season is coming soon, according to Realtor.com’s “Best Time to Buy” report. Looking ahead to the rest of 2023, the first week of October is the most suitable moment to buy property.
That’s when there are up to 17% more active listings than at the beginning of the year. But demand is expected to be 18.7% lower than during peak buying periods, so homes should stay on the market a week longer than they would during the summer. This gives buyers breathing room to decide. Additionally, closing prices are on track to be more than $15,000 lower than the summer peak price of $445,000.
“Our analysis shows that buying in the fall gives buyers some predictable advantages that can ease the pain of rising interest rates and other stressful aspects of the homebuying process, including hasty decisions and bidding wars,” Realtor.com economist Danielle said. Hill said in a statement.
The timing isn’t too surprising: In 2022, Realtor.com reported that the previous week, September 25 through October 1, was the time to buy.
The condo boom is in full bloom
What is the housing crisis? Data from Rentcafe shows that 1.2 million new apartments have come on the market in the past three years – the most since the 1970s. The number of rental units is expected to reach another 1.1 million through 2035. By the end of December, a record 460,860 rental units will be completed in 2023, the company said, followed by 484,000 units next year.
The pace of construction will then slow, as current economic conditions begin to impact the planned development. Only 408,000 apartments are expected to be built in 2025, a decrease of 15%.
“Tightening bank lending standards — coupled with rising costs of building materials, labor and land — have made it difficult to identify new projects,” says Doug Ressler, director of business intelligence at Rentcafe’s parent company Yardi Matrix.
Not surprisingly, New York City is home to the largest collection of new rental units, with at least 33,000 by December 2023. Interestingly, at least a third of them will be in Brooklyn. The second-largest market, the Dallas metro area, is expected to see 23,659 new rentals by the new year, followed by 23,434 in Austin and just under 21,000 in the greater Miami area.