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There were 140 multifamily transactions in South Florida in the first quarter of this year, an 8.5% increase as compared to a year earlier. Multifamily per-unit prices also rose in Miami-Dade, Broward and Palm Beach counties.
The sale marks the first purchase in South Florida for Yair Levy, a New York-based investor and developer who has proactively diversified his portfolio of holdings after a contentious legal battle resulted in a ban from selling residential condominiums and co-ops in New York State in 2011.
The overall decline in the broker confidence index was due to brokers' concern for future leasing and financing conditions in both the residential and commercial real estate markets, REBNY states.
The transactions illustrate the rapid strides advanced analytics and reporting and artificial technology are making into the commercial real estate space.