NEW YORK: UNO SGUARDO AL SETTORE ALBERGHIERO

Pubblichiamo integralmente un interessante articolo di Riccardo Ravasini, corrispondente di Assoproprietari a New York.

NYC: a look at the hotel industry
Good news for Manhattan’s Hotel industry: revenue per available room — known in industry lingo as RevPAR — rose in 2017’s fourth quarter for the first time in more than two years, according to a report from Pwc.
Citywide, the trend stuck into January and February, the most recent months on record, with RevPAR increasing 4.8 and 3.6 percent, respectively.
The majority of the growth did not come from a jump in pricing. Instead, it came from higher occupancy levels.
In February, hotel occupancy in the city was up 3 percent year-over-year, while the average daily room rate increased by just 0.6 percent, to $184.
Given that the city’s room rates have declined annually since the post-recession peak in 2014, two months of flatlining is actually welcome news. 
But what these statistics say about the overall health of the hotel sector and whether they mark a true turning point is still unclear.
Generally, analysts point to oversupply as the culprit for weak pricing. And New York has seen a tremendous amount of hotel development since the end of the recession. There have been 23,160 new hotel rooms added to the market in the five boroughs since 2013 — bringing the total number of New York City rooms to 119,103. And there are roughly 7,800 more rooms slated to come online this year in Manhattan, which is home to 87 percent of the city’s hotel supply.
Despite the flood of new supply, hotel owners are managing to increase the number of beds they’re filling — a sign that demand is robust. In fact, through December 2017, the market has logged 67 straight months of above 85 percent occupancy, according to a report from hospitality consulting group HVS. But during that time, pricing has continued to slide. Most experts predict flat rates for 2018 and more optimistic for an increase in 2019. 

More new condo inventory coming to Brooklyn
Developers filed plans for 62 projects with 1,089 units worth a total of about $1.18 billion during the first quarter of this year, according to a data analysis by The Real Deal. This combined sellout value was the highest since the second quarter of 2007, when developers filed plans for 95 projects with 1,274 units worth a total of about $1.22 billion.
It was also the fifth highest combined sellout for the Brooklyn condo market dating back to 2000, the 11th highest number of residential units and the 17th highest number of projects.

Current state of Brooklyn
The median price of a home in Brownstone Brooklyn (Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, etc.) and North Brooklyn (Williamsburg, the Navy Yard and Greenpoint), dropped 11.4 percent year-on-year to $1.02 million in the first quarter of 2018. The decline was partly due to a weakening condominium market. During the period, the average sales price for the segment stood at $1.446 million, which amounts to a 7.1 percent drop compared to the same time last year. (Source: Ideal Properties Group)

A look inside Hallandale Beach in South Florida
In the late 19th Century South Florida pioneer Henry Flagler recruited Luther Halland, the son of a Swedish minister and brother-in-law to one of his sales agents, to establish a beachside settlement just north of Miami. Halland and another Swedish entrepreneur, Olaf Zetterlund, pitched some of their fellow countrymen on a sweet deal: cheap land in a frost-free subtropical climate. That was the beginning of what would become Hallandale. By 1999, after annexing land adjacent to the Atlantic shore, the city changed its name to Hallandale Beach, a sleepy oceanfront community that has become a seasonal home to snow birds, particularly French Canadians. In fact, the city is regarded as a hidden gem with massive family lots -- inspiring people in recent years to purchase larger homestead properties with waterfront access. 
In early 2007, the Hallandale Beach City Commission enacted a 12-month moratorium on major developments in the midst of a real estate boom and the awarding of casino licenses to pari-mutuel facilities Gulfstream Park and Hollywood Greyhound Track, which is now Mardi Gras Casino. In order to carefully manage the wave of growth, city commissioners wanted to formulate a master plan to guide private development toward mixed-use, sustainable, pedestrian-oriented urban development.
Hallandale is in close proximity to other coastal communities like Aventura and Hollywood, prompting people to eye Hallandale as other communities nearby get too congested. As such, you’ll see more than just snow birds but also Europeans and other foreigners seeking vacation homes. 
Hallandale Beach has four community bus routes servicing the city’s 4.63-mile-square area. It’s main thoroughfare, Hallandale Beach Boulevard, connects with I-95, U.S. 1 and A1A.
Some Data:
Population: 38,951
Median age: 46
Median income: $34,216
Average household net worth: $310,969
Most expensive residential sale:
A 4,747-square-foot waterfront home with five bedrooms and four-and-a-half bathrooms at 455 Holiday Drive sold for $1.89 million on March 26.
Least expensive home on the market:
A 625-square-foot condo with one bedroom and one bathroom at 900 Southwest 11th Avenue is listed for $57,000.
Median sales price per square foot: $209, roughly 10 percent more than Broward County average
New developments:
There are plans for 26 towers with 4,689 units in the Hollywood/Hallandale market, accounting for 9.8 percent of the tri-county region’s planned projects.

This is it for today, my dear readers. I am available to answer your questions and to provide you with more information on New York City and South Florida real estate. We look forward to assisting you in buying, selling, renting and managing your properties. Thank You in advance for putting me in touch with anyone who can be interested in our services.
 
Warmest Regards,
Riccardo Ravasini

 

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