2/19 EMAIL

The Week In Review

Welcome to my weekly newsletter featuring a personal real estate story along with updates from the ever-evolving world of real estate. Enjoy!

 Story of the Week

2/19/24

Over the holiday weekend, I had the privilege of previewing three remarkable new developments in Miami’s Brickell neighborhood. The market for branded, luxury condominiums is HOT - leveraging the brand recognition of the finest hotels to venerable fashion houses and sports cars.

Being conversant with what’s happening beyond the Beltway is part of the service and expertise we offer. And southern Florida is under consideration for many clients as a primary or secondary residence.

In Brickell, glittering skyscrapers overlooking Biscayne Bay, are matched by the many construction cranes signaling tremendous growth and investment. A hub of international finance, Brickell is often referred to as “Wall Street South.”

While each property I previewd had its unique aesthetic and vibe, there was tremendous overlap in the "pitch." Beyond the obvious walkability to dining and retail, these residences all emphasize incredibly amenity-rich, turnkey living. Everything is available on site and through the touch of an app. Specially commissioned art and sculpture adorn the public spaces. And the amount of nature and green is breathtaking. Fully mature trees and green roofs belie the urban location. With explosive water views aside curvaceous walls of exotic materials, these buildings are breathtaking monuments of engineering and design.

Aston Martin Residences
St. Regis Residences
The Ora by Casa Tua

Listing of the Week

Spotlight on San Francisco, CA

Pacific Heights

2799 Broadway

7 BD   9 BA   11635 SF   $32,000,000

Real Estate In The News

San Francisco is once again experiencing a tech revival. Entrepreneurs and investors are flocking back to the city, which is undergoing a boom in artificial intelligence. Silicon Valley leaders are getting involved in local politics, flooding city ballot measures and campaigns with tech money to make the city safer for families and businesses. Investors are also pushing startups to return to the Bay Area and bring their employees back into the office. Investment in Bay Area startups dropped 12% to $63.4 billion in 2023. By contrast, funding volumes for Austin, Texas, and Los Angeles, two smaller tech hubs, dropped 27% and 42%, respectively. In Miami, venture investment plunged 70% to $2 billion in 2023. (WSJ)

More signs of normalization? Retailers and their suppliers have been slashing their inventories....and cutting back storage space. A once-booming U.S. warehousing market is coping with signs of contraction as businesses consolidate warehouses and in some cases upgrade existing sites rather than add facilities. The shift comes as retailers have turned the corner on a big drawdown of inventories and are aligning their supply chains for more normal, pre pandemic stocking and consumer spending patterns.  U.S. warehouse space listed for sublease reached a record high of more than 156 million square feet in the 4th quarter of 2023, more than three times the amount available in the 4th quarter of 2021. (WSJ)

UOver 11,000 Americans are turning 65 years old every day, up from 10,000....the median net worth of those 65 - 74 was $410,000 in 2022, up from $282,270 in 2010 in inflation-adjusted 2022 dollars, according to the Federal Reserve’s Survey of Consumer Finances.....mostly as a result of rising investment portfolios .....and increased home values! The divorce rate of 65 years olds has tripled since 1990. (WSJ)

Around Town DC

8 Hot New Restaurants Around DC to Try Right Now

The year is off to a blockbuster start for DC-area restaurant and bar openings. Here are eight places to add to your list. (washingtonian.com)

2Fifty
The González family's Salvadoran-inflected Texas smokehouse lands on K Street

Aventino
Red Hen and All-Purpose chef/co-owner Mike Friedman is opening Roman restaurant Aventino in Bethesda

The Dabney Cellar
The Dabney’s Basement Wine Bar Is Making a Comeback in Shaw. The Dabney Cellar returns with oysters, hams, and cheeses

Hiraya
Filipino Restaurant Hiraya Is Opening With Rainbow Lattes and All-Day Breakfast

La Bonne Vache
An Approachable, Affordable French Bistro Finally Arrives in Georgetown

Moon Rabbit
Led by acclaimed Chef Kevin Tien, the restaurant embodies an innovative approach to Vietnamese cuisine

Pastis
The beloved New York City restaurant Pastis is open in the Union Market District in Washington, DC

Your Only Friend
A sandwich bar (the unification of a cocktail bar and sandwich shop) envisioned by Paul Taylor and Sherra Kurtz

Lee Arrowood
+$173M Sold In 2023
#3 Team Lead 2022

Managing Partner
M: 202.251.3175
O: 301.298.1001
lee@fleisherarrowood.com

Office: 301-298-1001

Compass is a real estate broker licensed by the State of California operating under multiple entities. License Numbers 01991628, 1527235, 1527365, 1356742, 1443761, 1997075, 1935359, 1961027, 1842987, 1869607, 1866771, 1527205, 1079009, 1272467. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.