h/t A|N Blog
More fun from my friend Nathan Pyle. I think many, especially New Yorkers, can relate.
It’s officially been a decade since we launched our commercial valuation affiliate Miller Cicero, LLC and it’s been a great run so far. In appraiser years, it actually feels longer than a decade.
Our partner and co-founder in this commercial venture, John Cicero, MAI, CRE, FRICS with nearly 3 decades of valuation experience, runs the firm. Besides being a good friend and especially because he thinks I have a good sense of humor, is still one of the smartest guys I know in commercial valuation. He’s got a great executive team and staff providing commercial valuation expertise throughout the NYC metro area.
The commercial real estate world is a mess right now and Miller Cicero provides reliable neutral valuation insight to it’s clients. Give John a call.
It’s time to share my Three Cents Worth (3CW) on Curbed DC, at the intersection of neighborhood and real estate in the nation’s capitol. And I’m simply here to take measurements.
…No. But please read on. It’s been a while since I’ve placed a chart of Curbed DC, and even longer since I was politically correct (but hey, I’m really trying). With the RNC underway and DNC up next, I thought I’d try to find some sort of correlation to the DC Metro housing market that coincides with the party of the president voted into office and their slogan/theme. Obviously the elections aren’t all about housing, but housing is very important in terms of its economic impact and “Wealth Effect” influence” on the US economy. Doh! I looked at MRIS’ awesome online resources and thought that new listing history might tell the story – I clearly went overboard so please indulge me. My thinking was new listings reflect people placing listings on the market in reaction to their view or opportunity with the world around them. Job transfer, lost job, trading up, cashing out, etc….
[click to read column]
It’s time to share my Three Cents Worth (3CW) on Curbed Miami, at the intersection of neighborhood and real estate in the Magic City. And I’m simply here to take measurements.
…The practice of lumping Miami into one big bowl of lukewarm housing gazpacho for the past decade gives me an upset stomach. Since I began reporting on the Miami market for Douglas Elliman a while back (and have since expanded coverage to Boca Raton, Fort Lauderdale and Palm Beach), I’ve been obsessed with Miami’s split personality – distressed (foreclosure + short sales) versus non-distressed markets. While they’re not mutually exclusive markets, they do have different price points and trends. To make up to Curbed Miami for just sitting on the beach I made three charts for this week’s 3CW to explore the two different markets of Miami real estate…
…After last week’s semi-heady four-bedroom/studio ratio thing, I thought I’d go a bit lighter as summer is nearly over and we all need a break. Admittedly it’s been bedlam in appraiserville this month (translation: we’re seeing a lot of sales activity for August—more on that soon). With all the talk about the high end market, there hasn’t been much discussion about Northern Manhattan (aka Uptown) lately so I thought I’d drill down a bit. I broke out Manhattan sales over the past four years (just before the Lehman tipping point) into the four regions: Downtown [blue line], East Side [red line], West Side [green line] and Uptown [pink line] by their year-over-year percent change…
Got to talk housing with my friend Dan Gross, the Global Business Editor at Newsweek & The Daily Beast on his BeastTV segment “The Number”:
THE NUMBER: 101.7 That’s the pending home sales index from the National Association of Realtors, up over 12% from a year ago. Dan Gross and The Matrix’s Jonathan Miller reveal why we should be cautiously optimistic.
Their offices are located in the IAC building in Manhattan which is one of my faves – looks like a meringue pie. Here’s my photo from the cab:
…It’s been a while since I was needlessly wonky so please be patient with me, but with all the attention lavished on trophy properties and the weakness/strength of the US dollar, I thought I’d take a look at the strength of studio apartment pricing relative to 4-bedroom apartment pricing in Manhattan—one end of the price spectrum versus another. To do this I divided the median sales price of a 4-bedroom apartment by the median sales price of a studio to came up with this ratio. I haven’t thought of a catchy name for it yet (working title: “4-bedroom/studio median sales price ratio”). Another way to think of this ratio is like a conversion of US dollars into some other currency. It goes like this: “How many studio apartment purchases would it take to equal one 4-bedroom apartment purchase?” I used median sales price in this ratio to remove outliers (i.e. $88M, $70M, $52.5M, etc.)…
…One of my preferred ways to understand trends of a housing market is to remove new development from the picture. I see it as turning off your smartphone so you can concentrate, er, checking my messages, hang on, ok I’m back. New development sales trends are subject to the mix of what was recently constructed and closings are randomly dependent on when construction is completed. In markets like Manhattan, they can really skew the overall stats (think a few years back with the havoc caused by high-end closings at The Plaza and 15 CPW)…
Here’s another creation by my friend Nathan Pyle. Relevant to the economic and political discourse of the past year. Love it.