Matrix Blog

Affordability, Affordable Housing

[Video] Why The Rich Get Richer

May 4, 2015 | 11:05 am | wsjlogo |

Here’s one way to look at it.

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[Three Cents Worth #280 NY] Smaller Manhattan Apartments Keep Getting More Expensive

April 26, 2015 | 2:02 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

A lot of time and energy has been spent writing about one of the biggest challenges to the New York City housing market in recent years: affordability. One of the primary observations of the purchase market has been the lower number of first time buyers, both locally and nationally. Tight credit, slow household formation, and a creaky economy have been a root cause of keeping their participation muted, but it’s also the disproportionately higher price growth over the long term for smaller apartments. Here’s my attempt to illustrate this trend, using data from the last 25 years…



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My latest Three Cents Worth column on Curbed: Three Cents Worth: Smaller Manhattan Apartments Keep Getting More Expensive [Curbed]

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Bloomberg View Column: The Bidding Wars Are Back

April 26, 2015 | 11:31 am | BloombergViewlogoGray | Charts |

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Read my latest Bloomberg View column The Bidding Wars Are Back.

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Hard to believe this is happening again…

Here’s an excerpt…

A relic from the days of the housing boom is making a comeback. The share of sales that feature bidding wars is up. According to the National Association of Realtors, 33 percent of all sales were at or above the asking price, a strong indication that more than one bidder was involved in a transaction…

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Bloomberg View Column: Income Inequality Hits the Housing Market

March 15, 2015 | 6:27 pm | BloombergViewlogoGray | Charts |

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Read my latest Bloomberg View column Income Inequality Hits the Housing Market.

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This article turned out to be my most-commented on piece so far. The topic of affordability generates a hotbed of conversation.

Here’s an excerpt…

There’s been plenty of talk recently about signs of recovery in the housing market. Rather than think about housing as a single market, it might be helpful to look at housing as many markets based on everything from geography to price to new versus existing…

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[Three Cents Worth #278 NY] Murray Hill Has the Most Micro Units in All of Manhattan

February 26, 2015 | 8:00 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

Uptown may have the smallest studios, but which Manhattan neighborhood can claim the most micro units? To find out, I looked at where apartments measuring 300 square feet or less are located and determined what they have in common—besides being small. We’ve appraised many micro apartments over the years, so I was admittedly a little confused at how micro apartments were some sort of new concept…



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My latest Three Cents Worth column on Curbed: Three Cents Worth: Murray Hill Has the Most Micro Units in All of Manhattan [Curbed]

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[Three Cents Worth #277 NY] Which Manhattan Neighborhood Has The Smallest Studios?

February 24, 2015 | 8:00 pm | curbed | Charts |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

Although I’m often a bit macro in this column, it’s Micro Week at Curbed. So I thought I would rank Manhattan neighborhoods by the average square footage of their studio apartments based on all the closed sales of 2014. The results are in: if you want a plethora of small apartments, look uptown. On both the East and West Sides above 96th Street, from Morningside Heights and the Upper East Side to Harlem and Inwood, the average studio clocks in at under 500 square feet. By contrast, downtown, in areas like Soho, Tribeca, Battery Park City, and the Financial District, studios are larger…



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My latest Three Cents Worth column on Curbed: Three Cents Worth: Which Manhattan Neighborhood Has The Smallest Studios? [Curbed]

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Flipping Out About East Brooklyn’s Gentrification

January 28, 2015 | 9:59 pm | nymaglogo | Charts |

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This infographic was part of an epic must-read Andrew Rice piece for New York Magazine called: The Red Hot Rubble of East New York which explores the gentrification frontier where investors and New York City’s efforts to create affordable housing are running headlong into each other.

As much as 10% of the property sales are flips and prices are up 150% over the past 2 years.

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[Three Cents Worth #271 NY] How New York’s Average Sales Price Broke the $1 Million Mark

November 4, 2014 | 4:00 pm | curbed | Columns |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column on @CurbedNY:

Although it has been a little more than a month since the third quarter ended, I thought I’d show that the average sales price of the five boroughs in aggregate broke the $1 million threshold for the first time, to a record $1,040,516…

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My latest Three Cents Worth column on Curbed: How New York’s Average Sales Price Broke the $1 Million Mark [Curbed]

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Bloomberg View Column: Credit Crunch Lives on in Housing

October 22, 2014 | 5:05 pm | BloombergViewlogoGray | Charts |

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Read my latest Bloomberg View column Credit Crunch Lives on in Housing. Please join the conversation over at Bloomberg View. Here’s an excerpt…

Don’t be fooled by low mortgages rates, which once again are below 4 percent: Credit for buying a home or refinancing an existing mortgage has almost never been tougher to get.

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Bloomberg View Column: Rent Control’s Winners and Losers

October 21, 2014 | 3:31 pm | BloombergViewlogoGray | Charts |

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Read my latest Bloomberg View column Rent Control’s Winners and Losers. Please join the conversation over at Bloomberg View. Here’s an excerpt…

Any renter in New York City has probably has felt the pain of coming up with the monthly payment. There are plenty of reasons for the city’s steep rents…

..So what would happen if rent control and its cousin, rent stabilization, disappeared overnight?

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Bloomberg View Column: Housing’s New Wealth Effect

September 27, 2014 | 1:00 pm | BloombergViewlogoGray | Charts |

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Read my latest Bloomberg View column Housing’s New Wealth Effect. Please join the conversation over at Bloomberg View. Here’s an excerpt…

It was a busy week for housing market reports. The U.S. Census published its new home-sales results for August, showing an 18 percent gain from the prior month and a 33 percent increase from August 2013. News headlines relied on words such as “surged” and “soared” to describe the results.

Only a few days earlier, the National Association of Realtors released its existing home-sales report for August, which showed month-over-month sales falling for the first time in four months. The inventory of unsold properties was 4.5 percent higher than a year earlier. I recently addressed the market slowdown in “Understanding Housing’s Dog Days.”

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[Three Cents Worth #268 NY] Units In New Developments Grow Larger

August 31, 2014 | 3:57 pm | curbed | Columns |

It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.

Check out my 3CW column that I posted a few weeks ago on @CurbedNY:

For this chart, I looked at a little more than a decade of Manhattan closed sales by square footage, breaking out the market by new development sales and re-sales. During this period, the average square footage of a new development sale was 1,382—15.6 percent larger than the 1,195 average square footage of a re-sale. However, new development sales size showed significant volatility as developers adapted to the changing market. The underlying driver of volatility is the quest to achieve the highest price per square foot premium a developer realizes by creating larger contiguous space. As a result, the much chronicled “micro-unit” phenomenon falls short and can’t become mainstream under current market conditions without external incentives (i.e. government). The math doesn’t work…



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My latest Three Cents Worth column on Curbed: Units In New Developments Grow Larger [Curbed]

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