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Housing Trends & Cycles

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

February 26, 2015 | 8:00 pm | | 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 | | 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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Good and Bad Super-Luxury Condo Buyers Love the LLC

February 9, 2015 | 9:46 am | | Favorites |

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One of the great ironies of modern residential real estate has been the expansion in transparency of information, along with greater secrecy of ownership. I think the latter coincides with the much greater wealth that is being put into hard assets like real estate. Privacy and security are indeed very important to many, including the wealthy and especially those near the top of the financial pyramid. There is nothing sinister or unseemly about the desire for privacy. The use of limited liability corporations (LLCs) has been a legal vehicle (and a gift) from lawmakers who created it that allows people to keep certain transactions hidden from view. However the LLC also provides an opportunity for bad actors to shelter their often ill-gotten assets too.

Louise Story and Stephanie Saul of The New York Times have explored this in “Towers of Secrecy: Stream of Foreign Wealth Flows to Elite New York Real Estate,” an epic data visualization along the lines of “Snow Fall: The Avalanche at Tunnel Creek” This article is a must read covering the hypersensitive subject of high end real estate and privacy.

The ongoing debate about the dying middle class versus the booming fortunes of the wealthy, the lack of affordable housing versus the super-luxury residential tower boom and municipal governments grappling to keep construction and development moving forward to keep tax revenue flows coming in, have made this effort long overdue.

Towers of Secrecy” is careful not to stereotype users of LLCs in high end real estate transactions as exclusively foreign buyers. Within the Manhattan market, foreign buyers are not the majority of overall high-end real estate purchasers. However they tend to be concentrated around the Midtown central business district (aka ‘Billionaires’ Row’) whereas domestic purchasers tend to favor markets found to the north and south of Midtown.

UPDATE There’s a great recap over on Curbed NY too:
Scandal-Plagued Foreigners Park Millions in Midtown Condos

Here are a few screenshots of the embedded videos within the “Towers of Secrecy” piece.

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Bloomberg View Column: Housing Market Blows Hot and Cold

February 8, 2015 | 5:32 pm | | Charts |

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Read my latest Bloomberg View column Housing Market Blows Hot and Cold.

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Please join the conversation over at Bloomberg View. Here’s an excerpt…

The northern third of the U.S. is locked in a straitjacket of snow, ice and bleak weather better suited to staying at home than going out and hunting for a new one. I can almost hear it now: Remember how awful last year’s polar vortex was for the fledgling housing-market recovery?…

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Barry Ritholtz’ Bloomberg Masters in Business: Me

December 30, 2014 | 9:24 pm | | Radio |

A while back I was interviewed by my friend Barry Ritholtz for his new radio show/podcast Masters in Business for Bloomberg. He is columnist for Bloomberg View and the Washington Post, founder/blogger at the Big Picture blog and is one of the smartest people (and definitely the best story teller), I’ve ever met.

I have been remiss in posting this on Matrix but had already sent it through all my social media channels a number of times earlier this month when the interview originally aired.  It’s the end of 2014 and as one of my favorite interviews, it just needed to be on Matrix.

We cover a lot of ground on the housing market and it was fun and engaging. Our roles were reversed since he was one of my early interviews of my former podcast The Housing Helix from 2009-2012 where I interviewed about 150 people connected to housing and finance. Barry returned to my show 2 more times and each time made it one of the most heavily downloaded interviews of the year.

Please subscribe to his Masters in Business podcast on Bloomberg or listen to it live on Saturdays.

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VIDEO: Fox Business Risk & Reward w/ Deirdre Bolton 12-11-14

December 26, 2014 | 2:31 pm | | TV, Videos |

Was nice to join Deirdre again to talk housing, specifically why rents are rising and buyers are falling.

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Economic Bubble Theory Using Bubbles

December 22, 2014 | 12:03 pm | TV, Videos |

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Ok, so I like making bubbles. Here’s a reason (or excuse) to watch some bubbles – tie it in with economic theory.

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Bloomberg View Column: The $10 Million Home, Never Hotter

November 30, 2014 | 1:00 pm | |

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Read my latest Bloomberg View column The $10 Million Home, Never Hotter. Please join the conversation over at Bloomberg View. Here’s an excerpt…

As the U.S. housing market cools from last year’s overheated state, sales of homes at the top haven’t been following the same script. Prices and sales at the upper reaches are soaring…

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Bloomberg View Column: Housing’s Misleading Health Indicator

November 30, 2014 | 11:00 am | | Charts |

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Read my latest Bloomberg View column Housing’s Misleading Health Indicator. Please join the conversation over at Bloomberg View. Here’s an excerpt…

The National Association of Realtors will release its monthly U.S. existing home sales report tomorrow. Among other things, the report includes what’s known as the absorption rate, or how many months it would take to sell all inventory at the current sales pace. This report and the media coverage around it will inevitably provide the well-worn insight that when the rate is less than six months, housing is “healthy”…

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Bloomberg View Column: Housing Bust Wasn’t About the House

November 30, 2014 | 9:00 am | | Charts |

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Read my latest Bloomberg View column Housing Bust Wasn’t About the House. Please join the conversation over at Bloomberg View. Here’s an excerpt…

Unless you live in a cave, you’re no doubt familiar with the outlines of the housing bust that marked the beginning of the financial crisis: Real-estate prices plunged, people lost their homes, banks went under and the economy tumbled into a recession. We are still grappling with the hangover…

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[Three Cents Worth #273 NY] Three Cents Worth: No Relief In Sight For New York Renters

November 29, 2014 | 8:45 pm | |

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:

Before the tryptophan kicks in on Thursday, I thought I’d present the rental market trends for Manhattan, Brooklyn, and Queens coverage in another way. Because of seasonality, I tend to rely on median rental price compared to the same period a year ago. I applied a 90-day moving average as a trend line for each of the markets to help show where these markets seem to be headed…

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My latest Three Cents Worth column on Curbed: Three Cents Worth: No Relief In Sight For New York Renters [Curbed]

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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 | | 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]

Three Cents Worth Archive Curbed NY
Three Cents Worth Archive Curbed DC
Three Cents Worth Archive Curbed Miami
Three Cents Worth Archive Curbed Hamptons

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