Last September I announced in my “Radar Love” post that our Miller Samuel firm was being acquired by Radar Logic. It was an exciting time for my family, my company and of course, me.
I was so confident in the deal being completed by year end that I agreed to assume the role of Executive Vice President and Director of Research before the deal closed. I created the RPX Monthly Housing Market Report, provided my expertise, spoke on behalf of the company on real estate matters and made presentations at conferences.
The end of the year came and went.
I have decided it was best for Miller Samuel to move on.
Our parting with Radar Logic is amicable and I wish them great success. The firm is comprised of brilliant, innovative, hard-working people and I am glad that I had the experience of working with them.
It is a tumultuous time for residential real estate. It is a watershed moment for the appraisal industry, the economy is moving towards recession, the credit markets are in disarray, foreclosures are rising, there is a presidential election that promises much change and most importantly, the iPhone is going to get a lot of cool applications.
In other words, the real estate market actually needs neutral valuation experts more than ever.
Miller Samuel will continue to be an appraisal and consulting firm that many consider the best in the business. We will explore new opportunities, continue to prepare and expand our series of market reports on the New York region and provide housing commentary in a local, national and international context.
More to come and thanks for listening.
Ok, back to work.
Miller Samuel Inc.
Real Estate Appraisers & Consultants
UPDATE (Mar 07, 2008 7:00PM ET): Press release placed on MarketWire by Radar Logic.
UPDATE 2: News coverage:
Miller Samuel, Radar Logic Break Off Engagement [New York Observer]
Miller Samuel backed out of merger with Radar Logic [Crains New York]
Miller Samuel parts ways with Radar Logic [Inman News]
Miller Samuel backed out of merger with Radar Logic [The Real Deal]
Tags: New York Observer