- Miller Samuel Real Estate Appraisers & Consultants - https://www.millersamuel.com -

January 1, 2021

Not All Housing Billiard Tables Go Unused


Oh, and get ready for this coming week – some blockbuster Douglas Elliman [3] housing market reports are being released.

But I digress…

From My Matrix Blog: Peak Suburb Has Passed

Here’s something I wrote over on our Matrix Blog last week… [4] The New York Times got the market nuances right in their epic end of year The Real Estate Collapse of 2020 [5].

And including epic charts makes it even better.

[5]

I noticed that the Streeteasy median rent chart used in the piece shows the same pattern as my recent chart in Bloomberg. That drop in rent is gigantic.

[5]

[6]
[Source: Bloomberg – click image to open article]

From My Matrix Blog: TRD Quick Question: Jonathan Miller “What’s Happening in the NYC Real Estate Market?”

Here’s another something I posted over on our Matrix Blog [4] last week…

I recently completed a quick interview with Stuart Elliott [7], Editor In Chief & CEO at The Real Deal [8] who asked me questions with a uniquely mellow intensity. The Real Deal is required reading for anyone in the real estate profession or interested in real estate. Fun.


Mortgage Rates End The Year With A New Record Low

Mortgage rates fell prior to 2020 due to the Fed trying to mitigate the damage caused by the trade war with China and 2020 continued the trend as the economy was walloped by COVID. U.S. housing activity boomed on the purchase side as a result while rental prices plunged, reflecting the disproportionately heavy damage unemployment was causing to lower-wage workers.

I’ve been saying that this might make the economy much more vulnerable to a modest interest rate increase although it sure seems like rates aren’t going much of anywhere for a long time.

[9]

How The Home Of The Future Was Imagined In 1967


And if you can get past the blatant sexism, here’s another view – although the toaster still hasn’t changed.


Appraiserville

(For earlier appraisal industry commentary, visit my old clunky REIC [14] site.)

My 2020 was a year of inward reflection on my profession which, for all its flaws, I love. I took the Appraisal Institute’s blatant election corruption personally and then reassessed what The Appraisal Foundation stood for with its blatant bureaucratic monarchy.

The inherent corruption of both organizations, two that have had arguably more impact on the U.S. appraiser than most, is the source of many flaws in the profession. Because of the potential for punishment or lack of access, and the “lone wolf” nature of our profession, appraisers have only recently begun to push back.

I can promise you this dear Appraiserville readers: 2021 will be a year to remember for the industry and I will be bringing you relentless coverage of the self-dealing in the leadership of both of these organizations. I hope you’ll help throw shade and help change their focus to actual appraisers instead of themselves.

Happy New Year to all.

OFT (One Final Thought)

“Following your passion” is not the answer to happiness.


Brilliant Idea #1

If you need something rock solid in your life (particularly on Friday afternoons) and someone forwarded this to you, or you think you already subscribed, sign up here for these weekly Housing Notes [18]. And be sure to share with a friend or colleague if you enjoy them because:

Brilliant Idea #2

You’re obviously full of insights and ideas as a reader of Housing Notes. I appreciate every email I receive and it helps me craft the next week’s Housing Note.

See you next week.

Jonathan J. Miller, CRP, CRE, Member of RAC [19]
President/CEO
Miller Samuel Inc. [20]
Real Estate Appraisers & Consultants
Matrix Blog [21] @jonathanmiller [22]

Reads, Listens and Visuals I Enjoyed

My New Content, Research and Mentions

Recently Published Elliman Market Reports

Appraisal Related Reads

Extra Curricular Reads