These Housing Notes Are 5 Years Old!
Wayyyy back on March 6, 2015, I sat down and wrote an intro to what resulted in over 260 Housing Notes. My readership is modest but very focused on housing, ranging between 6,000 and 7,000 who all opted in, plus all the readers they share my Housing Notes with. Subscribers include real estate brokers, attorneys, Wall Streeters, federal regulators and agencies, local, state and federal government officials, home buyers and sellers, trade groups and others.
To be honest, I love that feeling I get on Thursday night, anticipating sitting down on Friday morning to capture as much of the past week’s housing market experiences in written or visual form. I’ve come to see it as a weekly cleanse, shining the light on things that I’ve thought about, read, created, spoken to, since the prior Housing Note.
There have been a handful of times (like today) where my efforts have been restrained by the lack of time. My reality means there are times I…just…can’t…find the time.
But that’s ok. There is always next week.
But I digress…
Last week I spoke about “Peak Uncertainty” and the addition of the Coronavirus to the list of issues that housing market participants have to process.
If you want to take your mind off of this global pandemic for two minutes, I let out a hearty laugh of relief watching this old clip from the movie This is Spinal Tap.
I’m attending a RAC planning session in Dallas right now for our fall conference so sadly I needed to cut it short this week.
But I digressed again…
Q: What Will Be The Impact Of The Coronavirus On The U.S. Housing Market? A: Who knows?
That’s right. No one knows. The first issue is to focus on common sense and listen to health experts instead of pundits. There are way too many people pontificating on a topic that they don’t have any expertise. I’m not about to do that here.
So start here.
If you’re desperate for investment advice in a wildly volatile stock market, then perhaps read this.
But I digressed yet again…
If Mortgage Rates Drop After You’re Locked In, You Might Be Screwed
Julian Hebron of The Basis Point wrote a really interesting post on this question given the sharp mortgage rate drop.
New Elliman Web Site Has A Home and A Shout Out For Our Market Reports
Douglas Elliman Real Estate launched their new web site this week and in addition to having a new home for our current market reports and a bunch of future reports in development, this snappy video gives our reports a nice shout out:
I’ve been authoring a series of
Public Record Isn’t The Holy Grail For Housing Market Data It Is Assumed To Be
To many, the public record is the ultimate resource for verified housing market data. To me, at its worst, it actually stands for teenagers going to the town hall, earning minimum wage to transpose property transfers on a note pad and going back to the office to enter them in a database. As a result, the public record is not infallible.
A friend of mine has worked hard to create an incredible property data resource – sorry to tease but more on Propertybook later – here’s a little video clip of an error identified in NYC’s ACRIS (public record).
(For earlier appraisal industry commentary, visit my old clunky REIC site.)
Back next week!
At the RAC appraiser’s planning session in Dallas for the fall conference!
OFT (One Final Thought)
In light of the new James Bond movie being pushed back to November from its original April opening…
This is gonna be terrible news for the bond market. https://t.co/pfnf9avzKn— Alex Fitzpatrick (@AlexJamesFitz) March 4, 2020
Brilliant Idea #1
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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.
Reads, Listens and Visuals I Enjoyed
- Stuyvesant Town sues Blackstone to Prevent Rent Hikes [The Real Deal]
- From sea hospitals to sanatoriums: How NYC has contained contagious diseases over the last century [6sqft]
- The Great Wall Street Housing Grab [NY Times]
- What If Mortgage Rates Drop After I Lock My Loan? [The Basis Point]
- 9 NYC Buildings that Have Lost Their Landmark Status [Untapped New York]
- How Do You Solve a Problem Like Fannie and Freddie? [Bloomberg]
- How To Buy A House Like Warren Buffett [Forbes]
- Americans Are Paying $34 Billion Too Much for Houses in Flood Plains [Bloomberg]
- SoftBank’s Fortress Buys Debt on Troubled New York City Condo Tower [Wall Street Journal]
- New York State’s Pro-Tenant Law Snarls Hamptons Mansion Rentals [Bloomberg]
- New York City's Changing Real Estate Landscape: Why Co-ops Have To Adapt [Forbes]
My New Content, Research and Mentions
- Waldorf Astoria bids to sell homes despite Manhattan market doldrums [Financial Times]
- AOL’s Former CEO Wants $26.75 Million for Greenwich Mansion [Wall Street Journal]
- Residential Brokerage Ranking Expands Beyond Manhattan [The Real Deal]
- The Great Turnaround: How Much Have Prices Rebounded Since the Housing Bubble Burst? [Realtor.com]
- House bill would extend VA loans to co-ops [HousingWire]
- Princely Back Bay floor-through drops for $5.95 million [Curbed Boston]
- Prospect-Lefferts Gardens high-rise draws tenants with Manhattan-style amenities [Crains NY]
- Luxury Waterfront Properties Can Still Be Solid Investments in the U.S. [Mansion Global]
Recently Published Elliman Market Reports
- Elliman Report: Manhattan, Brooklyn & Queens Rentals 1-2020 [Miller Samuel]
- Elliman Report: Manhattan Decade 2010-2019 [Miller Samuel]
- Elliman Report: Manhattan Townhouse 2010-2019 [Miller Samuel]
- Elliman Report: Venice + Mar Vista Sales 4Q 2019 [Miller Samuel]
- Elliman Report: Malibu + Malibu Beach Sales 4Q 2019 [Miller Samuel]
- Elliman Report: Los Angeles Sales 4Q 2019 [Miller Samuel]
- Elliman Report: Aspen + Snowmass Village Sales 4Q 2019 [Miller Samuel]
- Elliman Report: North Fork Sales 4Q 2019 [Miller Samuel]
- Elliman Report: Hamptons Sales 4Q 2019 [Miller Samuel]
- Elliman Report: Long Island Sales 4Q 2019 [Miller Samuel]
Appraisal Related Reads
- Service Delivery Update for March 2 [Dwellworks]
- AVM’s…The Wonder Bread of Value
- 7 Reasons Your Appraisal Came in Low [Birmingham Appraisal Blog]
- Coronavirus & the housing market [Sacramento Appraisal Blog]
- Sharestates Seeks to Overturn NY Appraiser-friendly Statute of Limitations [PETER CHRISTENSEN/Appraisers Blogs]
- Moving money, duplexes, & unicorns. [Sacramento Appraisal Blog]
Extra Curricular Reads
- Virus Makes Lobsters So Cheap That Sellers Face a Fatal Blow [Bloomberg]
- Podcast: The Kitchen Sisters Present -136 – The Lou Reed Archive with Laurie Anderson
- ‘This Land Is Your Land’ Is Still Private Property, Court Rules [NY Times]
- U.S. health officials say Americans shouldn’t wear face masks to prevent coronavirus — here are 3 other reasons not to wear them [Market Watch]
- A Corridor Runs Through It [The Bitter Southerner]
- The siren song of Starbucks [Vox]