My wife and I are in San Francisco this week enjoying a little R&R (despite doing some work on occasion) so my readers get some time off too. However, there are some great reads in the links at the bottom of the page!
I remember when 7 years was the default assumption of the length of stay in a home. Now it is 13:
People Are Staying in Their Homes Longer—a Big Reason for Slower Sales:
Homeowners nationwide are staying put an average of five years longer than they did in 2010, a new analysis shows [WSJ].
Click on the photo below if you can handle vertigo.
But I digress…
Appraiserville
(For earlier appraisal industry commentary, visit my old clunky REIC site.)
Out looking for that perfect comp while on vacation.
OFT (One Final Thought)
Not suitable for office use (strong language).
.@AlexEdelman: “How is any young person ever gonna own a home?” pic.twitter.com/gWCc1hpbzB
— Comedy Central Stand-Up (@standup) November 7, 2019
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. And be sure to share with a friend or colleague if you enjoy them because:
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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.
Jonathan J. Miller, CRP, CRE, Member of RAC
President/CEO
Miller Samuel Inc.
Real Estate Appraisers & Consultants
Matrix Blog
@jonathanmiller
Reads, Listens and Visuals I Enjoyed
- Making WeWork Work Again [Worth]
- Young Homebuyers Are Vanishing From the U.S. [Bloomberg]
- Extell's 50 West 66th Street Appears Stalled, on the Upper West Side – [New York YIMBY]
- Compass sweetens agent stock program for 2020 [The Real Deal]
- How California Became America’s Housing Market Nightmare [Bloomberg]
- Metro Denver home listings drop in October [Denver Post]
- Compass to open tech hub in India [The Real Deal]
- She feeds Bel-Air's mega-mansion boom. But lunch is a battlefield [LA Times]
- Pied-a-Terre Tax Revival Is Latest Threat to NYC’s Luxury Market [Bloomberg]
- Millennials Should Be Happy They Are Stuck Renting [Bloomberg]
- Cannabis Open Houses Are Putting the High in High-End Real Estate [Wall Street Journal]
- Sales still in a slump at post-2016 Trump Tower [6sqft]
- Real estate startup Ribbon secures $330 million to grow homebuying platform [HousingWire]
- Homeowners are staying in their homes 5 years longer [Redfin]
- A Decade After the Recession, Housing Costs Ease for Homeowners [U.S. Census Bureau]
- Big Cities Are Taking on Housing Affordability, but Even the Largest Will Need Help – Blog [Joint Center for Housing Studies of Harvard University]
- People Are Staying in Their Homes Longer—a Big Reason for Slower Sales [Wall Street Journal]
- How to get away with [selling a] murder [house] [The Real Deal]
- Refinancing Gains in Real Estate [A Wealth of Common Sense]
- Adam Neumann’s Lord & Taylor Building Buy Drags Down [The Real Deal]
- With move to Mar-a-Lago, Trump could use Florida real estate law to protect himself from creditors [The Real Deal]
- Robert Reffkin’s stock agreement at Compass comes to light [The Real Deal]
My New Content, Research and Mentions
- New York: Doanh số bán nhà ở hạng sang đã bắt đầu chậm lại [Viet Times]
- New York's luxury real estate market shows signs of slowdown [Kyodo News]
- The Super Rich Are Buying $100 Million Homes. For Some, One Isn't Enough. [Wall Street Journal]
- With Mansion Tax In Effect, Manhattan Sales Decline [The Real Deal]
- With New York Townhouse Prices Down, Now Is a Good Time for Buyers to Re-Enter the Market [Mansion Global]
- Does starchitecture still sell condos? [Miami Herald]
Recently Published Elliman Market Reports
- Elliman Report: Los Angeles Sales 3Q 2019 [Miller Samuel]
- Elliman Report: Malibu + Malibu Beach Sales 3Q 2019 [Miller Samuel]
- Elliman Report: Venice + Mar Vista Sales 3Q 2019 [Miller Samuel]
- Elliman Report: Aspen + Snowmass Village Sales 3Q 2019 [Miller Samuel]
- Elliman Report: North Fork Sales 3Q 2019 [Miller Samuel]
- Elliman Report: Hamptons Sales 3Q 2019 [Miller Samuel]
- Elliman Report: Long Island Sales 3Q 2019 [Miller Samuel]
- Elliman Report: Manalapan, Hypoluxo Island & Ocean Ridge Sales 3Q 2019 [Miller Samuel]
- Elliman Report: St. Petersburg Sales 3Q 2019 [Miller Samuel]
- Elliman Report: Coral Gables Sales 3Q 2019 [Miller Samuel]
Appraisal Related Reads
- 9 Appraisal Terms New Real Estate Agents Should Know [Tom Horn/Birmingham Appraisal Blog]
- Thoughts on PG&E and the housing market [Ryan Lundquist/Sacramento Appraisal Blog]
- Prepared Remarks of Dr. Mark A. Calabria at SFA Residential Mortgage Finance Symposium [Federal Housing Finance Agency]
- ICAP in Washington, D.C. [ICAP]
- When the Appraised Value Doesn’t Meet Your Goal [Cleveland Appraisal Blog]
Extra Curricular Reads
- Forget Turducken. It’s Piecaken Time. [NY Times]
- What Happened to Deadspin, According to the People Who Were There [Slate]
- 5 New York Buildings That Changed American History [NY Times]
- “It Was a House of Cards”: After WeWork, Wall Street Loses Faith in Unicorns [Vanity Fair]
- A Desolate Part of Chicago Gets Its Field of Dreams [Bloomberg]
- Tough News Room [This American Life]
- "Godfather of Punk" Iggy Pop on his disapproving dad's final words to him [CBS News]
- A Cultural Historian Explores an Old Mental Hospital, and Why They Scare Us [Atlas Obscura]
- Cayman Signals Willingness to Abandon Corporate Secrecy – But Not Yet [ICIJ]