Using Non-Housing Analogies To Explain Why Being #2 Is Better Than #1
Last week I didn’t get to do a full-fledged Housing Note because my life had temporarily maxed out. This week I am on track to do a 1/3, then next week a 2/3 and get back fully after that. Since last week’s I analogized that sometimes you can visit Arby’s for comfort food, but all they have is deer meat. While it’s an interesting change of pace, you don’t want venison served every week.
On the other hand, this is what the “every week” analogy looks like for my weekly Housing Notes – even this week’s short version. Consistency in action.
Like a boss. pic.twitter.com/fvET5IowiU— Only in America (@Crazzyintheusa) October 11, 2017
But I digress…
3Q 2017 Greenwich, CT Elliman Report (and surrounding Fairfield County
We just closed out Week 3 of our quarterly Douglas Elliman report gauntlet that I began authoring in 1994. This week featured Greenwich, CT, a market where the high end was created largely by Wall Street but since the financial crisis hasn’t been driving the market like it was in 2007. Unfortunately, many sellers never got the memo. We’ve talked a lot about the disconnect between sellers with their listing agents and buyers who seem more interested in living closer to town.
Most importantly, the Bloomberg story of the Greenwich market that covered our research went to the #2 most read on the Bloomberg Terminals worldwide (350k ± subscribers).
And a chart that reveals the market theme…
One excerpt from the Bloomberg article seemed disturbing to me.
I don’t know the answer, but it seems like the following violates MLS rules or ethics?
One listing that struggled to find a buyer was 16 Old Mill Road, a 10,881-square-foot home that had three price reductions in its more than two years on the market, according to listing records. The property, on 5.3 acres that include a 2,329-square-foot guest house, was first listed in May 2015 for $17.35 million, and eventually whittled to $11.45 million before it was pulled in September. Brokers shifted tactics, relisting the home under a different address — 781 Lake Ave. — and with an additional discount, to $10.95 million.
Can talk about Miami all day long?
There was a terrific Rene Rodriguez piece in the Miami Herald this week about the change in Miami – that it has become a grown-up. It was one of the best write-ups I have seen the shift in a city’s economic direction and the state of new development. Want to live in downtown Miami? Now could be a time to move
And not because I earned Florida’s “Quote of the Day” for October 19th.
There are a lot of good reads in the links below on the South Florida housing market, especially the one from the Shiny Sheet in Palm Beach. Please check them out.
After being so close to the heart of the appraisal industry last week at IAC of TAF in DC (acronym alert), I got nothing for you this week. actually I do but honestly, my wife just walked in the front door after flying back from taking care of her father for a week so we’re going to lunch right now.
A Brilliant Idea
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. They’ll sharpen your knife, you’ll discover a creative way to paint the town with sex and I’ll cut a piece of fermented curd.
See you next week.
Jonathan Miller, CRP, CRE
Miller Samuel Inc.
Real Estate Appraisers & Consultants
Reads, Listens and Visuals I Enjoyed
- These Cities Make New York City Look Dirt Cheap [Bloomberg]
- Owners Of Luxury Greenwich Homes Are Pulling From The Market As Sales Plunge [Zero Hedge]
- NYC Billionaires’ Row Penthouse Foreclosure Auction Is Back On [Bloomberg]
- Here’s the latest data on the impact of Hurricanes Harvey and Irma on mortgages [Housingwire]
- How the supertall at 111 West 57th St. became a labyrinth of offshore wealth [The Real Deal NY]
- Growing Momentum Expected for Remodeling Spending [JCHS, Harvard]
- Palm Beach real estate: Busy season ahead after Trump-linked slowdown [Shiny Sheet]
- Reporters Roundtable: Real (estate) power [NY1]
- Can Gowanus Survive Its Renaissance? [NYT]
- The Most Common Obstacles to a Sale — and What to Do About Them [NYT]
My New Content, Research and Mentions
- Movie mogul Bob Weinstein finds a buyer for his Upper West Side townhouse [Curbed]
- Hurricane Irma can’t scare away buyer of this $9 million waterfront home [Miami Herald]
- Nine boro nabes among NYC’s 50 priciest [Queens Chronicle]
- Reports: Third quarter sees year-over-year Palm Beach condo sales rise [Shiny Sheet]
- Luxury Homes in Greenwich, Connecticut, Selling Faster—and at Higher Prices [Mansion Global]
- Palm Beach Had Priciest Sales in South Florida During Third Quarter [Mansion Global]
- Westchester & Fairfield Cheat Sheet: Fairfield County resi sales exploded in Q3, medical tenants give boost to Westchester's office market … & more [TRD]
- citybizlist : Citybizlist : Douglas Elliman Releases Q3 2017 South Florida Sales Market Reports [City Biz]
- Greenwich Mansion Owners Pull Listings to Wait for a Better Day [Bloomberg]
- Downtown Miami: More Than a Gateway to the Beach [NYT]
- Palm Beach off-season deals: Six biggest home sales and priciest condo [Palm Beach Daily]
- ‘Spec’ projects, land sales hot topics for Palm Beach real estate [Palm Beach Daily]
- Want to live in downtown Miami? Now could be a time to move [Miami Herald]
- U.S. West Ski Homes Continue to See Steady Investment [Mansion Global]
- Downtown Miami: More Than a Gateway to the Beach [NYT]
- Westchester & Fairfield Cheat Sheet: Harvey Weinstein sells Westport home, home prices in Westchester rise & more [TRD]
- Rental incentives are no longer stopping the fall of rents [TRD]
- After Hurricane Irma, Southern Florida Market Quickly Heads Back to Business [Mansion Global]
- These Obama appointees could cause another housing collapse [NY Post]
- Good news for Brooklyn renters—who are looking at higher-end apartments [Brick Underground]
- Appetite for Brooklyn Homes Remains "Insatiable" | [Habitat Magazine]
- New York landlords face mounting pressure to lower rents [Housing Wire]
Appraisal Related Reads
- Appraisal Subcommittee; Proposed Revised Policy Statements
- New CoreLogic Offering Seeks to Speed Up Appraisal Turn Times
- Regulators waive appraisals in hurricane areas to help rebuilding
- Greedy Players Engaged in Illegal Activities, Lie-Ability & Tax Payers
- Dear Monty: One of real estate’s biggest myths [Antigo Times]
Extra Curricular Reads
- Pheasant Hunting – 1950s & 60s | Images of the Past | PBS
- No One Values Your Life More Than the Federal Government [Bloomberg]
- A short history of New York City's foul air shafts [6sqft]
- 1987 Crash: The TV Recap [The Big Picture]
- Black Monday (1987) [Wikipedia]
- The War To Sell You A Mattress Is An Internet Nightmare | Fast Company
- Wall Street Revisits the Crash of '87 [Bloomberg]
- Drew Brees Has a Plan to Save Football
- Here's A 1,300-Pound Pumpkin Obliterating A Car [DIGG]
- The Urban Lens: A tourist's take on NYC in 1979 | [6sqft]
- The Urban Lens: Go back to the 'mean streets' and urban decay of 1970s NYC | 6sqft
- Visit to a Small Planet: Hitchens in North Korea
- In 'Beside Bowie,' Sideman Mick Ronson Takes The Foreground [NPR]