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Had a nice chat with Scarlet Fu and Matt Miller on Bloomberg TV, to discuss our 3Q2016 report on the Manhattan residential sales market that I author for Douglas Elliman. We referred to Oshrat Carmiel’s Bloomberg News story on the Manhattan housing market that went viral on the Bloomberg Terminals as the number one read story world wide and the story chart made their “Chart of the Hour” on their home page.
Tags: Bloomberg TV, Scarlet Fu, Matt Miller, Douglas
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I really enjoyed my interview over at Yahoo! Finance this week discussing the release of the Elliman Report: Manhattan Sales 1Q 2016. Love their longer interview format.
Note the “two comma” reference taken from the HBO show Silicon Valley:
Miller also rejects the thesis that Manhattan’s two-comma real estate prices were being fueled solely by foreign money and are now jeopardized by global uncertainty and a stronger dollar versus emerging market currencies.
Additional insights on the report shared on the recent edition of Housing Notes. Sign up here.
Tags: Alexis Christoforous, Lawrence Lewitinn
I was set to speak in studio with Tom Keene and Pimm Fox but had a commuting snafu and had to call in. It was a great opportunity to show a picture of me as a 15 year old. Love these guys. The best. The Bloomberg Television/Radio are clearly pros and handled the last minute change with ease.
We talked about lots of housing markets and the distortion being created by credit conditions.
Tags: Tom Keene, Pimm Fox, Bloomberg TV, Bloomberg Surveillance, Bloomberg Radio, fundamentals, healthy
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Here’s a summary of potential future actions by Chinese investors with the recent spate of volatility in the financial markets.
According to Jonathan Miller, president of appraisal firm Miller Samuel, the tumult in China may lead to even more money finding its way into American residential and commercial real estate. “There are not a lot of investment vehicles in China,” said Miller. “You have the [Chinese] housing market, which is a pretty significant bubble. You have thousands of ghost cities that have been constructed. On top of that, you have a pretty volatile stock market situation. So there is some speculation that there actually will be outflow as a result of this and maybe that will end up in the U.S.” Costello concurs with Miller, noting that China’s insurance companies have been allowed by their regulators to invest in foreign real estate only since 2012. “Unless and until they have to cover losses at home, they’re not going to sell these properties,” said Costello. “They’re going to hold them for the long term.”
Tags: Yahoo! Finance, China, Chinese investors, Chinese stock market, Jim Costello, economist, Real Capital Analytics
Had a nice conversion this morning with Matt Miller and Stephanie Ruhle on Bloomberg TV’s ‘Market Makers.’ Never been on this show before. Wow. Energy+.
Before the show started, we had a active debate on whether ‘American Flyers‘ or ‘Breaking Away‘ was the best bicycling movie. Clearly ‘Breaking Away” was the better of the two HANDS DOWN but I liked the other a lot, especially for someone who likes the whole culture of bike racing. Not sure what bike movies had to do with our ‘state of the Hamptons market’ discussion covering our Hamptons market report for Douglas Elliman, but hey, it was obviously more important to settle the bike movie issue first.
Tags: Market Makers, Matt Miller, Stephanie Ruhle, Breaking Away, American Flyers
Always great to swing by and speak with Deirdre Bolton on her Fox Business show “Risk & Reward.” However today’s show was a bit of a mess for me. Working on 4.5 hours of sleep I said I was talking about “interest-free” then changed it to “principal-free” mortgages – LOL – good grief! Note to self: “interest-only.” Plus my company name was reversed 2x and the chyron had it backwards as well. Didn’t discourage me though – always fun to do the show.
Tags: mortgage interest rates, Risk & Reward, Deirdre Bolton, interest-only
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Lauren Lyster put together an interesting piece called: $100 million listings?! Pros explain why this real estate market is hot, but not a bubble that explores the disconnect between this development boom and the housing bubble last decade.
Tags: Lauren Lyster, Yahoo! Finance, San Francisco, housing bubble
A few months ago I was approached by film students Clàudia Prat & Eric French to speak to the housing market as part of a larger project called “What is Home?” series.
I’m a big fan of documentaries and this is worth watching.
Their effort was called: NYC Home Shuffle (5:51 minutes):
Part of a global trend, New York City’s homes become a commodity: an investment instead of a right. Yet a global movement responds.
By Clàudia Prat & Eric French
whatishome.nyc // May 2015
NYC Home Shuffle from Studio 20 on Vimeo.
Tags: documentary, Clàudia Prat & Eric French
I very much enjoyed my interview with Mark Crumpton on Bloomberg TV last week concerning the state of the Manhattan and U.S. housing markets. Our just published market report for Douglas Elliman revealed a number of records int he 2Q 2015 real estate market.
Tags: Bloomberg TV, Mark Crumpton
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Samantha DeBianchi of Million Dollar Listing Miami and I joined with Deirdre Bolton to speak about foreign buyers and a little Grexit (but what does anyone really understand about that?). Touched on record setting Manhattan housing prices as well.
And waiting in the green room ended up more like a party.
Tags: Fox Business, foreign buyers, Reality TV, Million Dollar Listing, Risk & Reward, Deirdre Bolton, Grexit, Samantha DeBianchi, Euro
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Always fun to visit with Tom Keene on Bloomberg Surveillance Television – I forgot to post it last week.
Did I tell you I have a lot going on?
It’s a short clip on housing and why we don’t have enough inventory. Bloomberg Intelligence’s Carl Riccadonna spoke along with me – never met him before but he was impressive and best of all, we were in sync.
Tags: Tom Keene, Bloomberg TV, Bloomberg Surveillance, Bloomberg Intelligence, Carl Riccadonna
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To keep the sales going, developers in the massively bloated Chinese housing market are getting more creative. This NY Times short documentary is fantastic and surreal. I’d chalk it up to simply bizarre, if there wasn’t such a desperate undertone to it.
It reminded me of “The Truman Show” movie where everything Jim Carrey’s character saw was fake, made for him. However in the Chinese version, everyone knows it’s fake but embraces it.
With the massive oversupply, no wonder savvy Chinese investors are extracting as much wealth as they can and investing overseas in anticipation of that day of reckoning.
Tags: China, The Opinion Pages, rent-a-foreigner industry, fake
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Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state and federal courts. He holds the Counselors of Real Estate (CRE) and Certified Relocation Professional (CRP) designations. He is an Appraiser “A” Member of the Real Estate Board of New York and a member of Relocation Appraisers and Consultants, Inc.
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