Miller Samuel | Recent Press http://www.millersamuel.com/press Latest stories from the "Press" section of the website en-us Copyright 2005 Miller Samuel Inc. All world wide rights reserved webmaster@millersamuel.com (Christopher Miles) jmiller@millersamuel.com (Jonathan Miller) Thu, 02 Jul 2009 12:00:00 EDT Thu, 02 Jul 2009 12:00:00 EDT http://blogs.law.harvard.edu/tech/rss 60 Manhattan Apartment Prices plummet http://www.millersamuel.com/press/view.php?V=1246545058qYoLV Thu, 02 Jul 2009 12:00:00 EDT Apartment prices in the typically resilient Manhattan market plunged in the second quarter by the largest annual amount in decades, data released today show.

The median price fell between 13 and 19 percent from a year ago, according to four separate reports, and sales were off by half from last year’s totals.

“The city did a nosedive. There was virtually no business,” said Dottie Herman, president & CEO of Prudential Douglas Elliman, one of the largest real estate brokerages in New York....

]]> The 2Q Manhattan Housing Market Reports: Key Stats http://www.millersamuel.com/press/view.php?V=1246545473vOVEA Thu, 02 Jul 2009 12:00:00 EDT Second-quarter Manhattan housing reports are out from Prudential Douglas Elliman and Miller Samuel; the Corcoran Group and PropertyShark; Brown Harris Stevens; and StreetEasy.

Here are comparisons of key stats to the second quarter of 2008. (Keep in mind the reports generally cover deals closed from April through June. The deals could have been negotiated months earlier.)

For analysis on where the hell the Manhattan housing market's headed, click here.

Prudential Douglas Elliman and...

]]> NY City apartment sales down over 50 pct - reports http://www.millersamuel.com/press/view.php?V=1246547696SdzOi Thu, 02 Jul 2009 12:00:00 EDT Manhattan apartment sales plunged more than 50 percent and the average price dropped 21.4 to 24 percent from a year ago, as the U.S. recession forced many who own a piece of the Big Apple to eat humble pie, several reports said.

The average price of Manhattan apartment in the second quarter slid to $1,312,920 down from $1,669,729 a year earlier, according to a Prudential Douglas Elliman Real Estate report released on Thursday. Most of the year-over-year decline occurred in the fall, when the...

]]> Manhattan home prices plunge http://www.millersamuel.com/press/view.php?V=1246548498EUAIy Thu, 02 Jul 2009 12:00:00 EDT The housing bust has finally clobbered super-pricey Manhattan home prices.

Reports released Thursday by four major New York brokers show that prices cratered during the three months that ended June 30.

Prices fell between 13% and 19% compared with the same quarter last year. The brokers found median prices that ranged from $795,000 to $849,000.

The decline shows a marked turn from the first quarter of 2009, when the year-over-year change in median home prices ranged from a loss of 2%...

]]> Sharp Price Drops in Manhattan Apartments http://www.millersamuel.com/press/view.php?V=1246548816jeYNB Thu, 02 Jul 2009 12:00:00 EDT Manhattan apartment prices fell sharply during the second quarter of 2009, as the limited number of deals struck during the darkest months of the economic downturn began to close, according to a series of market reports released Wednesday.

The number of closings fell more than 50 percent, and prices in some categories were reported down as much as 25 percent, compared with the same quarter in 2008. Sale prices were also down from those reported in the first quarter of 2009.

One report, by...

]]> Manhattan Real Estate Crashes http://www.millersamuel.com/press/view.php?V=1246549842gFHcM Thu, 02 Jul 2009 12:00:00 EDT The Case-Shiller numbers indicated that things are getting worse and worse for the New York region real estate market, and now we have Q2 data for Manhattan specifically, and it’s ugly.

According to the 2Q 2009 Prudential Douglas Elliman Manhattan Market Overview, put together by appraiser Miller Samuel, suggests the median price of a Manhattan home, whether it’s a condo or a co-op, fell by 25.6% in the quarter, with volume off 50%.

Here are their highlights:

Overview

The Manhattan...

]]> Curbed Roundtable: July State O’ the Market Report http://www.millersamuel.com/press/view.php?V=1246550364TZRuR Thu, 02 Jul 2009 12:00:00 EDT The Big Four have unleashed their second quarter Manhattan real estate market reports on the world, and when combined they make for one big maelstrom of misery, followed by what appears to be a bit of calm waters. The numbers differ, but Prudential Douglas Elliman (in a report prepped by Curbed graph guru Jonathan Miller), Corcoran (with PropertyShark’s Bill Staniford on board) and Halstead/Brown Harris Stevens (making in-house abacus operator Greg Heym work overtime) all report big losses in...

]]> Manhattan apartment prices skid 13 to 19 percent http://www.millersamuel.com/press/view.php?V=1246550477NTFrn Thu, 02 Jul 2009 12:00:00 EDT Apartment prices in the typically resilient Manhattan market plunged in the second quarter by the largest annual amount in decades, data released today show.

The median price fell between 13 and 19 percent from a year ago, according to four separate reports, and sales were off by half from last year’s totals.

“The city did a nosedive. There was virtually no business,” said Dottie Herman, president & CEO of Prudential Douglas Elliman, one of the largest real estate brokerages in New York....

]]> Manhattan apartment prices skid 13 to 19 percent http://www.millersamuel.com/press/view.php?V=1246550733mLhaq Thu, 02 Jul 2009 12:00:00 EDT Apartment prices in the typically resilient Manhattan market plunged in the second quarter by the largest annual amount in decades, data released today show.

The median price fell between 13 and 19 percent from a year ago, according to four separate reports, and sales were off by half from last year’s totals.

“The city did a nosedive. There was virtually no business,” said Dottie Herman, president & CEO of Prudential Douglas Elliman, one of the largest real estate brokerages in New York....

]]> Real-estate Market Reports: Closings and Prices Still Tumbling http://www.millersamuel.com/press/view.php?V=1246551211hOnyN Thu, 02 Jul 2009 12:00:00 EDT Second-quarter reports for Manhattan’s residential real-estate market are out today and here are the findings: It’s been a pretty brutal spring for sellers and brokers. Sales were down significantly from April to June of this year compared to the same period last year, and prices slumped. Some highlights (or, rather, lowlights):

• Closings tumbled as much as 60 percent, according to the Corcoran Group.

• Median prices for resales and new developments also sunk, per Jonathan Miller’s...

]]> Manhattan apartment sales cut by 50% in past 3 months http://www.millersamuel.com/press/view.php?V=1246552637spDcP Thu, 02 Jul 2009 12:00:00 EDT The economy is dealing a heavy blow to the once frothy Manhattan real estate market.

The number of apartment sales completed in April, May and June were cut in half, while prices sank again, according to several reports released yesterday by Manhattan real estate brokerage firms.

“The market is much weaker than last year,” said Jonathan Miller, CEO of real estate appraiser Miller Samuel, who prepared the report issued by Prudential Douglas Elliman. “Sales were off by 50% because of the...

]]> Rough Sale-ing in City http://www.millersamuel.com/press/view.php?V=1246552914PVThE Thu, 02 Jul 2009 12:00:00 EDT The free fall in Manhattan’s residential real-estate market continued through the most recent three months, with average prices falling by nearly a quarter compared with the white-hot market of a year ago, new market reports show.

The average sales price for an apartment in the borough dropped 24 percent, to $1,263,471, during the second quarter of the year, compared with the same period in 2008, according to a new market report by the real-estate firm Brown Harris Stevens, one of several...

]]> Manhattan residential sales: down and downer http://www.millersamuel.com/press/view.php?V=1246553127iTpMj Thu, 02 Jul 2009 12:00:00 EDT The Manhattan residential real estate market showed little sign of recovery during the second quarter. Median sale prices fell as much as 18.5% from the same period a year ago, while sales volume plummeted by at least 50%, according to a review of several industry reports released Thursday.

“Activity is half of the levels from a year ago,” said Jonathan Miller, chief executive of real estate appraiser Miller Samuel Inc. “It’s a function of the weak economy, rise in unemployment and...

]]> Back to the Future on Manhattan Housing: How This Movie Ends http://www.millersamuel.com/press/view.php?V=1246553318ZTJYc Thu, 02 Jul 2009 12:00:00 EDT The New York Times on the local housing market: “Even at the peak of the spring buying season, brokerage offices across the city have been eerily quiet, buyers have been holding out for steep discounts and the inventory of unsold apartments has been growing.”

That was June 1989. A years-long wave of co-op conversions had helped drive the market to dizzying heights, altering not only neighborhoods, seemingly forever, but the very perception of home ownership in New York. If you have family or...

]]> Manhattan Apartment Prices Drop as Lehman Hits Home http://www.millersamuel.com/press/view.php?V=1246553568PGHeq Thu, 02 Jul 2009 12:00:00 EDT Manhattan apartment prices dropped for the first time since 2002 in the second quarter as the collapse of Lehman Brothers Holdings Inc. and Bear Stearns Cos. caught up to property owners in the nation’s most expensive urban market.

The median price fell 18.5 percent from a year earlier to $835,700, New York appraiser Miller Samuel Inc. and broker Prudential Douglas Elliman Real Estate said today. The number of sales plunged by half, the most since Miller Samuel began keeping data in 1989....

]]> NY City apartment sales down over 50 percent http://www.millersamuel.com/press/view.php?V=1246553732xTCea Thu, 02 Jul 2009 12:00:00 EDT Manhattan apartment sales plunged more than 50 percent and the average price dropped 21.4 to 24 percent from a year ago, as the U.S. recession forced many who own a piece of the Big Apple to eat humble pie, several reports said.

The average price of Manhattan apartment in the second quarter slid to $1,312,920 down from $1,669,729 a year earlier, according to a Prudential Douglas Elliman Real Estate report released on Thursday. Most of the year-over-year decline occurred in the fall, when the...

]]> Manhattan apartment prices skid 13 to 19 percent http://www.millersamuel.com/press/view.php?V=1246554087FFfxD Thu, 02 Jul 2009 12:00:00 EDT Apartment prices in the typically resilient Manhattan market plunged in the second quarter by the largest annual amount in decades, data released today show.

The median price fell between 13 and 19 percent from a year ago, according to four separate reports, and sales were off by half from last year’s totals.

“The city did a nosedive. There was virtually no business,” said Dottie Herman, president & CEO of Prudential Douglas Elliman, one of the largest real estate brokerages in New York....

]]> Big Apple Home Sales Take a Hit http://www.millersamuel.com/press/view.php?V=1246554615WfLYc Thu, 02 Jul 2009 12:00:00 EDT

]]> Manhattan home sales off record 50 percent http://www.millersamuel.com/press/view.php?V=1246555606wSfjf Thu, 02 Jul 2009 12:00:00 EDT The second-quarter Manhattan market reports, released by city brokerages today, are a bizarre amalgam of unparalleled bad news — like significant price declines and record decreases in sales volume — and good news, such as more contracts and fewer price cuts.

Experts say the seemingly contradictory data reflects the springtime pickup in activity playing out against the backdrop of the continued real estate slump.

“Year-over-year, the numbers are very bad; I want to make that very clear,”...

]]> Curbed IMterview: Jonathan Miller Talks Second Quarter Report http://www.millersamuel.com/press/view.php?V=1246556288RPqpn Thu, 02 Jul 2009 12:00:00 EDT CurbedWire: So what’s the biggest piece of bad news?

JMillzInDaHouse: Well, it’s more like, what are they key stats for the quarter. The news wasn’t much of a surprise, its already a weak market

CurbedWire: BORING

CurbedWire: give us the most soul-crushing stat

JMillzInDaHouse: Sales activity down 50.3% YOY

CurbedWire: now give us the most it’ll-be-fine stat

JMillzInDaHouse: Man, you are all over the map here, ok

JMillzInDaHouse: Listing discount, the spread between contract...

]]> Manhattan Apartment Prices Skid 13 To 19 Percent http://www.millersamuel.com/press/view.php?V=1246572961LtiCE Thu, 02 Jul 2009 12:00:00 EDT Apartment prices in the typically resilient Manhattan market plunged in the second quarter by the largest annual amount in decades, data released today show.

The median price fell between 13 and 19 percent from a year ago, according to four separate reports, and sales were off by half from last year’s totals.

“The city did a nosedive. There was virtually no business,” said Dottie Herman, president & CEO of Prudential Douglas Elliman, one of the largest real estate brokerages in New York....

]]> NY City apartment sales down over 50 pct - reports http://www.millersamuel.com/press/view.php?V=1246573072cpwqW Thu, 02 Jul 2009 12:00:00 EDT Manhattan apartment sales plunged more than 50 percent and the average price dropped 21.4 to 24 percent from a year ago, as the U.S. recession forced many who own a piece of the Big Apple to eat humble pie, several reports said.

The average price of Manhattan apartment in the second quarter slid to $1,312,920 down from $1,669,729 a year earlier, according to a Prudential Douglas Elliman Real Estate report released on Thursday. Most of the year-over-year decline occurred in the fall, when the...

]]> Manhattan Housing Descent Has Begun http://www.millersamuel.com/press/view.php?V=1246573217lRhjI Thu, 02 Jul 2009 12:00:00 EDT The expansive staff here at Running of the Bulls have been of the opinion that if the national residential housing market was not at the bottom, then it is closing in on one.

However, we have been at pains to note that even though the national data may be in the process of bottoming, the regional data bore wide disparities. Florida and California, for example, were probably at a bottom. Manhattan, however, was just at the beginning of their descent.

And now, the Manhattan descent has...

]]> Market report king adds rentals to repertoire http://www.millersamuel.com/press/view.php?V=1246573432GsdRl Thu, 02 Jul 2009 12:00:00 EDT The most trusted name in New York City residential real estate statistics, Jonathan Miller, is finally releasing his long-awaited quarterly rental report.

Prudential Douglas Elliman is slated to publish its first-ever quarterly Manhattan rental market overview next Thursday. The report will be prepared by Miller, who is the president and CEO of Miller Samuel.

Miller has authored Elliman’s quarterly reports for real estate sales in Manhattan since 1994. Miller also produces Elliman’s...

]]> Condo market finally reflects today’s reality http://www.millersamuel.com/press/view.php?V=1246573674iOQoA Thu, 02 Jul 2009 12:00:00 EDT This round of quarterly market reports has finally begun to reflect the beating new developments took at the hands of the financial crisis this fall.

September’s Lehman Brothers crash is now several quarters behind us, long enough for contract signings from that time to begin to close (or not close, as the case may be.) Meanwhile, closings at 15 Central Park West and the Plaza are now mostly completed, allowing the reports for the first time to begin to show trends in pricing, not skewed by...

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