Miller Samuel Real Estate Appraisers & Consultants

Matrix Blog

Development, Construction, Architecture & Land

Home, Sweet, Condo?

by Jonathan Miller | @jonathanmiller
August 18, 2005 | 10:20 pm | |
SHARE:

Wall Street Journal Boom Bubble Bust Credit, Finance, Mortgage, Rates Development, Construction, Architecture & Land Economy Government, Politics, Regulations & Policy

According to this article from the Real Estate Journal [Note: Subscription], condo prices exceeded single family home prices for the first time ever in early 2005.

Condo Facts
* Condos leapt to prominence after the 1961 Housing Act enabled the [FHA](http://www.investorwords.com/1904/Federal_Housing_Administration.html) to insure mortgages on the units.
* 970,000 condos were sold nationwide in 2004
* 1 out of 7 existing home sales are condos
* national median condo sales price is $223,500
* national median home sales price is $218,600

Why are the overall condo prices higher than houses?

With the resurgence of urban areas and a decline in “nuclear” families (40% in 1970 to 24% in 2000), condos have increased in demand.



Areas of Concern
Now there is concern that the change is more than demographics, that [condo prices are rising too fast [Note: WSJ Subscription]](http://online.wsj.com/article/0,,SB112433219383716375,00-search.html?KEYWORDS=behind+zooming+condo+prices&COLLECTION=wsjie/archive) as a result of speculators and investors favoring them over housing.

With great investor concentration in condos, could infer that the single family housing market has the potential to be less volatile in a market down turn.

Tags:

Comments Off on Home, Sweet, Condo?

Supersized Housing With More Amenties

by Jonathan Miller | @jonathanmiller
August 14, 2005 | 4:39 pm | |
SHARE:

Wall Street Journal Boom Bubble Bust Development, Construction, Architecture & Land Government, Politics, Regulations & Policy Statistics, Metrics & Data

According to the US Census, the average size of a house in the US is 2,349 square feet, up almost 300 square feet from 1990. We are seeing larger homes coming into neighborhoods called Faux Chateaus [Note: Subscription] or McMansions [Note: Paid Subscription].

Its not just the size thats increasing in new construction, more amenities are being added.

This trend tends to overshadow pricing in the housing market. Larger housing skews the overall market statistics, both median sales price and average sales price, so the rise in prices would be overstated.


Tags: ,

Comments Off on Supersized Housing With More Amenties

Addition Of New Housing Units Described As Evidence Of Population Growth

by Jonathan Miller | @jonathanmiller
August 8, 2005 | 10:26 am | |
SHARE:

Crain's New York Business Development, Construction, Architecture & Land Government, Politics, Regulations & Policy Statistics, Metrics & Data

According to Crain’s New York Business, the city is filing suit against the Census Bureau [Note: Subscription] arguing that the addition of housing units was evidence that the population expanded since 2000, rather than contracted.

Its an interesting argument since the demand for housing has been particularly robust which can not solely be driven by low mortgage rates and changing demographics.

Tags: ,

Comments Off on Addition Of New Housing Units Described As Evidence Of Population Growth

Some Sellers Cut Prices On Their Luxury Homes

by Jonathan Miller | @jonathanmiller
August 8, 2005 | 9:39 am | |
SHARE:

Wall Street Journal Boom Bubble Bust Development, Construction, Architecture & Land

According to a WSJ.com article, some sellers are cutting prices on their luxury homes. Since this sector has been the target of new development for several years, it follows that the luxury market would see less of a “froth” than the balance. Unfortunately for developers, the luxury sector sees the highest margins.

Anecdotally, I think that media coverage of high end sales has probably induced sellers to out price the market. In other words, list prices saw greater appreciation than sales prices. I would expect to see an increase in negotiability and an expansion in marketing times in this sector until supply is absorbed.

However, I don’t hold out much hope for that as mortgage rates saw steady gains over the past 6 weeks.


Tags:

Comments Off on Some Sellers Cut Prices On Their Luxury Homes

Making Sense of Manhattan – Panel Discussion at the 92nd St Y

by Jonathan Miller | @jonathanmiller
August 7, 2005 | 10:05 pm | | Public |
SHARE:

Boom Bubble Bust Development, Construction, Architecture & Land Government, Politics, Regulations & Policy Adventures in Media & Marketing Douglas Elliman

Making Sense of Manhattan @ the 92nd Street Y

After the positive feedback received for last year’s panel discussion of the same name, Braddock & Purcell (Kathy Braddock and Paul Purcell) are again hosting the same panel members at the 92nd Street Y this fall.

Last year Paul Purcell asked tough questions of all three panelists: Pamela Liebman, Alan Rogers [former Chairman of Douglas Elliman] and yours truly. I have learned a lot from Pam, Alan and Paul over the years and anticipate that this second edition of the panel will be equally, if not more informative.

Apparently the 92nd Street Y did as well because they booked a [larger auditorium!](http://www.92y.org/seating/kaufmann_seating.asp)

Tags: , ,

Comments Off on Making Sense of Manhattan – Panel Discussion at the 92nd St Y

Newsletter Signup:

About Jonathan Miller

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) designation, is an Appraiser “A” Member of the Real Estate Board of New York, and is a member of RAC.
Learn More...

Subscription Service Coming Soon

You'll be able to choose from an array of robust housing metrics compiled using research developed during the preparation of our market report series. Expanded significantly from prior offerings, use this resource to build charts and custom data tables or leverage your own information for more powerful research and presentations.

In the meantime, here is a small sample of the aggregated data we will provide.

“Jonathan Miller: One of the most famous appraisers in America today.” –Phil Crawford, 'Voice of Appraisal' Radio Show

Columns by Jonathan Miller

Forbes ('20-)
forbeslogo

Appraisersblogs ('17-)
appraisersblogslogo

'Three Cents Worth' column 3CW ('05-'16)

When Curbed was acquired by Vox, my eleven years of 3CW chart art and column links were broken on Curbed NY, Curbed DC, Curbed Miami, Curbed Hamptons, Curbed LA, and Curbed Ski.

Many of my 3CW charts can be found here:
Curbed 3CW Full Chart Archive

Op-ed column ('14-'15)
BloombergViewlogoGray

'Economic Spotlight column ('03-'09)
Crains-NY-logo250

New York Times experiment ('08-09')
nytimestopicsheader

Huffington Post (09')
Huffington_Post_Logo

Additional Information

howtovaluethumbFavorite "How to Value" Posts

Matrix Post Categories

Matrix Blog Monthly Archives

Matrix Blog

Bloomberg's Masters in Business: Jonathan Miller on High ...

I joined my friend Barry Ritholtz of RWM and of The Big Picture on his Bloomberg Radio MIB podcast for the sixth time since 2014. Here’s the transcript, my book recommendations, as well as the full podcast version below: Here… Read More

Previous Blog Posts

Charts

Brooklyn Rental Listing Inventory by Month [Average from 2010]

All Charts

Housing Notes

September 15, 2023 - Manhattan Record Rents ...

Free Subscription

© 2023 Miller Samuel Inc. | site by Out:think Group | Privacy Policy | Legal | Employment Opportunities

Get Weekly Insights and Research

Housing Notes by Jonathan Miller

Receive Jonathan Miller's 'Housing Notes' and get regular market insights, the market report series for Douglas Elliman Real Estate as well as interviews, columns, blog posts and other content.

Follow Jonathan on Twitter

#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
NYC CT Hamptons DC Miami LA Aspen
millersamuel.com/housing-notes
Joined October 2007