I was interviewed for the U.S. version of one of China’s largest TV networks – CGTN America (formerly CCTV) on the state of the Manhattan luxury housing market and that $238 million condo sale that set the U.S. price record at 220 Central Park South.
Yes, it’s the real estate topic that won’t die.
Tags: 220 Central Park South, Luxury, Ken Griffin, $238 million, CGTN America, Karina Huber, Donna Olshan
With all the hubbub about the new Manhattan residential price record of $238 million and potential ramifications, I wanted to create a chart to give readers a sense of how disconnected this sale is from the prior records, and from housing prices for mere mortals in already one of the highest priced housing markets in the U.S.
I have done this before, first in 2012 when the famed $88 million penthouse sale at 15 Central Park West launched the global “super luxury” “aspirational pricing” phenomenon and the subsequent 2014 Michael Dell penthouse sale at One57 of $100.5 million.
But this time, given that this new sale would require a chart that was more than double the height of the 2014 chart, I could not find an affordable graphics app that could capture my Excel chart but create an image (png, jpg, etc.) with small enough resolution to be legible, yet still be small enough in size to be accepted by WordPress.
My solution? Make a screencast video.
To watch this, first, pack a lunch. Then, click here or on the snapshots below of the top and bottom segments of the tall chart to play the video.
Then relax and watch me start scrolling. It provides some useful context and is pretty cool despite the poor audio quality:
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Tags: tallest chart, Ken Griffin, $238 million
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Douglas Elliman published our research today covering Queens sales, Brooklyn sales Westchester/Putnam sales as well as the rental market for Manhattan Brooklyn & Queens. You can download the reports and more at Douglas Elliman’s market report page.
Like last week’s Manhattan report, there were lots of records set and it wasn’t simply the influence of high end sales – prices were up across the board in most markets.
Incidentally, the Bloomberg News article that covered record Queens condo sales was the second most emailed story world-wide. It stoked more interest than the finance crisis in Greece and the recent Chinese stock market gyrations. Apparently only “investors with satellites” was a more popular read.
Idea (?) for next quarter: Talk about drones and investors in the Queens housing market.
Tags: Greece, most emailed, Chinese stock market
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TV, Videos
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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
Last Thursday, the 2Q 2015 Manhattan Sales Report we prepared for Douglas Elliman (part of the Elliman Report series I’ve been writing for 21 years) was published.
I spoke at length about the report in last Friday’s Housing Note: What Greek Debt Crisis? Manhattan Set A Record Number of Housing Records.
You might considering signing up for it. I clear my mind of all the housing clutter accumulated during the week into a thought piece that tries to make sense of what is going on. It’s got plenty of humor and sarcasm, but most importantly, it has plenty of understandable insights, data and charts.
Sign up here as thousands of others have. It’s free and best of all, you’ll make me happy. Even better, if you like it, share it with others.
But I digress…
There were lots of Manhattan records set in 2Q 2015. Here’s a partial list I created for last Friday’s Housing Note: What Greek Debt Crisis? Manhattan Set A Record Number of Housing Records.
Co-op/Condo
Highest Average Sales Price
Highest Average Sales Price – New Development
Highest Average PPSF – New Development
Highest Median Sales Price – New Development
Highest Average Sales Price – Resales
Largest Average Square Feet – New Development
Highest 2-Bedroom Median Sales Price
Highest Median Sales Price 5th Quintile
Highest Median Sales Price 2nd Quintile
Highest Median Sales Price 1st Quintile
Co-op
Highest Average Sales Price
Highest Median Sales Price
Highest Median Sales Price – Resales
Highest Average PPSF – Downtown
Highest Median Sales Price – 2-Bedroom
Highest Average Sales Price – 2-Bedroom
Highest Average PPSF – 4+ Bedroom
Highest Median Sales Price 5th Quintile
Highest Median Sales Price 4th Quintile
Highest Median Sales Price 3rd Quintile
Highest Median Sales Price 2nd Quintile
Condo
Highest Average Sales Price
Highest Average Sales Price – New Development
Highest Average Sales Price – Resales
Highest Average PPSF – Resales
Highest Median Sales Price – Resales
Highest Median Sales Price – Studio
Highest Median Sales Price 5th Quintile
Highest Median Sales Price 4th Quintile
Highest Median Sales Price 1st Quintile
Loft (Co-op+Condo)
Highest Average PPSF
Highest Average Sales Price – Resales
Highest Average PPSF – Resales
Luxury (Co-op+Condo) – Top 10%
Highest Average Sales Price
Highest Average Sales Price – New Development
Highest Median Sales Price – Co-op
Highest Median Sales Price – Condo
Highest Median Sales Price – Resale
Tags: Housing Note
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TV, Videos
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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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Charts
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Read my latest Bloomberg View column How Long Before a Home Lists for $1 Billion?. This post went #1 on the Bloomberg Terminal and on the public facing BloombergView.com site for about a day and a half. Crazy.
Here’s an excerpt…
When a Los Angeles hilltop home that’s under construction was recently priced at a record half-billion dollars, it looked like a one-off in excess. The same thought occurred to me late last year when real estate investor Jeff Greene, who won big betting against the housing market before the financial crisis, priced his renovated Beverly Hills, California, home at $195 million…
My Bloomberg View Column Directory
My Bloomberg View RSS feed.
Tags: List, highest list price, Jeff Greene
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When I was called by Bloomberg News about a new Bel Air (LA) listing that was asking $500m and another one down the block by the same architect but different developer at around $400 million, my initial reaction was laughter. I wasn’t doubting that there could be a buyer somewhere out there somewhere…but rather at the absurdity of it. It also seems like a strike against it to have a nearby home done by the same architect, no?
As I told a bank executive/client this morning that it’s clearly a strange world when someone builds spec housing for a handful of buyers worldwide and no houses in the local market have ever sold close to half the proposed asking price (including Jeff Greene’s $195 million listing that has been on the market since December.)
At a combined $100k square feet (main house + 3 smaller houses), it will be bigger than “Versailles” a 90k square foot house outside of Orlando, Florida that was the subject of the documentary “Queen of Versailles.”
According to NAR, the U.S. median home sales price is currently $219,400.
If the Bel Air home is sold, it is doubtful this would end up as someone’s primary residence. Perhaps we should label this type of asset as something else besides a “home?”
How about a Palace?
That’s what the architect suggested:
“It’s very similar to a palace,” he said. “The house is about public functions rather than domestic living.”
Tags: Queen of Versailles, highest list price, Nile Niami, Christie’s International Real Estate, Paul McClean, Jeff Greene, NAR, National Association of Realtors
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Charts
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It’s time to share my Three Cents Worth (3CW) on Curbed Ski, whether I’m on the trail or in the base lodge of a ski mountain near you…or I’m in the lift line taking notes with my gloves off.
Check out my 3CW column on @Curbedski:
For my first Three Cents Worth column on Curbed Ski, I felt compelled to provide a look at one of the priciest ski towns around: Aspen, Colorado. As a real estate analyst and appraiser for nearly 30 years (and a skier, of course!) I have relied on information culled during the research for the quarterly housing market report for Douglas Elliman. In Aspen, the first quarter of 2015 reflected a thorough shift towards larger home sales resulting in large aggregate housing prices gains…
[click to expand chart]
My latest Three Cents Worth column: Three Cents Worth: Aspen Real Estate Has Had Many Peaks, But It’s Not Peaking [Curbed]
Three Cents Worth Archive Curbed NY
Three Cents Worth Archive Curbed DC
Three Cents Worth Archive Curbed Miami
Three Cents Worth Archive Curbed Hamptons
Three Cents Worth Archive Curbed LA
Three Cents Worth Archive Curbed Ski
Tags: Three Cents Worth, 3CW, Curbed Ski, Ski
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Charts
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It’s time to share my Three Cents Worth (3CW) on Curbed NY, at the intersection of neighborhood and real estate in the capital of the world…and I’m here to take measurements.
Check out my 3CW column on @CurbedNY:
Finally, after nearly two years of referring to the $88 million sale at 15 Central Park West as the “highest Manhattan residential sale on record,” we get a change of scenery. A new record was set with the $100.47 million sale of the penthouse at One57 recorded late last week. Timing is everything, although, in this case timing really wasn’t. I believe this sale went to contract in 2012, which would be shortly after the $88 million sale went to contract in December 2011 and closed in early 2012. While these super luxury sales are more of a circus sideshow and have little, if anything, to do with the vast majority of the Manhattan housing market, I find them surreal to consider…
[click to expand chart]
My latest Three Cents Worth column on Curbed:
Three Cents Worth: Proving New York’s Blockbuster $100M Sale Is An Outlier [Curbed]
Three Cents Worth Archive Curbed NY
Three Cents Worth Archive Curbed DC
Three Cents Worth Archive Curbed Miami
Three Cents Worth Archive Curbed Hamptons
Tags: Curbed NY, Tall Tower, Breaking Excel
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Charts
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Read my latest Bloomberg View column Living the High Life.
Please join the conversation over at Bloomberg View. Here’s an excerpt…
Never have so many residential buildings had such lofty aspirations. Based on the number of stories in buildings worldwide that are more than 650 feet (200 meters) high, we’re in the midst of an edifice eruption. An even bigger surge is forecast for next year. The interest in what might be called pinnaclenomics has been driven by capital seeking higher returns in hard assets like luxury real estate in the world’s financial centers — especially in developing nations….
Some other related content on the tall building phenomenon:
My Bloomberg View Column Directory
My Bloomberg View RSS feed.
Tags: Curbed NY, edifice eruption, pinnaclenomics, Prashant Gopal, Oshrat Carmiel, John Gittelsohn
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Read my latest Bloomberg View column The $10 Million Home, Never Hotter. Please join the conversation over at Bloomberg View. Here’s an excerpt…
As the U.S. housing market cools from last year’s overheated state, sales of homes at the top haven’t been following the same script. Prices and sales at the upper reaches are soaring…
My Bloomberg View Column Directory
My Bloomberg View RSS feed.
Tags: $10 million
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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) designation, is an Appraiser “A” Member of the Real Estate Board of New York, and is a member of RAC.
Learn More...
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.
Forbes ('20-)
Appraisersblogs ('17-)
'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)
'Economic Spotlight column ('03-'09)
New York Times experiment ('08-09')
Huffington Post (09')
Favorite "How to Value" Posts
Recent Comments on Matrix