Yesterday Diana Olick, the housing reporter for CNBC sought me out to talk about the state of the New York housing market. I had short notice but the studio is located at 30 Rock which isn’t far from my office. It’s my second consecutive non-tie interview at CNBC so dammit I’m a rebel. We taped for about 20 minutes and then they used this portion of it in their show today.

Diana’s Realty Check blog has been on my blog roll for a long time so it was nice to get to speak to her before the interview.

Watch the video.


4 Comments

  1. Cheryl April 3, 2009 at 9:45 am

    You sounded great. Suit is too light though.

    • Jonathan J. Miller April 3, 2009 at 10:53 am

      Thanks – I agree, it was the sportcoat I wore into work – was on short notice. I’ll keep one at the office. 😉

  2. Richard Stabile Bergen County Real Estate April 6, 2009 at 11:40 am

    As you look around the country, all the areas that have dropped heavily in price have pick up in volume the past few months. Areas such as Florida, Arizona, Southern California and Nevada, are the areas that didn’t go up as much and have not come down as much are not seeing the same higher volume. The combination of price, interest rates and now mortgage availability seem to be making the difference.
    In many parts of the country the market volume has picked up. In Florida which is one of the hardest hit, volume is now up for 5 months in some areas. The same goes for Southern California, Nevada and many other areas. Bergen County has not been hit as hard as these areas and did not go up as much as they did. Bergen was lucky not to be that speculative of an area. The bottom has been forming in my opinion, although it is taking time, there is a lot of money coming back into the market from the federal government in many forms. It will really start to be felt in the next month or so.

    1. NYC is very high in price. It had a major run up and was the last to peak.
    2. The Dollar is still low.
    3. Treasury yields are low.
    4. Stocks were under pressure and most ran away.
    5. All income issues are either very risky with high yields or very low yields with less risk.
      However, even low risk has become questionable.
    6. Real estate may go lower but won’t disappear as paper assets may.
    7. Florida and the other hard hit areas, Southern California, Nevada and Arizona and other areas are rock in and rolling in volume increases.
    8. We the U.S. is still the safest place on earth!
      Real estate, with all the capital that has been coming in is in for a big turn around.
      I have been blogging it for 3 months or more that this is the bottom!

    Manhattan will wind down as other areas try to find their legs. There is no where to hide, when an Hydrogen bomb goes off. Yes, there was foreign money and Wall Street’s new rich. Both of which, are in trouble now. Fortunately for NYC is that the Jumbo’s are back. For quite a while Manhattan sales on the high end were all cash. Now there is financing available at reasonable rates. If the money keeps coming in and Wall Street is now finding its legs, the market will try to hold up. Most markets around the country are trying to bottom. I think Manhattan has a lot more to give back first. What it missed in time it will make up in price.

    • Jonathan J. Miller April 6, 2009 at 11:42 am

      Well said Richard – However, I think you are seeing seasonal improvement rather than structural improvement.

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