North America Business Correspondent Guto Harri of BBC Radio interviewed me at my office on the state of the housing market recently. He also speaks to a wide array investors and economists in this segment and provided a perspective of the US property market from outside the US.
Its always fun to do radio.
To hear the broadcast (5:38), click here.
Tags: Television, Radio
Here is a clip of my appearance on today’s Morning Call show on CNBC.
I was guest along with Nicolas Retsinas, the Director of Harvard’s Joint Center for Housing Studies. We were interviewed by Mark Haines who was great.
As it always is the way on television, there was not enough time for the topic but it was fun to do.
Tags: CNBC, Harvard JCHS, Television
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Public
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Troy McMullen from the Wall Street Journal interviewed me for a clip on property stigma and its impact on value in front of the Bartha townhouse that exploded last month in Manhattan.
It was a companion piece to his extensive article on property stigma that appears in today’s front page Personal Journal section of the Wall Street Journal called The Scandal Effect: Troy McMullen on how messy divorces, murder and mayhem influence the price of real estate.
I think this will also be shown at 11:30am on Sunday, WCBS Channel 2 in New York.
View the interview [Miller Samuel]
View the interview [WSJ]
Other Matrix posts on property stigma.
Tags: Television
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Public
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Here is a clip of my appearance on the Bloomberg Television show On The Economy. I spoke about the recent release of my company’s 2Q 2006 Manhattan market study. [about 5 minutes]
The quarterly market report pretty much absorbs two weeks of my time before release. It will be good to get back to more postings on Matrix!
Of course, the folks at Sellsius had a better image of me.
Tags: Television
Here is a clip of my appearance on the Forbes.com Video Network yesterday (you can skip the commercial intro) in a segment called Building Balance. I spoke about the recent releases of weak home builders forecasts, investor activity and general trends. [about 4 minutes]
Tags: Television, Forbes
Here is a clip of my live appearance on the Friday afternoon edition of Studio B with Shepard Smith on Fox News. [note: a better edited version will be posted Monday]
I spoke about baby boomers buying vacation homes as retirement vehicles.
Here are some random facts or insights that I collected prior to the show:
About 15% of transactions at our firm are second home purchases. In New York City, they are known as pied-a-terres. But they are just as common in Vermont, Florida, North Carolina, Nevada, etc.
People tend to spend less on second homes than on their primary residence. The national median price for vacation homes is $204,100, while for all homes the median is about $220,000. That means vacation homes national median price is 7.2% less than the price of all homes.
When you take a vacation you don’t need the same amount of space because you’re going to be outside skiing, swimming, or whatever. And the idea is that when you retire you don’t need the same sized house as when you had the kids.
In 2005, the NAR reports that 12.2% of home purchases were vacation homes, and 27.7% were investment properties. Some of the investment properties could end up as retirement homes later. 60.1% were primary residences.
Nationally, vacation home sales in 2005 increased 17% over the prior year, to a record of 1.02 million vacation homes, according to the NAR. Those numbers are being driven by baby boomers.
There are 72 million primary homes in the U.S. and 6.6 million vacation homes.
Baby boomers are in their prime earning years. We still have historically low mortgage rates, and it has allowed people to look at a second home.
Baby boomers are inadequately prepared for retirement and are looking at their home, second home, or land as an investment that will pay off later and that can enjoy now.
Baby boomers have expanded the quality of their own lifestyle with less of an eye towards their retirement. That’s why so many are unprepared for retirement. A second home is both a way to prepare and a way to further improve their lifestyle.
The fact that a second home is a tangible asset that they can physically use when they retire or take a vacation has a strong appeal, over investing in stocks for example.
The sales volume is expected to be high over the next decade due to Baby Boomer demographic.
Most buy second homes within 200 miles of their primary home. Beaches or waterfront areas are most popular, then golf, theme parks and winter recreation.
Before 1997, the only way to avoid capital gains in the same of a home was to trade-up. So, people would downsize an existing home and use the proceeds to buy a new primary home and new second home.
Average Home Size Is Growing: 1950: 963 1970: 1,500 2005: 2,400
Average Lot Size Is Shrinking 1980: 9,000 2005: 8,000 That may also be encouraging people to purchase vacation homes, where they can enjoy the outdoors more.
Tags: Television
Here is the clip of my appearance on Tuesday’s morning edition of Squawk Box on CNBC.
I spoke of market conditions in the northeast (ok – I know Washington DC is mid-Atlantic, but they asked for it).
Fun stuff.
Tags: CNBC, Television
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Public
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I’ll be on Tuesday’s morning edition of Squawk Box on CNBC. I’m tentatively scheduled to be on at 7:40am (May 2, 2006).
I’ll be discussing the current state of the residential real estate market, east coast real estate trends, specifically New York. I believe they are doing a daily segment with representatives from different parts of the country. This morning Brad Inman will their guest.
Tags: CNBC, Television
I’ll be on Tuesday’s morning edition of Squawk Box on CNBC. I’m tentatively scheduled to be on at 7:40am (May 2, 2006).
I’ll be discussing the current state of the residential real estate market, east coast real estate trends, specifically New York. I believe they are doing a daily segment with representatives from different parts of the country. On Monday someone will discuss the west coast markets.
UPDATE: Thats Tuesday, May 2, 2006 not April 25, 2006 as originally posted.
Tags: Television, CNBC
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TV, Videos
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Here’s couple of media spots I did recently. The first is part of a series of podcasts that The Real Deal does with various leaders within New York real estate industry. They are the first to use this medium in New York and its a great way to distribute information. The other is an interview I had with PBS on understanding value in housing. This one is more national in relevance.
[I know, I know, I am just an appraiser and this is shameless self-promotion.]
Here’s the 2nd and latest podcast with The Real Deal. Its a different format, more of a casual recap of the quarter instead of an interview. I hope to provide these every quarter if there is enough interest in them.
The fourth quarter Manhattan housing market report from appraisal firm Miller Samuel showed a drop-off in sales activity of 21.2 percent and a slight rise in the average number of days properties are staying on the market. At the same time, both the average and the median sales prices for a Manhattan apartment increased – and the borough’s average sales price per square foot set a record.
So, what exactly is going on in the housing market? Miller Samuel CEO and president Jonathan Miller, in a special podcast for The Real Deal, breaks down his firm’s heavily watched report.
The conversation with Miller is part of The Real Deal’s regular podcast series. To listen to the entire interview, click one of the links below.
MP3 Version
Podcast (RSS) Version
Here’s the segment I did for American Media/ PBS on what to consider when buying a house. You need windows media player to watch it.
Tags: PBS
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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.
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