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I got to join the gang at Bloomberg Surveillance on Tuesday morning. Always fun and smart. The focus seems to be figuring out what the exit of this era of tight housing inventory looks like and when rents will come down since inflation is tangibly falling.

My journey to the city for the Bloomberg interview: catching the 5:49 am train – waiting in the green room – and working my way up the guest list to go on. 

Lisa Abramowicz pens a recap of her show’s morning guests covering inflation (which guides fed policy), which is really worth a read: Surveillance: Wall Street Exults ‘We’re Going to Win This Thing’

Wait for my complaint/joke at the end with Tom. Fun.

Tags: Tom Keene, Bloomberg TV, Bloomberg Surveillance, Lisa Abramowicz, John Ferro

Comments Off on Bloomberg TV – Yes. We Are In A Housing Crisis

I always have great conversations with Lisa Abramowicz, an anchor on Bloomberg Television’s Bloomberg Surveillance.

The TV clip captures about half the conversation. For the my full interview, check out the Bloomberg Surveillance Podcast.

Jonathan Miller, Miller Samuel President & CEO, says housing prices have leveled off.

Tags: Bloomberg TV, Listing Inventory, Bloomberg Surveillance, Lisa Abramowicz, Bloomberg Surveillance Podcast

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Had a wonderful, nearly 7.5-minute conversation with Vonnie Quinn on Bloomberg Television’s Markets today discussing how the housing market will likely look over the summer. The interview touched on the analysis in the Douglas Elliman Report series I author.

Some ‘inside baseball’ fun. I was connected to Bloomberg via Zoom from my home for this. If you look closely at the 5:15 mark, you can see my garage door open as my wife drives in. My wife panicked when watching this clip, thinking she would be on TV as she walked out of the garage, but randomly ended up using the other door.

Tags: Bloomberg TV, Vonnie Quinn, Douglas Elliman, Bloomberg Markets

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I joined Vonnie Quinn on Bloomberg Markets to talk about the results of my recent research for Douglas Elliman’s Elliman Report: Manhattan Sales Report Q4-2019. Always enjoy the conversation.

Tags: Bloomberg TV, Vonnie Quinn, Bloomberg Markets

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I got to speak with Lisa Abramowicz on her Bloomberg TV show “Money Undercover” yesterday. She is a great follow on Twitter. Best of all, I sat in a comfy chair.

Lisa mentioned the topic of “inventory loans” that developers are relying heavily on to limp to the next upcycle with lots of unsold inventory. Hedge funds have dived headfirst into this space, even developers who are in good financial state are lending money on unsold condo inventory. These loans are another way that financial engineering prevents the market from healing in the long run. This loan product reminds me of the actions of the Fed and FDIC a decade ago whose policy changes allowed banks to avoid “mark to market” so they wouldn’t be insolvent on their balance sheet. The goal is to sit and pretend everything is alright until enough time passes when everything becomes okay again.

While the interview was occurring, a real estate agent I know was walking down the street and saw me being interviewed via television sitting in a bank window. He emailed me a picture of it with a chuckle. The agent said he couldn’t hear what I had to say but hoped the news was good. Well, it is good news for South Florida property sellers.

Tags: Bloomberg TV, Lisa Abramowicz, Money Undercover, inventory loans, condo inventory

Comments Off on Bloomberg TV 12-3-19: Super Luxury Oversupply

I had a nice chat with Vonnie Quinn of Bloomberg Television on Monday concerning the state of the Manhattan housing market, following a highly read Bloomberg article on the terminal covering our Elliman Report results for Q3-2019 as well as a followup on Bloomberg Radio here and here.

Tags: Bloomberg TV, Bloomberg Radio, Vonnie Quinn, Podcast, Elliman Report, Denise Pellegrini

Comments Off on Bloomberg TV 10-7-19: Manhattan Pivots

After the publication of the Elliman Report for Q2-2019 Manhattan Sales, I was asked to join Cheddar anchors Kristen Scholer and Tim Stenovec on the floor of the exchange on Wednesday morning.

When I came through security, the guard at NYSE asked me “when was the last time you visited the NYSE?” and I said, “about 10-12 years ago.” He looked it up to confirm and deadpanned, “I’ll bet you remember that I was the guy that took your picture in 2007, right?!?! He and his colleague and I all had a good hard chuckle over that. Moments like this are what I love so much about my job.

Back in 2007, I was interviewed by Erin Burnett (now CNN) and Mark Haines (sadly passed away in 2011) at CNBC on the balcony overlooking the exchange floor. It was a tight fit on the balcony so I got to sit near the president of the Russian natural gas conglomerate Gazprom and his dozen very large bodyguards. It was very crowded. While he was being interviewed I thought to myself, there is no amount of money in the world I would take to live with that kind of personal risk every single day.

No such worries today. Kristen and Tim were terrific to speak with and I appreciated the invite.

Tags: Bloomberg TV, CNBC, Cheddar, NYSE, Kristen Scholer, Tim Stenovec, Erin Burnett

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This week’s Bloomberg Trifecta…

After the publication of our Q1-2019 Manhattan Sales Report for Douglas Elliman, there was a coverage by Bloomberg (and others): Bloomberg reporter Sydney Maki, anchor Vonnie Quinn on Bloomberg TV and a subsequent drive-time Bloomberg Radio interview with Denise Pellegrini.

(For a more detailed analysis with charts, commentary and reports, subscribe to my weekly Housing Notes, published on Fridays.)

Tags: Bloomberg TV, Bloomberg Radio, Vonnie Quinn, Bloomberg News, Elliman Report, Douglas Elliman, Denise Pellegrini, Sydney Maki

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For the record, this is the first time I recall using the word “cognizant” on national television. A personal lexicon triumph.

There has been a lot of fanfare about the new Related Companies ‘Hudson Yards‘ mixed-use development being created over the West Side Yard in Manhattan and is connected to ‘The Highline.‘ The centerpiece or “hook” is a $2 billion mall in the middle of the complex. While ‘malls’ are generally a non-starter in Manhattan, there is a successful precedent. The same developer built Time Warner Center at Columbus Circle (southwest corner of Central Park) nearly twenty years ago and it was considered a significant success. I used to live two blocks to the west of Time Warner Center and it was a pretty rough area at the time but that submarket has been significantly upgraded.

Related has pushed out a media blitz on the mall opening this week. It is important to note that NYC gave Hudson Yards more tax breaks than were proposed for Amazon in Long Island City. However, as Barry Ritholtz writes in his excellent comparison between the two deals (LIC v. Hudson Yards) offered by the city. Related seemed to do this deal right and Amazon came across as greedy in the end.

The $3.4 billion dollars committed to parks, subways, etc. in the Hudson Yard project is exactly what the government is supposed to do. You can create incentives for companies to relocate in a way that directly benefits every taxpayer in the region. The incoming company could have burnished their reputation as a good corporate citizen, instead of being perceived as rapacious and greedy.

Here is a rendering of the completed Hudson Yards. I think it looks spectacular. And don’t forget ‘The Vessel.‘

[Source: DeZeen]

Teachable moment for condo development naming strategies that include a company: Don’t do it.

The Time Warner precedent-setting mall scenario included a condo offering plan circa 2000 named “AOL Time Warner Center” and then the project was renamed “Time Warner Center” after they sold off AOL (Someone named Jonathan Miller took over AOL strangely enough). Deutsche Bank is replacing Warner Media as the anchor tenant in 2021 so the project will be renamed for the new tenant. However, Deutsche Bank has been having its share of financial problems and is considering a merger with Commerzbank. Uh-oh.

Perhaps that’s why Related went with ‘Hudson Yards.’ 😉

Tags: Bloomberg TV, Vonnie Quinn, Barry Ritholtz, The Related Group, Hudson Yards, Bloomberg Markets, Guy Johnson, Time Warner, Deutsche Bank

Comments Off on Bloomberg TV 3-11-19: The Malling of Hudson Yards

Just before I stepped on the set, I got to look at the Bloomberg file photo taken at my office about 15 years ago (I think I’ve aged gracefully) but I was also called out for it.

Was the last time you were on Bloomberg Markets 1995? That headshot…— Hiten Samtani (@hitsamty) January 17, 2019

Here’s the interview along with a cameo by Sam Zell, lol!

Tags: Bloomberg TV, Scarlet Fu, Bloomberg Markets, Caroline Hyde

Comments Off on Bloomberg TV 1-17-19: The Northeast to South Florida Housing Market Connection Explored

I had a nice reflective discussion with Scarlet Fu and Caroline Hyde, reflecting on two milestones in New York City – 9/11 and the financial crisis.

Miller Samuel CEO Says Credit Conditions Haven’t Normalized Since Lehman
September 11th, 2018, 3:48 PM EDT
Jonathan Miller, president and chief executive officer of Miller Samuel Inc., takes a look at the state of the U.S. housing market 10 years after the financial crisis of 2008. He speaks with Bloomberg’s Caroline Hyde and Scarlet Fu on “Bloomberg Markets: The Close.” (Source: Bloomberg)

Tags: Bloomberg TV, Scarlet Fu, Manhattan, Bloomberg Markets, Caroline Hyde

Comments Off on Bloomberg Markets TV: September 11, 2018, Looking back at 9/11 and the Financial Crisis

I enjoyed my sit down with Vonnie Quinn and Shery Ahn on Bloomberg Markets yesterday. The discussion focused on the release of the Elliman Report: Q2-2018 Manhattan Sales that I have authored since 1994 and the Bloomberg story that covered it.

Tags: Bloomberg TV, Vonnie Quinn, Manhattan, Elliman Report, Bloomberg Markets, Shery Ahn

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