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TV, Videos
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After I finished the Yahoo Finance interview last Thursday, I ran over to 30Rock and taped a segment for Nightly Business Report/CNBC on our Elliman Manhattan report release. Robert Frank, the wealth editor for CNBC, interviewed me remotely. These are pretty fun to do, especially because to get there, I have to walk next to Christmas Tree, Rockefeller Ice Rink and finally “The Tonight Show Starring Jimmy Fallon” set.
Tags: CNBC, Robert Frank, Nightly Business Report, Elliman Report, NBR
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TV, Videos
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This interview occurred back on the 18th and was posted on Housing Notes on October 19th in case you missed it.
Robert Frank of CNBC invited me to appear on the show. I’ve been on the show a half dozen times, especially during the housing bubble when I was always interviewed remotely in a dark room with an automated camera. This appearance was the first time on the actual set. The interview with Robert Frank and Andrew Ross Sorkin In keeping with their audience, it was all about the “trade” and focus on pricing which reminded me of the stock market-like thinking of housing from a decade ago. Sorkin asks…
“Should all New Jersey homeowners move to Florida?”
Afterward, I was standing next to Alan Greenspan, former Fed chair, in the makeup room after the interview to take my makeup off. Chatted with Diana Olick as well as I am in now “full name-dropper” mode. Here’s Robert Frank’s intro and then my interview:
Here’s what to watch as real estate drifts into two different markets from CNBC.
Tags: Diana Olick, CNBC, Robert Frank, Alan Greenspan, SquawkBox, Andrew Ross Sorkin
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There has been voluminous discussion in recent years about following and marketing to the high end of the demographic scale, especial the real estate market. It’s been the focus of much of the new housing development action of the past five years, especially in big U.S. coastal cities. The high end development market has been widely chronicled here and within my weekly Housing Notes newsletter.
For buyers in the super luxury housing market, owning multiple homes is less about a primary residence with a second home and more about owning “stops on the big circuit.”
And as the rich own a greater share of real estate, major cities like New York, Los Angeles and London are going through a kind of “resortification,” familiar to posh beach towns or ski resorts, as their populations become more seasonal.
For Manhattan, these birds are rare in February and squawking on all treetops (bad pun for super tall condo penthouses) at full capacity in June.
And no, I never liked that band.
Tags: Seasonality, Robert Frank, Wealth Report, Knight Frank, pied-a-terre, wealth, Douglas Elliman, second home
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[Source: WSJ]
A little over a week ago the WSJ’s Candace Taylor broke the story about 3 contiguous listings to be marketed together at the top of a 15-year old ground lease condo in Battery Park City for $118,500,000. At 15,434 square feet, that works out to $7,678 per square foot. CNBC’s Robert Frank provides more details in a video tour that was broadcast shortly after the story broke.
Normally I don’t bother to do the math on this sort of thing but after the Cityspire listing a while back, I thought I’d tweak my thinking a bit as the luxury market gets more than its fair share of confusing “milestones.”
Doing the Math
Here’s my listing price logic using content in the near viral news coverage of the record Battery Park City listing – I break down the 3 units:
$56,500,000 ($7,406/sqft) listing – 7,628 sqft 5-bed listed last year for 5 days and removed.
$11,700,000 ($3,330/sqft) purchase – 3,513 3-bed in April 2014.
$19,000,000 ($4,425/sqft) listing – 4,293 sqft 4-bed $23M January listing dropped to $19M, then removed.
$87,200,000 is the aggregate total for the 3 units that total 15,434 square feet ($5,640/sqft). The current list price of $118,500,000 represents a $31,300,000 premium for the combination of all 3 units before we might assume the millions in renovations to combine if you believe that the $87,200,000 total is what aggregate of the individual properties are worth.
Given the $3,330 ppsf recent sales price of the 3-bed and the unable to be sold for $4,293 ppsf after 6 months on market 4-bed and the not-market tested 5 day listing period 5-bed at $7,406, I can’t figure out how the listing agent gets to $7,678 ppsf as an asking price for all 3 together before the cost of renovation to combine? Perhaps the seller set the price.
The listing broker tells us that the pricing “is justified by the square footage“, as well as the views and building’s amenities.”
Got it.
Tags: Curbed NY, Robert Frank, Cityspire, Battery Park City, Steven Klar, Ryan Serhant, Candace Taylor
[click to play video]
Reporter Robert Frank spoke with me and pens a good piece on the Miami phenomenon and provides an interview for Street Signs. It’s worth a look.
No, not in the same way we saw one formed in the middle of the last decade.
In other words, Miami’s boom is not a broad-based market recovery driven by local families needing a home. It’s being fueled by a tiny top slice of super-rich overseas buyer looking for the latest hot investment.
They’re not buying their first home, or even their second or third. They’re investing in a stock with an ocean view.
25% of foreign investment of US real estate in Florida, most of it is in Miami.
“Most patient” capital
“Very discretionary”
Is the Miami Mansion Boom Becoming a Bubble? [CNBC]
Is there a bubble in Miami? [CNBC Street Signs]
Tags: CNBC, Robert Frank
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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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