Adding Drama To The Housing Market

August 25, 2023

With all the housing market chaos in the past several years with the global pandemic, a pivot in Fed policy, and ransomware attacks on national MLS systems, we can always add more drama, right?

And speaking of drama, today has a shorter Housing Notes than usual since I have to get a flat tire fixed so I can drive to Massachusetts to attend a Pixies concert this weekend.

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Did you miss last Friday’s Housing Notes?

August 18, 2023: Housing: Hate To Say I Told You So

But I digress…

Zillow deleted sale at 12:15 pm Friday Donald J. Trump’s Mar-A-Lago Was Reported As Sold On Zillow For $422,000,000 In August?

This is shown on Zillow, but it probably wasn’t“sold”…

I looked at the MLS and the assessor’s office as of 1pm today and there is no record. If true, it would be the biggest sale in U.S. History, but according to this web site (which I have no idea of its accuracy), it wasn’t sold – it was transferred to one of his sons per the web site. Weird.

It appears Donald Trump may have merely transferred the ownership of his Mar-a-Lago estate to his son not long before his arrest, according to online property records.

Sorry for the unverified information, but I felt it was worth noting with the heightened interest in the former president this week and the fact that the sale appears in Zillow. I track U.S. sales ≥ $50 million, and I was initially excited to add another big sale to my list, but no such luck! Here are the 2023 Palm Beach closings ≥ $50 million on my list:

And here are the recorded properties of any type in August as of 1pm today:

UPDATE The Shiny Sheet reported that:

Real estate website Zillow had said Mar-a-Lago in Palm Beach was sold Aug. 4 for $422 million, although that information was later deleted. Donald Trump’s son Eric reportedly has denied any such sale.

Zillow removed the sale from the website at 12:15 pm Friday.

Sigh.

A Snapshot Of The Five Boroughs of NYC

By merging the results of the individual market reports I provide for Douglas Elliman: Manhattan, Brooklyn, and Queens and the NYC ACRIS data to crunch Staten Island and The Bronx, I came up with this report.

A Recap Of The Five Boroughs Of NYC In Charts Through Q2-2023

Fun!

The Rapattoni MLS Is Nearly Back After Ransomware Attack

Back on August 9th, the Rapattoni MLS system was subjected to a ransomware attack and no new data could be entered. They have a strong presence in Ohio and California.

What do agents and appraisers do when their primary data source is locked down? Markets freeze temporarily as new information is inaccessible. During this period, I heard that some brokers were telling buyers not to look yet, probably, partly because buyers’ agents could not see the dual agency agreements applicable to the listing.

What a mess – I am glad to hear the nightmare is just about over. It does make you think about sole dependency on one resource, though.

We Need To Build More Homes In NYC

I love this instagram feed – clear and concise…

News 12: NYC Rents Are High

Here’s a clip from News 12 covering our Douglas Elliman rental report for July.

I get a brief cameo. LOL.

Multi-family CRE – It’s About The Capital Stack, Not Vacancy

I love random insights from people I don’t know that make much sense.

Getting Graphic

My favorite housing market charts of the week of our own making

My favorite housing market/economic charts of the week made by others

Apollo’s Torsten Slok‘s amazingly clear charts.

Lance Lambert (@NewsLambert), @FortuneMagazine real estate editor has became a go-to resource for his terrific graphics and articles on the state of the housing market:

Kastle card swipe data charts

Remember that Kastle charts are overstating occupancy* because their pre-pandemic occupancy benchmark was 100% which is simply incorrect (*measures card swipe activity as a proxy for occupancy).

Len Kiefer‘s chart handiwork

My favorite random charts of the week made by others

Appraiserville

After the huge announcement of their new CEO by the Appraisal Institute last week, I hereby give all U.S. appraisers the week off. Ha.

OFT (One Final Thought)

Did I ever mention I was the yo-yo champion of my 5th-grade class? Maybe I didn’t advance further because I failed to embrace “Butterfly” style yo-yos. Here’s the Tom Brady of yo-yo competitors. Note the audience engagement.

Brilliant Idea #1

If you need something rock solid in your life (particularly on Friday afternoons at 2 p.m.) and someone forwarded this to you, , or you think you already subscribed, sign up here for these weekly Housing Notes. And be sure to share with a friend or colleague if you enjoy them because:

– They’ll be dramatic;
– You’ll wonder why they’re being dramatic;
– And I’ll be walking the dog on my yo-yo.

Brilliant Idea #2

You’re clearly full of insights and ideas as a reader of these Housing Notes. Please share them with me early and often. I appreciate every email I receive, as it helps me craft the following week’s Housing Note.

See you next week!

Jonathan J. Miller, CRE, Member of RAC
President/CEO
Miller Samuel Inc.
Real Estate Appraisers & Consultants
Matrix Blog
@jonathanmiller

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