Here’s a live feed from a locomotive on the Norwegian State Railway – try watching it for hours instead of getting ready for your holiday guests to come over.
But I digress…
A Record Number Of Record Sales in 2021 And The Year Isn’t Over
Back in 2014, I began to track U.S. residential home sales that closed at or above $50 million. I started to see signs that someone new was brewing in 2012 and 2013 with a slew of crazy high-priced listings. The effort has now morphed into a daily or weekly occurrence and it is clear that after eight years of collecting a steady streem of sales, it become a new market subset. Its a market of outliers, if you will, and representative of the rise in global wealth disparity. These sales have little to nothing to do with the local market they sit within. Additional sales continued to be captured after these stories were published about my list:
Super-Luxury Home Sales Surge Across U.S., Rising 35% in 2021 [Bloomberg]
Luxury Home Sales Grew by 35% This Year [Robb Report]
Super-luxury home sales in 2021 notched a record-shattering year [The Real Deal]
Mortgage Rates Drop To Close Out 2021
I can’t help but think that each time we have a new COVID variant outbreak, mortgage rates will fall or stop rising.
NYC City Market Conditions Have Come Back Sharply Since The Pandemic Lockdown
Here’s a five-borough market summary through the third quarter that we’ve created with comparisons to the prior quarter, prior year, and 2 years ago. That third quarter of 2020 looked very bleak across the city.
NYC Real Estate Market Residential Brief 3Q 2021 [Miller Samuel]
And here are a collection of NYC charts by borough…
New Manhattan Townhouse Chart Series
We currently publish an annual Manhattan Townhouse Report for Douglas Elliman (2021 will be released in about a month), but we also chronicle the Manhattan townhouse market with quarterly charts. They’re in our chart gallery and here’s a sample:
Getting Graphic
My favorite charts of the week of our own making
My favorite charts of the week made by others
Len Kiefer‘s Chart Handiwork
Appraiserville
(For earlier appraisal industry commentary, visit my old clunky REIC site.)
The past year has been an adventure for hard-working appraisers across the U.S. but I look forward to 2022 and have these thoughts to share:
– I thank all of my Appraiserville readers for their willingness to stay informed despite heavy work volume and for sharing their feedback (and documents!)
– I continue to be refreshed by the thought that many of you made a real difference in the fight against corruption of our national leadership.
– I’m fairly optimistic about the probability of TAF getting PAVED, bringing an end to TAF’s incredible byzantine bureaucracy, (including the writing of bat-shit crazy letters), that appraisers end up needlessly paying for while they also damage the public trust.
– I believe that work levels in 2022 will remain elevated but not as high as 2021 as mortgage rates edge up a bit. I don’t think that a little lower work volume is a bad thing for most of us. Many of my peers around the U.S. are getting burned out with the 24/7 volume.
– And most of all, I am energized and cherish the close friendships I have made in the process of bringing transparency to an industry that was once counted on for inaction by its “lone wolf” members. No more!
Best wishes for a wonderful holiday to all of you.
OFT (One Final Thought)
I loved this Pink Floyd documentary. Even if you’re not a die-hard fan, its only an hour but it captures the multiple phases of creative control among its personnel. I discovered the band in college and drove my roommates crazy as they were more interested in the glam rock of the late seventies like Journey, Styx, Boston, REO Speedwagon, etc. Perhaps the ability to annoy others is why I enjoyed Pink Floyd so much! P.S. Don’t ever call them “THE Pink Floyd.”
Brilliant Idea #1
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Brilliant Idea #2
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See you next week.
Jonathan J. Miller, CRP, CRE, Member of RAC
President/CEO
Miller Samuel Inc.
Real Estate Appraisers & Consultants
Matrix Blog
@jonathanmiller
Reads, Listens and Visuals I Enjoyed
- Mortgage Rates [Freddie Mac]
- Inside ‘Antiques Roadshow’ host Nicholas Lowry’s eclectic NYC home [NY Post]
- A lost ‘Champlain’ tower languishes in Surfside. Residents don’t know if they’re safe [Miami Herald]
- Scars on the Cities [City Journal]
- The Race Is On Between Multifamily Rental Increases And Inflation [Bisnow]
- Rents for single-family homes are rising three times as fast as they were a year ago [CNBC]
- In Amsterdam, a community of floating homes shows the world how to live alongside nature [Washington Post]
- The Pandemic’s Impact on NYC Migration Patterns [comptroller.nyc.gov]
- Supply Chain Disruptions and Housing Inventory [Calculated Risk]
- Plan for Bjarke Ingels-designed high-rises and public beach in Williamsburg is approved [6sqft]
- Mortgage Lender Sentiment Survey [Fannie Mae]
- Economy Finishes 2021 Strong; Inflation is Top Risk Concern for 2022 [Fannie Mae]
- Conforming loan limits draw scrutiny [HousingWire]
- 63% of 2020 Homebuyers Made an Offer Sight Unseen, Shattering Previous Record [Redfin]
- Ginormous NYC complex wins greenlight [NY Post]
- Sky-High Lumber Prices Are Back [Wall Street Journal]
- House proud [McKinsey]
- New York City Apartment Rents Exploded in 2021 [The Real Deal]
- You Love That House, but Should You Write a Love Letter? [NY Times]
- Build. Demolish. Repeat [The Property Chronicle]
- HFZ accused of racketeering, fraud on XI project in new lawsuit [Crain's New York]
- Ranked: Real Estate Returns by Property Sector (2012-2021) [Visual Capitalist]
My New Content, Research and Mentions
- World Price Growth Reaches a 17-Year High, Sarasota's Most Expensive Home and More [Mansion Global]
- 220 Central Park South Condo Sells to NYU Medical Dean [The Real Deal]
- Luxury Home Sales Grew by 35% This Year [Robb Report]
- Super-Luxury Home Sales Surge Across U.S., Rising 35% in 2021 [Advisor Perspectives]
- Super-luxury home sales in 2021: 'A phenomenon on steroids' [Boston.com & Globe.com]
- Ask an Agent: Memorable North Fork Real Estate Sales of 2021 [North Forker]
- Elliman Daily Podcast: Peter Hernandez Discusses Breakout Marketing | Friday Morning Drive [Apple Podcasts]
- Luxury Condominiums Lure Los Angeles Buyers to Hot Market [Yahoo Entertainment]
- Luxury Condominiums Lure Los Angeles Buyers to Hot Market [Variety]
- Westhampton Beach combined co-op listed for $1.649 million [Newsday]
- Hudson Square’s Newest Boutique Condominium, The Riverview, Comes to Market [Mann Residential]
- Super-Luxury Home Sales Notched Record Year [The Real Deal]
- Super-luxury home sales surge across America [The Boston Globe]
- Star Island home sets Miami record with $75M sale [NY Post]
- Super-luxury home sales surge across U.S., rising 35% in 2021 [SB Sun]
- Man gives tour of 'smallest apartment in New York' on TikTok; people are horrified [Hindustan Times]
- The 'wow factors' of multimillion-dollar homes on the market on LI [Newsday]
- Miami Beach Home Sells for $75 Million, Setting Record [Mansion Global]
- Miami Beach Home Sells for $75 Million, Setting Record [Wall Street Journal]
- Florida Home That Once Housed University of Miami Presidents Lists for $39.99 Million [Wall Street Journal]
- Florida Home That Once Housed University of Miami Presidents Lists for $39.99 Million [Mansion Global]
- NYC’s Biggest Condo Conversion Bets on Downtown Luxury Revival [Bloomberg]
- Why New York’s Billionaires’ Row Is Half Empty [The B1M]
Recently Published Elliman Market Reports
- Elliman Report: San Diego County Sales 3Q 2021 [Miller Samuel]
- Elliman Report: Orange County Sales 3Q 2021 [Miller Samuel]
- Elliman Report: Manhattan, Brooklyn & Queens Rentals 11-2021 [Miller Samuel]
- Elliman Report: Normandy Isles/Normandy Shores New Signed Contracts 11-2021 [Miller Samuel]
- Elliman Report: California New Signed Contracts 11-2021 [Miller Samuel]
- Elliman Report: Colorado New Signed Contracts 11-2021 [Miller Samuel]
- Elliman Report: Florida New Signed Contracts 11-2021 [Miller Samuel]
- Elliman Report: New York New Signed Contracts 11-2021 [Miller Samuel]
- Elliman Report: Manhattan, Brooklyn & Queens Rentals 10-2021 [Miller Samuel]
- Elliman Report: Normandy Isles/Normandy Shores New Signed Contracts 10-2021 [Miller Samuel]
Appraisal Related Reads
- A New 'Standard' for ROV Requests [Dave Towne/Appraisers Blogs]
- FACT SHEET: 2021 HUD Year in Review [HUD]
- New California law tackles bias in real estate appraisals [First Tuesday Journal]
- Kristi Noem Intervened In Daughter’s Appraisal Application [The Real Deal]
- Blog | Federal Housing Finance Agency Reducing Valuation Bias by Addressing Appraiser and Property Valuation Commentary [FHFA.gov]
Extra Curricular Reads
- The Curious Tradition of Hanging a Christmas Pickle Ornament on Trees [Mental Floss]
- The Last Great Overland Journey Involves a Land Rover, Pontoons and a Whole Lot of "Nonsense" [Inside Hook]
- The Science of Growing a Perfect Christmas Tree [Wired]
- New Zillow Feature Lets Users Track Happy Lives Of People Who Outbid Them For Dream House [The Onion]
- Photos: It's Beginning to Look a Lot Like Christmas [The Atlantic]
- The MTA’s Boat Got Wrecked — Wait, the MTA Had a Boat? [Curbed]
- The Great Jell-O Resurgence [The Cut]
- The NFL Had a Ban on Black Players. Why Don’t We Remember the Man Who Broke It? [Slate]
- Wait, You Bought a Used Lighthouse on Long Island? [Curbed]
- What Makes a Community Attractive? – The Big Picture [Ritholtz]
- Norway's Electric Car Triumph Started With an '80s Pop Star [Reasons to be Cheerful]
- Parrots Are Getting Drunk on Rotten Mangoes and Flying Under the Influence [Vice]
- White Christmas Forecast: Here's Where Snow May Be on the Ground This Year | The Weather Channel – Articles from The Weather Channel [weather.com]
- Why Google News Showcase US launch could be delayed (again) [Press Gazette]