2021 HOUSING ISN’T OVER UNTIL WE SAY ITS OVER [IT’S OVER]
This movie came out the year I graduated high school and I hung a poster on my college dorm room wall freshman year of US Senator Blutarsky. Yes, I can spot genius from a mile away.
But I digress…
Despite The Doomsayers, NYC Housing Came Back, And Then Some
There is an epic New York Times Real Estate Cover Story out today: In 2021, New York’s Housing Market Made a Stunning Comeback that chronicles the clawback of residential rental and sales activity after the 2020 pandemic lockdown. But any hopes of greater affordability have been dashed.
There are a lot of interesting charts and factoids in the piece. Here’s my chart (of course):
Miami Herald: A Visualization Of The Collapse Of Champlain Towers In Surfside
Wow, this is a spectacular play-by-play of what led to the collapse. It is definitely worth your time:
HOUSE OF CARDS How decades of problems converged the night Champlain Towers fell [Miami Herald]
The U.S. Labor Market Changed The Way We Think About Housing
Labor trends have been disrupted post-lockdown and it is beginning to look like those changes, like remote and workers tolerance for low pay, might be more permanent than we think. The Washington Post has a spectacular read: The most unusual job market in modern American history, explained: Quits, big raises and severe labor shortages: 10 charts on the completely surprising 2021 labor market.
Here are three of my favorite WaPo charts but there are a lot more in the piece.
Dark Houses Illustrated
I’m definitely not a fan of these homes but there is always a fresh coat of paint that can do wonders.
That place where modern architecture and prisons meet. pic.twitter.com/ADhN5i4QD1
— Ryan Lundquist (@SacAppraiser) December 24, 2021
Live in this viral, all-black 'goth' house for $250K (New York Post)
An all-black house for sale in Illinois is being dubbed the "goth house" online.
— NYC Real Estate Briefly (@NYC_Real_b) December 28, 2021
VisualCapitalist.com Global GDP 2021
Once again, VisualCapitalist provides a stunning infographic, this time on the world’s GDP by region and country. What’s most amazing to me is the GDP difference between Russia and the U.S. In fact, NYC’s GDP is larger than Russia’s!
My favorite charts of the week made by others
Len Kiefer‘s Chart Handiwork
(For earlier appraisal industry commentary, visit my old clunky REIC site.)
To all my loyal Appraiserville readers:
It’s been a heck of a year covering key issues of our industry, like the PAVE task force, the bureaucratic and public trust damage cause by The Appraisal Foundation as evidenced by their bat-shit crazy letter to the ASC, the sham petition process instituted by the once-respected Appraisal Institute for the second straight year by FOJ sycophants and their cult members who don’t understand that the entire industry can see exactly what they are doing.
It’s also been a wonderful year to make new appraiser colleagues and friends, especially those that have worked hard to shine a light when it was desperately needed. I have seen this grassroots group grow and it has been an honor to be associated with each and every one. It gives me hope that from the growing grassroots support, our industry won’t become obsolete in the near future with its current lack of credible leadership.
ALL of our industry members need to look beyond the old hood ornament of years past and focus on the road many miles ahead. Happy New Year my friends.
OFT (One Final Thought)
What can I say, I like bikes!
The British bicycle industry in 1952 pic.twitter.com/r78i9YzxXH
— Vala Afshar (@ValaAfshar) December 26, 2021
Brilliant Idea #1
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– They’ll have more when we say they will;
– You’ll have more when you say you will;
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Brilliant Idea #2
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See you next week.
Reads, Listens and Visuals I Enjoyed
- Underestimate the U.S. Economy at Your Own Risk [A Wealth Of Common Sense]
- Who were the buyers of Hong Kong’s 5 priciest homes in 2021? [SCMP]
- A $250,000 all-black house in Illinois is going viral for its gothic look, but the owner says it was unintentional [Yahoo News]
- How New York City’s Skyline Will Change in 2022 [Curbed]
- Collapse reconstructed: How years of problems converged the night Champlain Towers fell [Miami Herald]
- Douglas Elliman Lists on the NYSE Under the Ticker Symbol "DOUG" [Yahoo Finance]
- Mansion Global Daily: L.A. Home to List for $295 Million, Dressing up a Room With a Chandelier and more [Mansion Global]
- The most unusual job market in modern American history, explained [Washington Post]
- Real House Prices, Price-to-Rent Ratio and Price-to-Median Income in October [Calculated Risk]
- Why Hong Kong Is Building Apartments the Size of Parking Spaces [Bloomberg]
- Question #10 for 2022: Will inventory increase as the pandemic subsides, or will inventory decrease further in 2022? [Calculated Risk]
- Visualizing the $94 Trillion World Economy in One Chart [Visual Capitalist]
My New Content, Research and Mentions
- In 2021, New York’s Housing Market Made a Stunning Comeback [NY Times]
- Small Metros in Outdoor Areas Popular in 2021 [Appraisal Buzz]
- UWS Townhouse Asking $30M Would Be Neighborhood’s Priciest [The Real Deal]
- Record lows, highs and monster sales make 2021 NYC’s wildest year yet [NY Post]
- Home Price Appreciation Slowed For a Third Straight Month in October [Appraisal Buzz]
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
- Kaegi, others in U.S. seek federal help to make property taxes fairer [Chicago Business]
- A New 'Standard' for ROV Requests [Dave Towne/Appraisers Blogs]
Extra Curricular Reads
- End of an era: BlackBerry ends support for all its classic smartphones [9to5Mac]
- The Best Podcasts of 2021, According to People Who Make Podcasts [Vulture]
- Jimmy Breslin on His Mayoral Run With Norman Mailer Against John Lindsay [New York Magazine]
- The Era of Experimental Streeteries May Soon Be Over [Curbed]
- After Vaccines: Where Covid Death Rates Have Risen – The Big Picture [Ritholtz]
- John Madden, Hall of Fame Coach, Is Dead at 85 [NY Times]
- Surprise! The Pandemic Has Made People More Science Literate [Wired]
- The Curious Tradition of Hanging a Christmas Pickle Ornament on Trees [Mental Floss]