The Fed Throws The Ceremonial First Housing Pitch

June 17, 2022

Ok, so the fed raised the federal funds rate by .75 but I really love this…

But I digress…

VIDEO EVENT Preparing For A Market Shift: Know Your Numbers

I had a great conversation with my friend Noah Rosenblatt of Urban Diggs, moderated by Eric Barron of The Agency. I hope you enjoy it. (TLDR: It’s already happened) Click the image to play.


[click to play]

Actually, The Rising Wage Trend Over A Decade Seems To Support The Record Manhattan Median Rent

Last week’s viral coverage of the monthly median record rent of $4,000 in our Elliman Report: May 2022 Manhattan Brooklyn & Queens Rentals

However I indexed our rental data against non-seasonally adjusted annual hourly wages and it would appear there is more room for rent gains based on wage growth, no?

Black Rock Goes All BF Goodrich On Us: “We’re The Other Guys”

I was a bit startled to see this Black Rock position piece essentially say they are not to be confused with “Blackstone” without actually saying “Blackstone.” Black Rock seems to be positioning itself for “Main Street” instead of “Wall Street” given the affordability crunch from the collapse of resale housing inventory, partly because Wall Street firms have been buying up homes in order to rent them.

Growing up I saw the Goodyear Blimp at lots of NFL games on TV and in many other forums.

And BF Goodrich, a competing tire maker, used the ubiquitous Goodyear Blimp in their “We’re The Other Guys” advertising effort. It’s almost as if Black Rock anticipates looming brand damage to the residential investment space and doesn’t want to be confused with Blackstone who is very active there.

But it’s weird to see Black Rock actually do this. And not because BF Goodrich built blimps for the U.S. Navy years ago.

These are the kind of BF Goodrich commercials I remember seeing as a kid.

Gotta love the Patridge Family and I’ll bet they weren’t renting their house from Black Rock!

Commuters Frequent Manhattan’s mid Business Districts On Wednesdays To Protect Long Weekends At Home

Wednesday seems to be the peak of weekly activity with Tuesdays and Thursdays coming in second place. Even the guy at coffee stand from whom I buy a bagel and coffee as I walk from Grand Central Terminal to my Midtown office told me he doesn’t bother to bring his stand to the city on Mondays and Fridays. I also observe this pattern on the commuter trains where the center of the week is packed and Mondays are empty. Yes, remote work is having a pronounced impact on business districts of which Manhattan’s office towers remain two-thirds empty.

I looked at how busy a steak restaurant was in its two locations by day of the week. I selected the FIDI (The Financial District of Manhattan) and Midtown (The Central Business District of Manhattan).

Midtown =======================>>>>>>> FIDI

VIDEO EVENT West Palm Beach State Of The Market

I moderated a panel back on May 12th just after mortgage rates jumped and this was how I spoke about it. It was a live event in a beautiful venue in West Palm Beach. The panelists were incredibly informative and insightful. Fun stuff!

This Week in Aspirational Pricing: Malibu & Manalapan

Malibu, CA
I’ve been covering the Malibu housing market for Douglas Elliman for about eight years now and the change in the numbers in the pandemic has been extraordinary.

Elliman Report: Q1-2022 Malbu/Malibu Beach Sales.

Emma Stone’s Malibu Home Closes a Month After Hitting the Market [Wall Street Journal]

Decades After Larry Ellison Landed, These Kingpins Are Sending Malibu Real Estate Even Higher [Wall Street Journal]

Manalapan, FL
And more recently, I’ve been covering Manalapan for Douglas Elliman, not far from Palm Beach.

Elliman Report: Q1-2022 Manalapan Sales.

A Billionaire Bought a Florida Home for $94.2 Million Last Year. Now He’s Selling It for Around $175 Million [Wall Street Journal]

Getting Graphic

My favorite charts of the week made by others

Upcoming Speaking Events

I am joining a panel on the New York housing market next week with all the people I respect that provide regular commentary on conditions. It should be fun and informative. Click on the image to register.

Appraiserville

(For earlier appraisal industry commentary, visit my old clunky REIC site.)

Nothing this week as I’m currently headed to the midwest to visit family. Got lots to write about so hang in there because I plan to return to Appraiserville next week!

OFT (One Final Thought)

Harry Macklowe, a long time NYC developer, is just as well-known for his buildings as he is for getting into trouble. I tripped into his new One Wall Street Development intro clip which hasn’t gotten much buzz (the clip, not the building) since it appeared back in January. The funny details (like the lion swelling the fly in the intro) are completely unexpected. Good stuff.

Brilliant Idea #1

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Brilliant Idea #2

You’re obviously full of insights and ideas as a reader of Housing Notes. I appreciate every email I receive and it helps me craft the next week’s Housing Note.

See you next week.

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

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