I’m on vacation this week in the U.S. tourist mecca we all know as the Detroit suburbs and when I visit, I think back to my college days and the discovery of new music.
It’s the fiftieth anniversary of Roxy Music’s first album. My college roommates at Michigan State found some (well, most) of my music choices irritating and Roxy Music was one of them. It strayed quite far from the glam rock mainstays at the time of Boston, Styx, Journey, REO Speedwagon, Foreigner and Head East. Not that I disliked any of those, but it wasn’t Roxy Music. I absolutely loved their unique sound and quickly acquired their entire catalogue after hearing the following song. Plus of course “Love is the Drug” from Siren with the Jerry Hall cover.
But I digress…
Oh, and get ready for a slew of bombshell Elliman reports in July.
But I digress…again…
Marketplace Radio: Are rising mortgage rates already cooling the hot real estate market?
Yes.
Comedian John Oliver’s Take The U.S. Rental Market Is Darn Informative(NSFW)
This is a very detailed look at the state of the U.S. rental market – there’s so much more to it than high rents. And it’s not pretty.
Once Again, The Onion Proves To Be Real News: The Fed Raises Rates
Fed Raises Interest Rates In Effort To—Hey, Pay Attention, This Is Important! [TheOnion]
With inflation at a 40-year high, the Federal Reserve raised its benchmark interest rate this week in an effort to—hey, come on, pay attention, this is really important! https://t.co/g88ia9TGZp pic.twitter.com/fFWRezmQpJ
— The Onion (@TheOnion) June 18, 2022
WSJ VIDEO: A Good Overview On The State Of The Housing Market
REBNY: State Of The New York Market From Many Perspectives
I had an informative conversation with my real estate colleagues on this week’s REBNY panel “How’s The Market: All-Stars Weigh In.” See the link below the promo image.
See link and password below. Be sure to copy the entire link.
WEBINAR RECORDING (go to 6:58)
https://us02web.zoom.us/rec/share/u-iQ3iZpDwDvhFWElPOlz_H5TqpumSx3oSqn7l7OBQOhh066FlGcVF1k3NW_iLnX.NzcZNYPQ-PTKajf1
Access Passcode: hi$@5mZL
Hey Guess What? Housing Markets Have Cycles, Even From 1850 to 1950!
Here’s a cool map I found at Bary Lawrence Ruderman Aintique Maps Inc.
An Architect Describes Basic Housing Styles In NYC
Stumbled across this recent clip that has excellent production values and lays out some of the distinct housing types in New York City.
Michael Wyetzner of Michielli + Wyetzner Architects returns to AD, this time breaking down five of the most common apartment types found in New York City. From long and narrow railroad-style abodes to stately multi-level brownstones and everything in between, Michael gives expert insight on the many different places you can call home in the big apple.
Solid As Sears?
Remember that old saying?
The housing affordability is made much more challenging to solve due to NIMBYISM and zoning. Falling affordability is not the builder’s fault.
Getting Graphic
My favorite charts of the week made by others
So which country in the world perceives itself as most democratic? Answer: China!
I told you the results would surprise most! pic.twitter.com/U4qsp3fit5
— Arnaud Bertrand (@RnaudBertrand) June 2, 2022
Len Kiefer‘s Chart Handiwork
Appraiserville
(For earlier appraisal industry commentary, visit my old clunky REIC site.)
I’m on vacation this week so my plans to catch up on Appraiserville once again were too optomistic.
OFT (One Final Thought)
I’m not one for watching dance, but this was incredible choreography. Please watch the whole thing.
What the f- though ?
Where the love go ? 🧨@LilTunechi @THEREALSWIZZZ pic.twitter.com/H7kTfQXMO4— Usha Jey (@Usha_Jey) May 22, 2022
Brilliant Idea #1
If you need something rock solid in your life (particularly on Friday afternoons) 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 more Roxy Music in your music catelogue;
– You’ll be worried about the uncertainty of the housing market;
– And I’ll continue not to dance.
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
Reads, Listens and Visuals I Enjoyed
- Last Howard Johnson’s Restaurant Closes In Lake George
- Existing-Home Sales Fell 3.4% in May; Median Sales Price Surpasses $400,000 for the First Time [NAR]
- Home prices still at record highs, even as demand slows [Altos Research]
- Ken Griffin Makes Wall Street South in Miami a Reality [Bloomberg]
- 1MDB condo’s new owner may remain in his penthouse, judge rules [Crain's New York]
- America Faces a Housing Bust [Wall Street Journal]
- Mortgage Lenders Timed the Market Perfectly [Bloomberg]
- U.S. Home Sellers Are Dropping Prices, Signaling a Market Slowdown [Mansion Global]
- Big, Boxy Apartment Buildings Are Multiplying Faster Than Ever [Bloomberg]
- Here's why this housing downturn is nothing like the last one [CNBC]
My New Content, Research and Mentions
- Is Anything Going Down? Yes, Luxury Co-op and Condo Sales. [Habitat Magazine]
- Podcast: Jonathan Miller discusses Urban Real Estate [Bloomberg]
- These Homeowners Decided to Rent Again [NY Times]
- After Fetching $85,000 a Month as a Rental, a Tribeca Triplex Hits the Market for $30 Million [Mansion Global]
- Good news for NYC renters? This is where you can find more options [USA Today]
- After Fetching $85,000 a Month as a Rental, a Tribeca Triplex Hits the Market for $30 Million [Wall Street Journal]
- "Insane" crowds of people waiting to view vacant apartments stun viewers [Newsweek]
- Rents to rise for more than a million New Yorkers in rent stabilized apartments [WENY News]
- With both NYC rents and mortgage rates rising, does it make more sense to buy or rent in NYC now? [Brick Underground]
- Bear market hits Manhattan luxury real estate [Crain's New York]
- Are rising mortgage rates already cooling the hot real estate market? [Marketplace]
- Douglas Elliman Advises Agents to Examine Prices Amid Rate Hike [The Real Deal]
Recently Published Elliman Market Reports
- How much COVID misinformation is on Facebook? Its execs don’t want to know [Ars Technica]
- Facebook’s Apps Went Down. The World Saw How Much It Runs on Them. [NY Times]
Appraisal Related Reads
- Why Appraisers Don’t Depreciate Land [Cleveland Appraisal Blog]
- What It Takes to Be An Expert Appraisal Witness in An Eminent Domain Case [Cleveland Appraisal Blog]
- How Can Appraisers Dress in This Heat? [DW Slater Company Blog]
- A spike in listings & sitting on the market [Sacramento Appraisal Blog]
- What to do when the price you offer for a house exceeds the appraised value [Business Insider]
- Buyers gaining power & farewell real estate honeymoon [Sacramento Appraisal Blog]
Extra Curricular Reads
- Perspective | Photos of derelict U.S. landscapes rooted in sense of isolation, poverty [Washington Post]
- The Mars Express Spacecraft Is Finally Getting a Windows 98 Upgrade [Slashdot]
- Fed Raises Interest Rates In Effort To—Hey, Pay Attention, This Is Important! [The Onion]
- Once Again, Twitter Is Roasting Matt Damon For His Crypto Ad [TheStreet]
- Spring's Sweetest Jelly Calls for Hundreds of Dandelions [Atlas Obscura]