He caught another person’s phone on a roller coaster… pic.twitter.com/tt0tEtbgnR
— Rex Chapman???????? (@RexChapman) June 2, 2020
But I digress…
Millennials Have Continued To Be Economically Screwed Yet Are Buying Homes
This article was a fascinating read: The unluckiest generation in U.S. history.
There are a bunch of great charts in the Washington Post piece but the following 3 were my faves.
MBA: Apartment Rents For Upper End Is Still Being Paid
Since 50% of U.S. apartment landlords are small businesses and the record unemployment rate is skewed to hourly wage earners and the gig economy, this dataset reflects the mid to upper end of rental apartment product. So for that segment of the economy, collections are high.
What explains the disconnect? In all likelihood, the substantial stimulus from the federal government. The CARES Act and other federal programs have provided unprecedented financial support to households. In April, U.S. personal income jumped a massive 10.5% on a monthly basis, more than double the previous record – even while compensation fell 8%. Government social benefits jumped 90% to a record (by far) $6.3 trillion seasonally adjusted annual rate.
VIDEO: Why Long Island? Real Estate In Uncertain Times.
I joined Maria Babaev, a top real estate broker at Douglas Elliman and Mark Spector, Architect to a panel moderated by attorney Jamie Heiberger Harrison. We discussed the new dynamics in real estate and architecture in anticipation of the wave of buyers moving from NYC to the suburbs.
Some of the topline questions that were discussed:
– Are you seeing a surge in demand from NYC-dwellers looking to move to the burbs?
– Do you think this is a knee jerk reaction or a bigger long-term trend?
– Can you tell us a few examples of the financial benefits of living in the burbs?
– What would you say to people who believe that living in the burbs is boring?
– Is there an upside to the commute?
The Real Deal’s The Interview: Teri Rogers addresses New Yorker’s Biggest Pandemic Pain Points
My friend and journalist/bloggerzengoddess who taught me the value of links, Teri Rogers of Brick Underground talks virtual co-op interviews & New Yorkers’ biggest pain points during the pandemic. Interviewed by The Real Deal’s Hiten Samtani, who always gets to the point and knows a good story when he sees one.
No Matter Where You Live, You Need To Understand Where Housing Segregation Came From
This is a spectacular NPR video short on the birth of housing discrimination (h/t The Real Deal)
2020 Has Already Been Longer Than The Jurassic Period
When “It” Is On The Patio
Upcoming Speaking Events
(For earlier appraisal industry commentary, visit my old clunky REIC site.)
Appraiserville was quiet this week…
OFT (One Final Thought)
Wait for it…
— Larry Kim (@larrykim) May 25, 2020
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 catch you on the phone literally;
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Brilliant Idea #2
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See you next week.
Reads, Listens and Visuals I Enjoyed
- Tenants Largely Stay Current on Rent, for Now [NY Times]
- A Green Megamansion Rises in South Florida [Bloomberg]
- How Do Real-Estate Agents Show Homes During Coronavirus? ‘With Extreme Caution.’ [Wall Street Journal]
- The next big problem for the economy: Businesses can’t pay their rent [Washington Post]
- Could coronavirus topple skyscrapers? [UnHerd]
- What happens to Silicon Valley when its tech workers flee? [The Verge]
- Will Suburbs Become A Corporate Hot Spot? [Market Crumbs]
- Housing Supply Constraints from before the Pandemic Will Worsen Inequality as We Start to Recover [Urban]
- Remote Work Could Spark Housing Boom in Suburbs, Smaller Cities [Wall Street Journal]
- A Notorious Trailer Park Mogul Once Roasted by John Oliver Just Got Owned By His Tenants [Vice]
- 2020 Real Estate Market Impact of COVID-19 with Ken Rosen [First Republic]
My New Content, Research and Mentions
- New Yorkers scramble to find summer alternatives to the Hamptons [Crains NY]
- Coronavirus is Sending Luxury Rental Markets on a Rollercoaster Ride [Wall Street Journal]
- Hustling For Multifamily Tenants While Gotham Endures Coronavirus [Commercial Observer]
Recently Published Elliman Market Reports
Appraisal Related Reads
- Bigger Things, Zooming Out, & Buyers vs Sellers [Ryan Lundquist/Sacramento Appraisal Blog]
- USPAP Will No Longer Be Misleading [Jonathan Miller/Appraisers Blogs]
Extra Curricular Reads
- Do You Know the Muffin Man Was on West 20th Street?
- Chelsea 'Muffin House' Tells the Hidden History of the English Muffin – Untapped New York
- Everyone Took the Wrong Lesson From Jackie Robinson [MEL Magazine]
- Wes Unseld, Powerful Hall of Fame N.B.A. Center, Dies at 74 [NY Times]
- Hipsters are turning cattle troughs into swimming pools [NY Post]
- Extraordinary novella of lockdown Britain created 100 years ago ★★★★★ [BBC]
- The unluckiest generation in U.S. history [Washington Post]