Catch You On The Housing Side Of This Crisis

June 5, 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.


Source: BLS, NMHC, MBA

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?

0528LongIsland from Heather DeRosa on Vimeo.

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

I’m sorry, but I hate clowns. I never recovered after reading Stephen King’s “It” – but nobody does clowns better than the Terrible Real Agent Photographs Blog.

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Appraiserville

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

Appraiserville was quiet this week…

OFT (One Final Thought)

Wait for it…

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

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

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