Posted by Jonathan J. Miller -Thursday, July 22, 2010, 9:29 PM
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[click to open]
I was reading my hometown newspaper tonight and I noticed a full back page ad for Halstead Properties showcasing its real estate listings, but something else as well. I took a double take when I noticed the phrase “Drone Helicopter Imagery” and the link Halstead.com/drone. Drones? Is this war or real estate?
In that moment, my world was turned upside down.
After a childhood and adult hood using remote control (R/C) boats and cars (sometimes actually with my kids), here was someone who made this technology into a business. My kids and I even tried Estes model rockets with the built in camera (that never worked).
After listening to “Helicopter” Ben (Bernanke) as he is nicknamed in Washington and criticism of “helicopter parenting”, its nice to use the “helicopter” in the joystick vernacular.
This form of photography service would provide an additional perspective on the condition of the property and its placement on the site. Going forward as this service grows in popularity, the use of aerial photography will likely be expanded beyond large estate properties for more typical ones.
Posted by Jonathan J. Miller -Thursday, July 22, 2010, 2:09 PM
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[click to view report]
The 2Q 2010 Hamptons/North Fork Market Overview that I author for Prudential Douglas Elliman was released today.
You can view updated market charts and build your own custom tables using historical aggregate data.
Other reports we prepare can be found here.
For additional insight, we capture general press coverage.
An excerpt
…The number of sales was up sharply from the same period last year. There were 582 sales in the second quarter, up 89.6% from 307 sales in the same period last year and up 19.8% from 486 sales in the prior quarter. This is consistent with the 5-year quarterly average of 559 sales. There were 2,190 listings at the end of the second quarter, 4.2% below the 2,286 in the same period last year and 5.5% below the 2,318 in the prior quarter. Listing inventory was 13.5% above the 5-year quarterly average of 1,894. The combination of rising sales and falling inventory resulted in a decline in monthly absorptionÑthe number of months to sell all listing inventory at the current pace of sales. The monthly absorption rate was 11.3 months, approximately half the 22.3 month absorption rate in the same period last year…
Download report 2Q 2010 Hamptons North Fork Overview [Miller Samuel]
View Hamptons/North Fork charts [Miller Samuel]
Build your own historical custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 22, 2010, 1:43 PM
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[click to view report]
The 2Q 2010 Long Island Market Overview that I author for Prudential Douglas Elliman was released today.
You can view updated market charts and build your own custom tables using historical aggregate data.
Other reports we prepare can be found here.
For additional insight, view a series of charts we prepare outside of the report as well as general press coverage.
An excerpt
…There were 5,902 sales in the second quarter, 49.2% more than the 3,956 sales in the same period last year and up 54.7% from 3,814 sales in the first quarter. The 54.7% increase in sales from the prior quarter exceeded the 36.2% seasonal increase of the previous five years. Listing inventory showed stability in the second quarter, up a modest 0.6% to 23,620 from 23,485 in the same period last year and the 13% increase from 20,902 in the prior quarter, which was consistent with the 12.4% 5-year seasonal increase over the same period. As a result of stabilized inventory and rising sales, the monthly absorption rate-the number of months it would take to sell existing inventory at the current pace of sales-fell to 12 months from 17.8 months in the prior year quarter. The current absorption rate was faster than the 13.2 average monthly rate of the past five years…
Download report 2Q 2010 Long Island Market Overview [Miller Samuel]
View Long Island charts [Miller Samuel]
Build your own historical custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Tuesday, July 20, 2010, 10:29 PM
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To all Matrix readers…sorry for the intermittent postings over the past few weeks – I’m not away, just less focused.
But then again, you’ve been out by the pool.
Posted by Jonathan J. Miller -Thursday, July 15, 2010, 11:57 PM
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Here’s a brief summary of the 2Q 2010 Manhattan Rental Market Overview, 2Q 2010 Brooklyn Market Overview and 2Q 2010 Queens Market Overview. The latter two were released today.
I’ve been authoring a series of market studies covering the New York City metro area for real estate firm Prudential Douglas Elliman since 1994.
Check out the podcast for the Manhattan Rental, Brooklyn and Queens market reports.
The Housing Helix Podcast Interview List
You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.
Posted by Jonathan J. Miller -Thursday, July 15, 2010, 12:21 PM
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[click to open report]
The 2Q 2010 Brooklyn Market Overview that I author for Prudential Douglas Elliman was released today.
Other reports we prepare can be found here.
The 2Q 2010 data and a series of charts are newly updated and available.
Press coverage can be found here.
Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.
An excerpt
…The median sales
price of a Brooklyn property was $463,000 in
the second quarter, 5% above the $441,090
median sales price of the p0rior year quarter
and nominally below the $466,000 median
sales price of the prior quarter. This indicator
showed a year-over-year increase for the first
time since the third quarter of 2007 and showed
diminishing quarterly declines over the past year.
This suggests that price levels have stabilized.
Average sales price was $545,110 in the second
quarter, 10.1% above $495,120 in the prior year
quarter and 2.5% above $532,061 in the prior
quarter. The trends were not skewed by a shift
in the mix of properties that sold over the past
year. The average size of all sold property types
in the second quarter was 1,532 square feet,
down a modest 1.2% from 1,550 square feet in
the prior year quarter…
2Q 2010 Brooklyn Market Overview [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 15, 2010, 11:22 AM
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[click to open report]
The 2Q 2010 Queens Market Overview that I author for Prudential Douglas Elliman was released today.
Other reports we prepare can be found here.
The 2Q 2010 data and a series of charts are updated with the 2Q 2010 data.
Press coverage can be found here.
Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.
An excerpt
…There were 13,254 listings
in Queens at the end of the second quarter,
down 4.9% from 13,938 listings during the same
period last year, but up 8.9% from 12,170 listings
in the prior quarter. Listing inventory totals were
consistent with the 5-year quarterly average
of 12,931. Consistent with the decline in listing
inventory was the sharp increase in the number
of sales. There were 3,972 sales in the second
quarter, 86.6% more than the 2,129 sales in the
prior year quarter and 27.6% more than the 3,113
sales in the prior quarter. The surge in activity
was expected as consumers took advantage
of the federal tax credit for first-time buyers
and existing homeowners, as well as improved
affordability from lower prices and record-low
mortgage rates. As a result of the decline in listing
inventory and the increase in the number of
sales, the monthly absorption rate—the number
of months to sell existing listing inventory at the
current pace of sales—fell by nearly half to 10
months, from 19.6 months in the second quarter
of 2009. This is consistent with the 10.2 month
average of the past five years…
2Q 2010 Queens Market Overview [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 15, 2010, 11:15 AM
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[click to open report]
Trulia released its Price Reduction Report for July 2010.
24 percent of listings currently on the market in the United States as of July 1, 2010 experienced at least one price reduction. This represents a nine percent increase from the previous month. The total dollar amount slashed from home prices was $27.3 billion and the average discount for price-reduced homes continued to hold at 10 percent off of the original listing price.
This is the post-housing stimulus/tax credit affect I mentioned in previous months. Intended to jumpstart the housing market to the point of standing on its own, the federal tax credit likely was more about short term churn. In other words, the incentive to purchase was moved ahead 60-90 days before the April 30th contract date requirement and perhaps brought in other people (more likely in lower priced housing markets.) Sellers weren’t oblivious to the credit because it served to prop up prices and volume a little and sellers responded by raising their asking price.
“Sellers are feeling the heat this summer as the economic recovery simmers down and home inventory levels climb,” says Pete Flint, co-founder and CEO of Trulia. “We’re seeing more and more sellers reduce their home listing prices to attract potential buyers, who definitely have the upper hand in negotiations this season. The slow start to the summer season is a major concern that we are heading towards a double-dip in the second half of this year.”
As I said last month, is something happening in Minneapolis? For the third month in a row, Minneapolis, MN saw 40 percent of its listings reduced in price.
Markets that have been thought of as markets in better shape seem to be floating near the top. In fact the top five markets have seen lower impact to date on housing prices than many other markets.
Markets at the bottom of the list each tell a different story. New York’s position suggests relative strength with fewer price reductions and a modest average discount. Las Vegas has been in upheaval for 4 years and there isn’t much room left for price reductions. Detroit is near the bottom in the same context as Las Vegas but posted the largest average discount, a wopping 26%.
Top 5 cities with highest number of price reductions
[click to open full list]
Top 5 cities with lowest number of price reductions
[click to open full list]
[click to expand]
Trulia Home Price Reduction Report [Trulia.com]
Posted by Jonathan J. Miller -Saturday, July 10, 2010, 4:25 PM
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For each week’s Eye on Real Estate Show on WOR NewsTalk Radio 710, we include a segment called “The BlogCast” where I discuss several housing related (sometimes a stretch) posts from some of my favorite blogs. They cover topics that are current, funny or simply a “must read”.
Saturday’s BlogCast covered the following blog posts:
[CNBC/Realty Check] Rich are Defaulting on Loans at Higher Rate? Not So Fast… Diana Olick provides commentary on the New York Times article that didn’t make sense to me either. The article was about the higher RATE of default but gave the impression that there were more rich people going into default than everyone else and included the “rich don’t care” stereotypes. More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real estate analytics firm CoreLogic…“The rich are different: they are more ruthless,” said Sam Khater, CoreLogic’s senior economist. Good grief.
[APPRAISER ACTIVE] More on Fannie Mae Update to Appraisal Policies Francois Gregoire talks about the update and about his appearance in Ken Harney’s WaPo column on Fannie Mae’s new policies, including requirement for appraisers to have local expertise (SHOCKING). Francois lets consumers know about some of the shenanigans going on behind the scenes while borrowers are gnawing their fingernails, waiting for their mortgage loan to be underwritten and approved.
[WT/Watercooler] Accused spies fought Russians over home ownership Two of the eleven alleged agents of Moscow’s SVR intelligence service, living in Montclair New Jersey, apparently complained to their bosses at the Moscow Centre that they wanted to buy a house, so they could “do as the Romans do.
If you missed this past Saturday’s show or any prior show, you can listen to the podcast at any time or subscribe to it for free via iTunes to always get the latest show delivered automatically to your computer or handheld device. My Blogcast is usually in the first hour of the show.
Listen to the most recent Eye on Real Estate podcast.
Subscribe to the free weekly Eye on Real Estate podcast.
Become a fan on Facebook.
Or visit the Eye on Real Estate Website.
Posted by Jonathan J. Miller -Thursday, July 8, 2010, 11:59 PM
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It’s time to share my Three Cents Worth on Curbed, at the intersection of neighborhood and real estate.
Three Cents Worth: Manhattan Listings Break Out in Hives
We published our Manhattan Rental Market Overview this morning, so I thought I’d present a little more info to provide additional context. I paired up two metrics which don’t necessarily correlate, but individually they capture a snapshot of the rental market and recent trends. I presented median rent adjusted for inflation and listing discount, both trended over the past decade.
[Click to expand and read full post on Curbed]
Check out previous Three Cents Worth posts.
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