4th Quarter Reports and Media Coverage
All the 4th Quarter Reports are out and I am busy reading them for my quarterly review which will appear in the President’s Day Weekend edition of the East Hampton and Southampton Press. The major theme in all the reports is the increase in the average price statistic. This doesn’t mean prices are actually rising, [...]
Bloomberg on the 3Q 2010 Reports
Bloomberg quotes the Prudential economist as follows: “What it suggests to me is not that there was a sharp drop-off in pricing, because there wasn’t,” said Jonathan Miller, the president of Miller Samuel. “It’s a shift in the mix. We had a drop in upper-end sales activity.” Sounds right to me. Except in a few [...]
WSJ on 3Q 2010 Reports
The third quarter reports are mostly out as of today, and although they aren’t supposed to be publicly released until tomorrow, the WSJ has jumped the gun with this story. I have just begun to review the reports, but according to the WSJ: Median prices in the Hamptons fell 22.7% in the quarter from the [...]
Financial Times on South of the Highway cost differential
In the view of the FT, The equation is simple: south of the highway your property is worth 50 per cent more than north. And every 50ft you creep towards the ocean, prepare to write a disproportionately larger cheque. Never seen those statistics before. I think they made them up.
Bloomberg on Market Conditions and Zoning
Today’s Bloomberg Article is a very good overview of some important market issues. First, prices have fallen by about 25% so “If you can identify the value of something in 2004, you can be pretty certain that that would be the value today,” says Michael Daly, founder of brokerage True North Realty Associates in North Haven [...]
NY Post on the Quarterly Reports
They quote the Prudential economist and I think he is right on the money: “Sales activity is very much in line with what we’ve averaged over the last five years, but it speaks volumes to how depressed we were a year ago,” he says. While sales activity is back to normal, prices are still 24.7 [...]
Curbed on the Quarterly Reports
Curbed does a good job of digging through the data and casts a critical eye on the reports and finds that high end buying decreased last quarter compared to the previous quarter, but is much better than the same quarter last year: As you guessed, things are doing much better than they were this time [...]
The Star on the Quarterly Reports
The Star gives the quarterly reports a going over. Their take: Real estate agencies are reporting mostly sunny news in second-quarter market reports, with a half-year of statistics that have so far trumped last year’s. Although they might indicate that the recession is beginning to lift, second-quarter sales were a little less rosy than first-quarter [...]
NY Observer on 2Q 2010 Prudential Report
The Observer goes over the latest Prudential Report. Their “observation”: There’s one startling statistic the report doesn’t point out. The average price of a property in the Hamptons and North Fork, $1,360,044, is actually lower than the average price of an apartment in Manhattan—$1,432,712, according to the calculation of Miller Samuel and Douglas Elliman. The [...]
Wall Street Journal on Prudentials 2Q 2010 Report
The increase in high-end purchasing is noted: In the first quarter this year, Chief Executive Jonathan Miller of Miller Samuel said that there was an unusually high number of sales in the luxury market. In the second quarter, there was more of a normal sales mix.
