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☆ The average price for a house in the Hamptons just hit a record $3 million
▼ + stars: | 2023-04-27 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

The average price for a house in the Hamptons hit a record $3 million in the first quarter, highlighting a shortage of trophy beach homes for sale and the resilience of wealthy buyers. The average sales price in the New York beach community jumped 18% in the first quarter to $3.1 million, according to a report from Douglas Elliman and Miller Samuel. The average price in the Hamptons is now more than $1 million higher than the average sales price in Manhattan. The high end of the Hamptons market is the strongest. In the luxury market — representing the top 10% of sales — both the median and average sales price broke records during the first quarter, with the average luxury price surging 33% to $16.1 million, according to Jonathan Miller, CEO of Miller Samuel.

☆ No, there aren't more cash buyers in real estate these days
▼ + stars: | 2023-04-24 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +3 min

Buyers who need a mortgage are waiting for rates to fall, causing the share of cash buyers to rise. "It disproportionately enlarges the share of cash buyers making it look like more cash buyers are coming into the market." Mortgage rates have been edging lower over the past month and a half, but experienced a small uptick this past week. Researchers at Fannie Mae predicted that 30-year fixed mortgage rates will trend down throughout 2023 and 2024. "There were fewer cash buyers to leave the market than purchase mortgage buyers."

☆ The American consumer has bad news for the economy
▼ + stars: | 2023-04-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

That’s why Wall Street is already fretting over Friday’s retail sales report, which is expected to show that the mighty American consumer is pulling back. Economists forecast that retail sales fell 0.4% in March from the month before. But Goldman Sachs and Bank of America analysts say core sales — that’s without autos, gasoline, and building materials — slowed by about 1%. A taxing problem: Still, the health of the American consumer is still relatively strong, the BofA analysts said. A one-bedroom apartment had a median rent of $4,150, up 9.6% from last year, while a two-bedroom apartment had a median rent of $5,680, up 18.3% from a year ago.

☆ Manhattan median rents hit another high in March
▼ + stars: | 2023-04-13 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

A one bedroom apartment had a median rent of $4,150, up 9.6% from last year, while a two bedroom apartment had a median rent of $5,680, up 18.3% from a year ago. A studio apartment rents for a median price of $3,190, up 16% from last year. “It isn’t a rocket ship,” he said of median rents. “It is just creeping higher and every so often it creeps high enough to reach a new high.”The opposite of rising rents is not necessarily falling rents, it is stabilizing rents, Miller said. New leases in March were up 15.4% from last year, according to the report, and leasing activity jumped 20.5% from February.

☆ Manhattan real estate sales plunge 38%, but cash deals hit all-time record
▼ + stars: | 2023-04-04 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Manhattan real estate sales fell 38% in the first quarter, as buyers and sellers battled over prices and mortgage rates remained volatile, according to new reports. The average sales price fell 5% to $1.95 million and the median sales price fell 10% to $1.075 million, according to the report. The average discount from the initial list price to sales price in the first quarter price was 7%, up from 5% in the fourth quarter, according to Serhant. Overall, cash deals rose to a record 57% of all sales in the quarter, Miller said. "It's not by any stretch a seller's market, but it's getting busier each month."

Tarpon Isle, a private island in Palm Beach, Florida, is on sale for $218 million. Tarpon Isle, a private island in Palm Beach, Florida, is on sale for $218 million. A waterfront bathroom inside the main home on Tarpon Isle, a private island in Palm Beach, Florida, on sale for $218 million. A dock servicing Tarpon Isle, a private island in Palm Beach, Florida, on sale for $218 million. A living space inside the main home on Tarpon Isle, a private island in Palm Beach, Florida, on sale for $218 million.

☆ This LA mansion is staring down an April 1 deadline before the seller loses millions
▼ + stars: | 2023-03-24 | by ( Ray Parisi | ) www.cnbc.com time to read: +8 min

EstateLuxShootTrying to unload an expensive mansion in the midst of a banking crisis with the LA real estate market softening and uncertainty looming large isn't exactly great timing. Feinberg, like all luxury mansion sellers in LA, is also contending with the new mansion tax approved by voters in November. Yann IppolitoFor homes priced between $5 million and $10 million, sellers will have to pay the city 4% of the total sale price. According to his calculations, all of those sellers combined would have racked up a mansion tax bill of almost $131 million. "When New York implemented the mansion tax in 2019, there was a surge in closings just short of the July 1 start date and a void of sales in the following months," he said.

☆ Rent for a Manhattan apartment remains mind-bogglingly high
▼ + stars: | 2023-02-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

“Rents are within a whisker of the summer high, and it is only January, which is typically a weaker rental time,” said Jonathan Miller, president and CEO of Miller Samuel. It seems to confirm that rents aren’t going to go down.”The median cost of renting an apartment in Manhattan was $4,097 in January. A one bedroom had a median rent of $4,000, up 14.3% from last year, while a two bedroom had a median rent of $5,532, up 11.8%. Since rent peaked in the summer, there was an expectation that rents would deteriorate during the fall and winter, said Miller. “The opposite of rising rents is not necessarily falling rents, it is stabilizing rents,” Miller said.

☆ Manhattan rents hit an all-time high in January
▼ + stars: | 2023-02-09 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Median rents in Manhattan hit a new record in January as a strong job market and limited supply of apartments lifted prices. But despite a cooling economy and high-profile layoffs in finance and tech, rental demand in Manhattan remains strong. Analysts say the main driver for Manhattan's rental market is a strong job market. Analysts say rents aren't likely to come down much, if at all, in the coming months, unless the economy and job market loses steam. "I believe 2023 will be just as strong as 2022 as far as the rental market [goes]," Young said.

☆ Luxury developers in Los Angeles bet someone will pay record prices for these condos
▼ + stars: | 2023-01-31 | by ( Ray Parisi | ) www.cnbc.com time to read: +11 min

According to the building's website, the crown-jewel residence delivers almost 13,000 sq ft of indoor living area and nearly 6,000 sq ft of outdoor space. According to Eklund, the package deal brings the total interior footage to somewhere around 13,000 sq ft with an additional 6,000 sq ft outside. Building amenities include an over 12,000 sq ft outdoor area with pool, fireplaces and dining area. Her mega-deal spanned 15,500 sq ft at a price per sq ft of almost $2,250. On Central Park, he said, trophy condos have surpassed $10,000 and even $12,000 a sq ft. "That happens a lot, so is Los Angeles undervalued still?

☆ The condo king of Miami bets his new Fisher Island luxury project can weather a recession
▼ + stars: | 2023-01-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

watch nowJust off the coast of Miami Beach, on ultra-exclusive Fisher Island, there is one crane on one construction site. It is the last plot of land available for development and an unlikely bet on luxury real estate at a time when the housing market appears to be in freefall. Jorge Perez, also known as "the condo king of Miami," and his Related Group are behind the 10-story, 50-unit project that boasts a sell-out price of $1.2 billion. The project includes a $90 million, 15,000 square foot penthouse and a $55 million ground-floor villa with a half-acre backyard. Miller added that the Fisher Island project, "may not sell in five minutes but it's not out of the realm of possibility even in this market."

☆ Larry Ellison, Ken Griffin and Other Rich Buyers Kept the Luxury Market ‘Separated From Reality’ in 2022
▼ + stars: | 2023-01-04 | by ( Katherine Clarke | ) www.wsj.com time to read: 1 min

The luxury real-estate market may have returned to earth slightly in 2022 following a whirlwind pandemic-induced free-for-all in 2021. Still, some of the country’s richest buyers managed to log big-ticket deals. There were at least seven deals closed for $100 million or more in 2022, down from the eight closed the prior year, according to data from appraisal firm Miller Samuel and The Wall Street Journal’s reporting. In total, there were 44 sales across the U.S. closed for $50 million or more. While that’s down from 48 in 2021, it’s still the second highest total on record and a significant uptick from the 23 recorded in prepandemic 2019, according to Miller Samuel’s Jonathan Miller .

☆ Sales of Manhattan apartments nosedived at the end of 2022
▼ + stars: | 2023-01-04 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

But it nosedived at the end of 2022, with the market returning to its pre-pandemic trajectory as sales dropped and prices slipped. Sales dropped 28.5% in the fourth quarter compared to the fourth quarter of 2021. “The Manhattan sales market is exiting the euphoric market of 2021 and moving to something closer to normal,” said Jonathan Miller, president and CEO of Miller Samuel. As a result, there were 6,523 listings in Manhattan at the end of the fourth quarter. That’s 5% higher than the fourth quarter of 2021, but 15.7% less than the third quarter of 2022.

☆ Manhattan apartment sales plunge in fourth quarter as brokers fear a frozen market
▼ + stars: | 2023-01-04 | by ( Robert Frank | ) www.cnbc.com time to read: +2 min

Manhattan apartment sales fell by 29% in the fourth quarter, sparking fears of a frozen market in which buyers and sellers stay on the sidelines due to economic and rate fears. There were 2,546 sales in the quarter, down from 3,560 last year, according to a report from Douglas Elliman and Miller Samuel. The average discount from initial list price to sales price was 6.5%, up from 4.1% in the third quarter, according to Serhant. Rising interest rates have also moved more Manhattan buyers into all-cash deals, which accounted for 55% of all sales in the fourth quarter, the highest on record, according to Miller. Median sale prices for luxury apartments — defined as the top 10% of the market — increased 4% in the fourth quarter, compared to a decline in the broader Manhattan market.

☆ Despite a Broader Slowdown, the Luxury Market Notched at Least Seven $100 Million Deals in 2022
▼ + stars: | 2023-01-03 | by ( Katherine Clarke | ) www.wsj.com time to read: 1 min

The luxury real-estate market may have returned to earth slightly in 2022 following a whirlwind pandemic-induced free-for-all in 2021; still, some of the country’s richest buyers still managed to log big-ticket deals. There were at least seven deals closed for $100 million or more this past year, down from the eight closed last year, according to data from appraisal firm Miller Samuel and The Wall Street Journal’s reporting. In total, there were 44 sales across the U.S. closed for $50 million or more; while that’s down from 48 last year, it’s still the second highest total on record and a significant uptick from the 23 recorded in prepandemic 2019, according to Miller Samuel’s Jonathan Miller .

☆ The most honest man in real estate thinks the housing market isn't going to crash
▼ + stars: | 2022-12-31 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +13 min

Here's how Miller, who doesn't think the housing market is going to crash, became a beacon of trust. The call was from a journalist at an international paper asking for Miller's comment on the US housing market for a story. The 62-year-old founder of the real-estate-appraisal and data firm Miller Samuel is probably the most-quoted man in real estate, with some 2,469 news citations, according to the database LexisNexis. Today, Miller Samuel has replaced Scantrons with iPods, iPhones, and a CoreLogic appraisal software called A La Mode. Today, there's much more data than there was when he started Miller Samuel, but also a lot more "crap," Miller said.

☆ Inside the largest mansion for sale in Malibu, going for $58.8 million
▼ + stars: | 2022-12-19 | by ( Ray Parisi | ) www.cnbc.com time to read: +7 min

watch nowThis $58,808,000 mansion overlooking the Pacific Ocean is one of the largest homes for sale in Malibu. The hot neighborhood's top sale closed in October commanding just over $2,500 per square foot, according to public records, way above average for Malibu. After completing the Kaizen House, he listed it in March for $74.8 million — or more than $4,500 a square foot. Here's a look around the $58.8 million Kaizen House:The home's dramatic entrance delivers fire, water, and intricately carved Belgian bluestone walls Simon BerlynHalliday infused the mansion with Indonesian influences that are evident even before stepping inside. Simon BerlynPrimary suite Simon BerlynThe home's upper level includes six ensuite bedrooms, each with its own terrace.

☆ The average rent in Manhattan jumped to $5,249 in November — and may not fall any time soon
▼ + stars: | 2022-12-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

CNN —The average rent in Manhattan was $5,249 in November, up 19% from last year and the third-highest amount on record, according to a monthly report from brokerage firm Douglas Elliman and Miller Samuel. The median cost of renting an apartment in Manhattan remained near record highs in November, at $4,095. But that doesn’t mean rents are significantly dropping any time soon. Concessions, or sweeteners from landlords like one month of rent free, were offered on 16% of new leases in November. “The economy, or employment, remains too strong to enable rents to drop significantly,” said Miller.

☆ Manhattan renters face sticker shock with average rent at $5,200
▼ + stars: | 2022-12-08 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

The median rent for a Manhattan apartment in November hit $4,033, up from $3,964 in October, according to a report from Douglas Elliman and Miller Samuel. The rise in New York rents also adds pressure to overall inflation, since rents are a large component of inflation indexes and New York is the nation's largest rental market. Brokers and real-estate experts say landlords over-reached when they started renewing the leases signed in 2020 and 2021, often demanding rent increases of 20% or more. The vacancy rate in November was 2.4% — still below the historical norm in Manhattan of about 3%, according to Miller Samuel. Real-estate experts say the big drop in new leases, if it continues, will eventually force landlords to meet renters at a lower price point.

☆ A $150 million beach home for sale would be the Hamptons' priciest ever — if it can find a buyer
▼ + stars: | 2022-10-06 | by ( Ray Parisi | ) www.cnbc.com time to read: +6 min

watch nowAn oceanfront estate in Southampton, listed at $150 million, stands as the priciest home for sale in the Hamptons — and is struggling to move off the market. The pair of beachfront homes with two pools and a tennis court in the foreground of the photo are the La Dune estate. Aerial view of the La Dune estate from over the ocean. Liam GifkinsThe estate is situated on 400-plus feet of super-prime beachfront along Gin Lane, sometimes referred to as "billionaire's beach." She relisted La Dune in August with a new brokerage firm and raised the ask to $150 million.

☆ Manhattan apartment sales declined 18% in third quarter, as rates rose and markets fell
▼ + stars: | 2022-10-04 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

Sales in Manhattan last declined in the fourth quarter of 2020, when they fell by 21%. While prices in the Big Apple remain high − with the average Manhattan apartment price rising 4% over the past year to $1.96 million − price increases are slowing and the inventory of unsold homes is starting to rise. Manhattan apartment sales fell 18% in the third quarter, as rising mortgage rates and declining stock markets put the brakes on New York's real estate comeback. "The real sellers are meeting the buyers," said Toni Haber of Compass. "The full impact on sales and prices won't be known for at least another quarter," according to a report from Brown Harris Stevens.

☆ Inside the $250 million penthouse on 'Billionaires' Row'
▼ + stars: | 2022-09-23 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

The three-story mega-home inside Central Park Tower, which spans more than 17,500 square feet, is the country's most expensive listing. The most expensive sale of the year in Manhattan so far is a $74 million penthouse of the new Aman New York condo. Some brokers say the $250 million asking price for Central Park Tower penthouse is unrealistic. Central Park Tower was built by Extell Development, the developer behind several of Manhattan's new super-towers. The Grand Salon at The Penthouse at Central Park Tower Source: Evan Joseph | Central Park TowerThe home has the highest terrace in the world, a glass-rimmed platform soaring 1,460 feet above Manhattan.

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