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Search resuls for: "Nathan Miller"


18 mentions found


☆ 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 .
☆ 5 ways to make affordable housing for all in 2023 — from construction laws to mortgage financing
  + stars: | 2023-01-01 | by ( Kelsey Neubauer | Alcynna Lloyd | ) www.businessinsider.com   time to read: +11 min
Houston has been able to keep its housing affordable in large part because of just this, he said. Jeff Tucker, the chief economist at Zillow, also told Insider that the biggest hurdle to affordable housing was "zoning reform." California has already done this when its citizens voted to pass Proposition 46, which provides funding specifically for affordable housing. It allocated just shy of $1 billion to the multifamily sector, according to CCIM, and is expected to see $13 billion in private funds be pushed into affordable housing. In July, Ginnie Mae, a federally-backed mortgage provider, specifically focused on affordable housing, requested that a manufactured home mortgage program be extended.
☆ 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.
☆ Connecticut's wealthy hedge-fund haven, home to Shonda Rhimes and the billionaire owner of the Mets, is losing federal 'high-cost' housing status after its home price gains lagged the US
  + stars: | 2022-12-10 | by ( Kelsey Neubauer | ) www.businessinsider.com   time to read: +5 min
Fairfield County, Connecticut, is a ritzy NYC suburb known for hedge funds and shoreline mansions. Fairfield County, Connecticut, New York City's ritziest suburban enclave, barely saw any home-price gains in the year through September, according to the Federal Housing Finance Agency. The county's median household income of $101,194 tops the overall median income in the US — $70,784 — by a large margin. Data from Douglas Elliman shows Fairfield County's median sale price rose by 8.2% year-over-year through September, for example. In 2022, with high-cost status, the county's limit has been significantly higher, at $970,000.
☆ 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.
☆ Ten Years Ago, $50 Million Home Sales Turned Heads. These Days, $100 Million Homes Do.
  + stars: | 2022-11-03 | by ( Candace Taylor | Nancy Keates | Katherine Clarke | ) www.wsj.com   time to read: 1 min
In October 2012, The Wall Street Journal launched its Mansion section with the goal of covering high-end real estate in the U.S. and around the world. It has been a busy 10 years. Market observers were shocked that year, when the family of Russian billionaire Dmitry Rybolovlev paid $88 million for a penthouse at Manhattan’s 15 Central Park West. But that deal turned out to be just the beginning. There were 48 sales of $50 million or more in 2021, up from five in 2012, according to data from real-estate appraiser Jonathan Miller .
☆ 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.
☆ Oil and gas are making a comeback — and these mutual funds are jumping on the trend, says Morningstar
  + stars: | 2022-09-29 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +4 min
The S & P 500's oil and gas sector has risen by nearly 30% this year while the broader market has sold off. Here's a selection of funds that Morningstar says have recently bought oil and gas stocks. BlackRock BGF World Energy It's not just the diversified funds that are making significant moves within the energy sector, however. A 'completely missing' picture Shares in nearly all oil and gas companies have fallen over the past three months following a decline in crude oil prices. Why have funds avoided oil & gas in the past?
☆ $100 million is the new frontier for South Florida luxury homes, says agent Dina Goldentayer, who sold $750 million in real estate last year via chauffeured car, helicopter, and golf cart
  + stars: | 2022-09-27 | by ( Zoe Rosenberg | ) www.businessinsider.com   time to read: +4 min
Griffin's $100 million buy is more than double the 2019 record for Miami's priciest single-family home. A Golden Beach compound is on the market for $100 million — and is being marketed as a gut job. "Now $100 million seems to be the threshold that captures the public's imagination. While Miami's ultraluxury market thrives, its less-pricey sectors are beginning to normalize, Miller said. Douglas Elliman's South Florida market reports, which Miller compiles, point to a slowdown in new signed contracts, but that's in comparison with the supercharged market of 2021.
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