Don’t laugh, but REBNY’s ‘survey’ is a joke

The Real Estate Board of New York (REBNY) released its latest survey results today, unwittingly providing insight into why they don’t merit your attention.

As a member, I’m sure I got an e-mail asking for my participation.  I may even have responded, though I don’t recall.  But any survey that depends on self-selected responses is not worth the bytes it consumes.

What was the methodology?  I have no idea.  What I do know from today’s press release is only this:

The Broker Survey is conducted quarterly and was sent to REBNY Residential Division members in July after the close of the second quarter.

The release begins with the insupportable conclusion

Mortgage applications continue an upward trend

The Mortgage Bankers Association (MBA) said today that mortgage loan application volume increased 1.3 percent lasts week on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the gain was 1.4 percent.

Refinancing activity also rose, by 1.3 percent, and purchase volume grew by 1.5 percent.  It was the third consecutive weekly increase for purchase applications.

Deal said to be near on unsold m127 penthouse

A contract for the sale of Penthouse B in the m127 condominium could be executed within the next two weeks, according to the firm that conducted the June 27  auction of six units in the building at 127 Madison Avenue in Manhattan. The other five units were sold “absolute,” not subject to the seller’s confirmation.

Misha Haghani, a principal of Paramount Realty USA, told me in a telephone interview yesterday that the building’s sponsor has rejected since the auction “more than two” offers for the penthouse in the form of signed contracts that were accompanied by required certified funds of 10 percent of the offering price.