A missive from the Radar Logic data firm the other day gave me some information that surprised me and may surprise you as well.
The firm, which tracks home prices in 25 major metropolitan areas, says its RPX Composite Price index grew by 56 percent from January 2000 to July 2011. “This compares quite favorably to the major stock market indices,” Radar Logic declared.
Over the same period, it reports, the Dow Jones Industrial Average Continue reading
VOWs prove useful to buyers searching for new homes
Brokerage firms are getting into the digital game themselves, creating a “virtual office Web site” or VOW.
These are sites operated by brokers that enable clients to search for most of the available properties in a particular market, not just the firm’s exclusive listings, according to the New York Times.
While brokers have mixed feelings about whether these sites are worth the investment, the emergence of the VOW is yet another sign that once tightly guarded listing information has finally been set free in New York.
Dollar value of citywide sales climbs from Q1 to Q2 as seasons change, but sales activity slips 4 percent below one year earlier
Here’s your chance to catch up with news included to inform, enlighten and perhaps even entertain you. To read about The Big Apple, check out the other of today’s posts and look for Out and About on Tuesday. And have a very happy Independence Day!
Here’s your chance to catch up with news included to inform, enlighten and perhaps even entertain you. To read about The Big Apple, check out the other of today’s posts and look for Out and About early next week.
Way back in the dark ages, when I was in graduate school getting a master’s in communication, the subject of opinion research so interested me that I developed and conducted a survey for my master’s project.
The result of that intense effort has been my enduring interest and unmitigated skepticism about polls and other studies that are disseminated by the news media.
Although the news media have grown more sophisticated, especially about political polls, I find myself to be continually astonished by how much evidently shoddy research finds validation on the Internet, in newspapers and magazines, and on radio and television.
Regular readers no doubt recall my recurring rants about research on the nation’s housing market, none of which is entirely — or, for that matter — even mostly accurate. Case-Shiller is my favorite target, a great example being in Sunday’s New York Times, when Shiller cited his research based on 407 and 296 respondents in different years as if they represented a national sample of home buyers. Impossible!
For that matter, how could 407 and 296 responses each reflect national sentiment? If 296 is sufficient, why poll 407? Conversely– you get the idea.
If only Shiller were alone. But none of the others — not Trulia, not Zillow, not RealtyTrac, not CoreLogic, not Radar logic, not the federal government, not one — reveals the true story.
Findings may be out of date, Continue reading
Manhattan condo prices have yet to recover fully
From its peak in December 2008 to its trough in May 2009, the RPX Manhattan Condominium price declined 24 percent, according to Radar Logic.
Since then, it has regained only about half of the value it lost during the crash.
As of March 31, the RPX Manhattan condominium price was $1,017.10 per square foot, which is 16 percent above its cyclical trough of $923.24, but still 12 percent below its all-time peak of $1,212.83.
Sales activity also remains well below pre-crisis levels. Activity during March 2011 was 18 percent lower than it was during March 2008, before the national housing crisis took hold of the Manhattan market.
Although the rate of sales increased robustly during 2009, its recovery has faltered since, with the transaction count declining 3 percent over the last year. There has been a clear shift in the concentration of sales from smaller to larger units over the last year.
Buyers are still out there and having offers accepted
Buyers continue to step up and sign deals for Manhattan property at a very strong pace, according to a new post by Noah Rosenblatt of UrbanDigs.
Finding in his excellent data Continue reading