MiB: Jonathan Miller of Miller Samuel Real Estate Appraisers & Consultants
Miller is an expert on real-estate appraisals and transactions, and runs one of the larger appraisal firms. He has created a variety of real-estate data analytics for various regions as well as nationally. He is also sought after as the go-to appraiser for many of the most expensive penthouses in Manhattan. (Our 2014 conversation can be found here)
A transcript of our conversation will be available here Monday.
Miller laments the lack of data to let us know exactly how bad the real estate market is. The contract data we do have is a reflection of transactions agreed upon a month or so ago — before most of the “shelter-in-place” orders were in.
We discussed changes to various on line listing services, like Street Easy and Zillow. In response to the crisis, the online real estate listing sites have removed the “Days listed” that reveal how long a home has been up for sale. The challenges that appraisers are having inspecting the interiors of New York City apartments has now spread to the rest of the country. Desktop (via computers) or exterior only curbside or drive-by appraisals are becoming more commonly used.
He explains that the Spring selling season is likely lost; how soon the market returns to normal will not be known until we get passed the pandemic. While virtual tours and Facetime videos are an option for some buyers, the human element requires seeing and walking through what is likely to be someone’s largest purchase.
You can stream and download our full conversation, including the podcast extras, on Apple iTunes, Spotify, Overcast, Google, Bloomberg, and Stitcher. All of our earlier podcasts on your favorite pod hosts can be found here.
Next week, we speak with James Montier, a member of GMO’s Asset Allocation team. Prior to joining GMO in 2009, he was co-head of Global Strategy at Société Générale. He is the author of several books including “Behavioural Investing: A Practitioner’s Guide to Applying Behavioural Finance”; “Behavioural Finance: Insights into Irrational Minds and Markets” and “The Little Book of Behavioural Investing.”