

Jonathan Miller on Urban Real Estate
Jun 24, 2022
Jonathan Miller, the President and CEO of Miller Samuel Inc., shares his deep expertise in urban real estate. He discusses the complexities of appraisals and challenges in converting office spaces to residential units. Miller highlights shifting pricing strategies in luxury real estate and the misconceptions around declining urban areas. Interestingly, he delves into the evolution of appraisal methods, contrasting human insight with automated tools, emphasizing the need for human touch in navigating market complexities.
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Housing Market Cooldown
- High housing prices cool demand or increase supply.
- Affordability has dropped, causing a market pause and pullback in demand.
Market Cool Down Misconception
- Home sales slow immediately when external events like rate spikes occur.
- Inventory rises immediately but from an unusually low starting point.
Seller Capitulation Lag
- Sellers anchor to past home values, causing a lag in price adjustments.
- Online services allow observation of sellers chasing the market down.