Biased Jonathan Miller quoted by clueless MEDIA

Same Jonathan Miller SteveF worshipped when he said things Steve liked.

And SteveF also said the same thing about Noah...

B-llSh-t swe, his opinions suddenly dropped off a cliff then news flashed about his new business. That's when I saw this guy's true colors. No problem Jon just step down as the voice of the market

He should more unbiased like the brokers who are the source of every quote for the NYT or WSJ for state of affairs in NY RE?

while his new venture certainly does color his opinion, it has been completely disclosed in every article I've seen him quoted in.

Hey, JM's putting his money where his mouth is. I'm confident that he truly believes prices are headed south and his new venture will be quite profitable.

Johnathan Miller has devoted a considerable number of years, and I gather has done well financially, analyzing the New York re market in many of its permutations and facets. I am sure that if he is investing in distressed property it is because that is, in his EDUCATED opinion, a money making proposition. I think this a case of putting his money where his mouth is and not the other way around.

Hahhahahahhahaaaaaaaaa. I'm gonna peeeeeee.

10mm borkers, geitner, Obama, every media outlet saying we are stabilizing...... And ya gotta a bone to pick with j milller. Flmao.

Look I agree he was a tool for NYC re for a long long long time (2000- 2008). Now he's own biggest tool.... But he's a tool bc he's self serving?, just like you stevef.

Now place your bets and live in your home.

Lizyank, you don't strike me as naive. Miller is exactly putting his month where his money is. On Wall Street its called "talking your book" and it's done all the time, unfortunately. If a large institution wants to sell a position in XYZ common stock, a broker wanting to earn the commissions on the sale puts out a "buy" recommendation and gets the seller's business. "Miller is a hopeful buyer with a bearish view." should be the disclosure when referencing his opinions on NYC property appraisals.

67...great post

"B-llSh-t swe, his opinions suddenly dropped off a cliff then news flashed about his new business. That's when I saw this guy's true colors. No problem Jon just step down as the voice of the market"

No, you're just lying now. Miller was noting the 15-20% decline when brokers were still saying there would be no decline. He was WELL ahead of the curve.

"Johnathan Miller has devoted a considerable number of years, and I gather has done well financially, analyzing the New York re market in many of its permutations and facets. I am sure that if he is investing in distressed property it is because that is, in his EDUCATED opinion, a money making proposition. I think this a case of putting his money where his mouth is and not the other way around."

Bingo!

SteveF would rather quote BROKERS! (who are by definition slanted)

amazing.

somewhereelse, having a bearish view when you are a distressed buyer, trying to buy at a discount is self serving. His stating his views publicly as an appraisal expert is the admission price for getting the vulture investors with financing as partners. This is nothing about him having an educated opinion. This is about commerce plan and simple, and his opinion is tainted.

"a broker wanting to earn the commissions on the sale puts out a "buy" recommendation and gets the seller's business"

Yes, and a BROKER is the last place to take advice... unfortunately, thats where Steve is getting his from.

If a broker acutally bought the same stock while telling me to do it, thats something else...

" On Wall Street its called "talking your book" and it's done all the time, unfortunately"

Btw, you are describing... well... STEVE.

Dude has multiple condos he's been trying to unload for two years.

He shouldn't be talking about credibility.

"somewhereelse, having a bearish view when you are a distressed buyer, trying to buy at a discount is self serving."

True.... but not super relevant when the bullish view was determined years before.
He also has an industry of brokers he has to keep happy. He's pulled both ways.

I like that he's putting his money where is mouth is.

As a buyer, that indicates his bearish view is temporary or more moderate. He and his partners feel that if they can buy new condos at a sufficient discount, they can unload them close to todays market or at a slight discount within a few years. His behavior is not consistent with a real bearish view so common on these threads. And it's probably not his money he brings to the table, so much as it is his currency as an expert mouthpiece, and his professional expertise in terms of attracting financing. He's probably still regrets not selling his appraisal business one year earlier--didn't that deal unwind? Anyway, he seems to have a very reasonable business plan for the times. If he chose his partners well, he has a decent shot at success. If you are reading, good luck, jon!

> His behavior is not consistent with a real bearish view so common on these threads.

I don't agree. If they thought things would be improving, they'd have a more traditional fund, not a distressed fund. Distressed funds are about restructing...

Distressed fund gains come from taking on the risk of potential bankruptcy, or things getting tied up. They aren't about picking winners and assuming they go up.

Its about taking very screwed up stuff and getting it to a point where its only somewhat screwed up.

Distressed funds are big in BEAR markets, not bull markets.

somewhere else, explain it to someone else. I had 12 years on wall street doing nothing but distressed. I understand the dynamics and the games.

Me too pmg. So you know the #1 rule of distressed assets,? What's your skin in the f
game.....

So pmg, what's your skin in NYC re?

Thxs falco.

You are also missing a big part of the Miller fund strategy. They want to buy blocks of R/E in order to rent it. Seems either rents would still have to come down a lot or sales prices down.

I believe their plan is to initially provide liquidity to developers/banks (buying wholesale; albeit at much lower prices than current "offering prices"). Thereafter, they would "initially" rent out the properties at a net rent of 8%-plus cash-on-cash while leveraging to bring the "effective current" yield well north of 10%.

Eventually, their exit strategy would probably be to sell to owners at say a 4% net yield when that market recovers.

They are classic vulture investors who will allow developers/bankers to walk away from illiquid, unprofitable investments - albeit probably at modest/moderate losses. But these bum properties will no longer be on the banks' books - and eventually banks will be wanting to clean up their balance sheets.

JM does want to buy well below "current offer" prices - that's the only way his venture will succeed. Caveat emptor to homebuyers who think "current offers" are at all reasonable. That's not what the smart money thinks!

Miller you and your Westwood Capital Partners VULTURES are getting stomped on as the market is getting stronger and stronger! Miller and Guterman just made a bad decision. Miller hurt himself 2 ways this venture and his name. Guterman just used him.

>Miller teamed up with Westwood Capital LLC and developer Gerald Guterman to raise as much as $1 billion to buy empty condos and manage them as rentals. Guterman made his name in the 1980s doing just the opposite.

“Things are going to run out of steam at pretty predictable times,” said Daniel Alpert, managing partner of New York-based Westwood Capital. “In the case of these condos, it’s when the reserve funds run out.”

Builders can’t afford to cut prices because they borrowed too much at the height of the market, according to Miller. He and his partners are betting that lenders will seek to sell their condo units at a loss rather than foreclose on the building and assume all the developer’s liabilities until the units are sold< -business insider-

median prices will be UP BIG for Q3 vs Q2 and UP HUGE vs last year. Why sell to you vultures when the developers/banks can sell at a profit now. Have a great day suckers.

Hey Miller, Guterman used you. Next time he calls you to get the word out about the "market getting worse" just think about how he used you bro. You've been used by some rich old guy. hhave a great day.

"Jon, you know you have to push that market fear again, Gerry asked me to call you personally to get another negative piece out now!you're not doing your part, the market is getting better!!!!"----Daniel Alpert, managing partner of New York-based Westwood Capital

"I am losing millions Miller, you better get this market going south or the only job you'll have on this street is sweeping it you cskr" :) lol

will we ever see $500 a sq foot in the near future...anywhere else $500 would be crazy and here it would be a dream.

"Miller you and your Westwood Capital Partners VULTURES are getting stomped on as the market is getting stronger and stronger!"

Sound like foaming to me!

(and exactly what steveF claimed 2 years ago... WHOOPS)!

Does anyone remember what question was asked of him that he never answered or came back to SE?