Jonathan Miller expresses reservations about near-term outlook for Manhattan Real Estate?

Started by JohnDoe

almost 18 years ago

Posts: 449

Member since: Apr 2007

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The sky isn't falling, no need to make more of this than it is, but it is interesting to see this tidbit from the times: "Jonathan J. Miller, the chief executive of Miller Samuel, an appraisal firm, said that the market was stable but that prices were unlikely to rise above the records set in 2007. If the economy continues to lag, he said, the situation may be more worrisome in 2009, as markets are based, in part, on momentum and psychology."

Response by will

almost 18 years ago

Posts: 480

Member since: Dec 2007

Given what's going on in the rest of the economy, a stable market may be as good as it gets for a while.

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Response by bugelrex

almost 18 years ago

Posts: 499

Member since: Apr 2007

the psychology part of it is very interesting. For example, when a house in san diego was 850K, people were scrambling over themselves to bid over ask.. when the "same house" is now only 600K.. no one wants to touch it!

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Response by will

almost 18 years ago

Posts: 480

Member since: Dec 2007

bugelrex -- NY Times today discusses such a "crisis of confidence" in the economy as a whole..

http://www.nytimes.com/2008/03/09/business/09econ.html?hp

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