Tuesday, November 24, 2009
Wisdom from Jonathan Miller of Miller Samuels
Jonathan Miller of Miller Samuels, perhaps the leading real estate analysis firm in the New York Metropolitan area spoke to Brooklyn Prudential Douglas Elliman agents this morning. Jonathan is extremely knowledgeable and quite articulate about real estate trends in New York and has been analyzing the Brooklyn market for a number of years. He confirmed what we know, that the market is more active, there is less inventory than in the Winter/Spring but also said that there is some hidden inventory that would probably influence the market in the near future. Brooklyn is better situated than Manhattan in certain ways, as most of the inventory would involve conforming loans ($729,000 and below) which are easier to get than jumbo loans (above $729,000). Also Brooklyn has much more inventory in more moderate price points which is where a lot of the market. He also confirmed what I have written previously, that coop re-sales which required Board approval have stabilized the market all throughout New York City. I feel lucky that as a Broker for Prudential Douglas Elliman, I am privy to Jonathan's knowledge and expertise.