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EPISODE 36

How does NYC real estate move past ‘peak uncertainty’ in 2020?

In this episode of the Brick Underground podcast, we explore some of NYC's current market data with real estate appraiser Jonathan Miller, president, and CEO of the firm Miller Samuel.
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By Emily Myers  |
January 23, 2020 - 9:00AM

In this episode of the Brick Underground podcast, we explore some of NYC's current market data with real estate appraiser Jonathan Miller, president and CEO of the firm Miller Samuel.

You may have heard that it's a buyer's market but it really depends on what price range you are looking at. Yes, sales of luxury condo sales have been stalled for some time and prices are falling, but if you're selling a studio or one bedroom, those prices are rising and the market is moving much faster than they are at the high end.

That's not to say there isn't uncertainty, in fact, Miller says we are at "peak uncertainty" as the real estate market grapples with policy changes like higher taxes, rent reforms unfavorable to investors, as well as the specter of a possible pied-à-terre tax.

So what does all this mean for NYC real estate sales? Plus, how might the 2020 election affect buyers and sellers? We'll get into the details as well as discuss what Miller describes as the "cauldron of unaffordability," which currently characterizes the city's rental market.

We'll also consider the changes in rental inventory too, as high-end condo owners decide to hold onto their apartments rather than sell and, in listing them as rentals, push prices up even further. 

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Emily Myers

Senior Writer/Podcast Producer

Emily Myers is a senior writer, podcast host, and producer at Brick Underground. She writes about issues ranging from market analysis and tenants' rights to the intricacies of buying and selling condos and co-ops. As host of the Brick Underground podcast, she has earned four silver awards from the National Association of Real Estate Editors.

Brick Underground articles occasionally include the expertise of, or information about, advertising partners when relevant to the story. We will never promote an advertiser's product without making the relationship clear to our readers.

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Making sense of the NYC real estate market with Jonathan Miller

In this episode of the podcast, appraiser Jonathan Miller, president and CEO of Miller Samuel, joins host Emily Myers to discuss what buyers, sellers, and renters in New York City can take away from the real estate data as we head into 2023. 
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