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Old 12-19-2014, 06:28 PM
 
2,476 posts, read 2,193,340 times
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http://www.nytimes.com/2014/12/21/re...ft-region&_r=0
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Old 12-19-2014, 11:01 PM
 
Location: Los Angeles
1,235 posts, read 1,123,587 times
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Well, the article is clearly only talking about the very high end market including beachfront properties.

The median homes price by "metro area" from the National Association of Realtors (NAR) for 3rd Quarter 2014 (which excludes "new" construction). The NAR does not report for New York City (washed out with northern New Jersey) so different source for Manhattan (see link).

Manhattan: $972,000
San Francisco/Oakland Metro: $769,000
Orange County, CA: $697,000
Honolulu: $677,600
Los Angeles County: $481,900
Miami-Dade County: $270,000
Chicago-Naperville: $221,000
Dallas metro: $193,500
Orlando metro: $180,000
Atlanta metro: $167,500

NAR Research: Metropolitan Median Area Prices and Affordability | realtor.org

Manhattan home prices soar to median $972,000 - Apr. 1, 2014

Last edited by StreetLegal; 12-19-2014 at 11:12 PM..
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Old 12-20-2014, 04:34 AM
 
Location: western East Roman Empire
5,609 posts, read 9,367,528 times
Reputation: 4187
Quote:
Originally Posted by StreetLegal View Post
Well, the article is clearly only talking about the very high end market including beachfront properties.

The median homes price by "metro area" from the National Association of Realtors (NAR) for 3rd Quarter 2014 (which excludes "new" construction). The NAR does not report for New York City (washed out with northern New Jersey) so different source for Manhattan (see link).

Manhattan: $972,000
San Francisco/Oakland Metro: $769,000
Orange County, CA: $697,000
Honolulu: $677,600
Los Angeles County: $481,900
Miami-Dade County: $270,000
Chicago-Naperville: $221,000
Dallas metro: $193,500
Orlando metro: $180,000
Atlanta metro: $167,500

NAR Research: Metropolitan Median Area Prices and Affordability | realtor.org

Manhattan home prices soar to median $972,000 - Apr. 1, 2014

If one wants an apples to apples comparison, he has to do his own research based on his own criteria which could be as specific as, for example, neighborhood vs. neighborhood, type of housing vs. type of housing, number of rooms vs. number of rooms, square footage vs. square footage, buy prices, maintenance expenses and property taxes, age of building and in-building amenities, local schools vs. local schools, neighborhood cultural amenities vs. neighborhood cultural amenities, the vicinity of discount shopping, fresh markets, etc.

Someone else's research may be helpful in general terms, but mr. average is a statistical construct, not a real person whose means, needs, and expectations vary.

In my own research comparing Brickell to certain neighborhoods of Manhattan and certain neighborhoods of San Francisco and certain neighborhoods of Rome, and a bunch of personalized criteria such as those listed above - and this was about three or four years ago - I found that Manhattan and San Francisco were about equal, Rome was just about par with them, and Brickell was still a relative bargain, except that it has a long way to go in terms of cultural development as reflected by the fact, for example, there is not yet a decent private or public school in the immediate area.

However, that may change over the next 20 years or so, and even over the past four, so, indeed, certain neighborhoods of Miami like Brickell may be catching up, with prices soaring from time to time due to various factors like national and international cash flows and expectations.

Finally, it is not surprising that the NYT would publish an article focusing on the very high end market including beachfront properties: who actually reads it and what do they actually do (rhetoric notwithstanding)?
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Old 12-20-2014, 05:40 AM
 
Location: Los Angeles
1,235 posts, read 1,123,587 times
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Quote:
Originally Posted by bale002 View Post
If one wants an apples to apples comparison, he has to do his own research based on his own criteria which could be as specific as, for example, neighborhood vs. neighborhood, type of housing vs. type of housing, number of rooms vs. number of rooms, square footage vs. square footage, buy prices, maintenance expenses and property taxes, age of building and in-building amenities, local schools vs. local schools, neighborhood cultural amenities vs. neighborhood cultural amenities, the vicinity of discount shopping, fresh markets, etc.

Someone else's research may be helpful in general terms, but mr. average is a statistical construct, not a real person whose means, needs, and expectations vary.
Agreed that housing markets in places as vast/diverse as NYC or Miami have multiple layers and require careful research to find the right analogues. However, I find the initial "statistical construct" between metro median home prices a useful starting point.

In my own research, looking at small (two bed/two bath) single family homes in Coral Gables I have found the discount between comparable neighborhoods in my metro area (Los Angeles) to be roughly the same as the discount (40 percent) suggested in the two statistical averages suggested in the broader metro area figures. Still kind of shocked by that discount...thought it would be narrower. Perhaps Coral Gables is in my future.....
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Old 12-20-2014, 08:06 AM
 
Location: western East Roman Empire
5,609 posts, read 9,367,528 times
Reputation: 4187
Quote:
Originally Posted by StreetLegal View Post
Agreed that housing markets in places as vast/diverse as NYC or Miami have multiple layers and require careful research to find the right analogues. However, I find the initial "statistical construct" between metro median home prices a useful starting point.

In my own research, looking at small (two bed/two bath) single family homes in Coral Gables I have found the discount between comparable neighborhoods in my metro area (Los Angeles) to be roughly the same as the discount (40 percent) suggested in the two statistical averages suggested in the broader metro area figures. Still kind of shocked by that discount...thought it would be narrower. Perhaps Coral Gables is in my future.....
Yes, I agree that statistical studies done by others, often large companies and other entities, are helpful and a useful starting point.

From those starting points, then, congratulations on doing your own research and finding out that indeed the Miami area, on certain criteria, is desirable even in comparison with stiff national and international competition, and that's one reason why people keep coming here, also with a chance to build for the long-term future.
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Old 12-20-2014, 08:52 AM
 
Location: Los Angeles
1,235 posts, read 1,123,587 times
Reputation: 1528
Quote:
Originally Posted by bale002 View Post
Yes, I agree that statistical studies done by others, often large companies and other entities, are helpful and a useful starting point.

From those starting points, then, congratulations on doing your own research and finding out that indeed the Miami area, on certain criteria, is desirable even in comparison with stiff national and international competition, and that's one reason why people keep coming here, also with a chance to build for the long-term future.
Yes, despite the run up in prices in Miami it still looks like a good deal compared to other expensive places. How long have you been in Miami and where did you move from (Italy)?
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