Source: RealtyTrac via Rampage
Yesterday, we directed our ire at bad automobile data. Today, its housing’s turn.
I was running through my early morning sites one day last week in preparation for preparing my daily reads posting, when I saw this headline at the Washington Post: “8 in 10 Manhattan home sales are all-cash.”
That can’t possibly be right, can it? It struck me as way off the data I’m familiar with in New York City. Anecdotes are never a substitute for hard data, but this headline failed my sniff test.
Whenever I am stymied by a housing question, I reach out to Jonathan Miller, of Miller Samuel. He is my rabbi for all things residential real estate. He too thought the numbers were off, and came up with a reason why:
The reason the Realtytrac 80% figure jumped out at me was the fact that co-ops account for about 60% of sales and have the highest concentration of entry level and middle class demographics in Manhattan. I was very skeptical that virtually all the market-majority co-op buyers were paying all-cash, especially in the tepid economy we are stuck with.
The data Miller uses show that Manhattan all-cash home sales weren’t 80 percent of residential sales — they were continues here . . .
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.