irony can be delicious / juxtaposition of PruDE quote and data in NY Post worth a smile
pumping the market, no matter the cost
Today’s brief item in the NY Post Manhattan Bumps Real-Estate Slump from Bloomberg is amusing for at least one reason.
The Real Estate Board of New York’s Q3 data shows that median prices for Manhattan apartments were up 6% for the quarter.
"I haven’t seen any slump, I’ve seen the opposite," said Dottie Herman, CEO of Manhattan brokerage Prudential Douglas Elliman Real Estate.
Ms. Herman, meet Mr. Miller
It has long been a problem that different firms and different sources report different data about the Manhattan market that purports to describe the same stuff. The REBNY data is a little different from other reports, as the Post notes today:
The new New York figures contradict an October report by Miller Samuel Inc., the borough’s largest appraiser. Its data showed median prices fell 4 percent to $845,147 for the quarter.
One could argue that a 4% drop in median prices was a sign of a “slump”, though not to Ms. Herman, apparently.
The report of a 4% drop in median Manhattan apartment prices in the last quarter is prepared by Miller Samuel for – and extensively branded and publicized by – Prudential Douglas Elliman.
You can’t make this stuff up.
© Sandy Mattingly 2006