How much is a neighborhood name worth?
Excerpt: Despite some anecdotal examples, there’s little statistical evidence supporting the notion that a neighborhood’s brand or name contributes to a higher sales volume or a premium on price, according to Jonathan Miller, chief executive of the appraisal firm Miller Samuel.
“You’ll see buildings trying to hook into adjacent, better-known neighborhoods as a marketing ploy, but we don’t see that translate into a premium or more sales for doing that,” Mr. Miller said.
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My comment: Some interesting stories. I’m not sure if “renaming” works, but I do know that in some older established neighborhoods in the Bay Area, including my city, the name does make a difference in value.
A $760,000 Parking Space ($5,000 per sq.ft.)
By Jonathan Miller
Excerpt: In 2007, I analyzed Manhattan parking spaces that made page one of the NY Times (oh, and my wife broke her leg that day). The takeaway was that parking spaces sold for about the same price per square foot as a typical apartment in the same building. Typical parking spaces run about 150 square feet in size.
This US $760,000 Hong Kong parking space sale (a flip) was a little more than $5,000 per square foot in a luxury project. The average residential sale is US$3,182 per square foot. Based on what we see for Hong Kong housing prices, that price really doesn’t sound so crazy.
In the greater reality, it sounds absolutely nuts. Without the context of an HK$100M condo nearby…
Scroll down to Appraiserville for a long story about a VA appraisal “gone bad” plus lots more good stuff at:
Surf’s Up! America’s Most Affordable Beach Towns, 2018 Edition
Excerpts: These aren’t the country’s best known and rarified ocean towns (sorry, Hamptons and Malibu!), but each one has a great beach and a cool and distinct vibe, from ruminative to rowdy, serene to (sorta) swanky.
Here are a few:
1. Gulfport, MS
Median home list price: $184,100
2. Jacksonville, NC
Median home list price: $184,600
9. Coos Bay, OR
Median home list price: $274,200
Lots more detail at:
Man moves to San Francisco, pays $400 a month to sleep in wooden box in friends’ living room
Excerpts: With the median rent for a one-bedroom apartment at $3,670 a month, the city’s housing crisis has pushed frugal renters to the edge of their comfort limits.
From tents to trucks, the next logical step in San Francisco has taken shape – in the form of a literal box.
Very interesting!! Check out the comments, video, photos, and the rest of the article at:
My comment: I live 10 miles from San Francisco. Rents in my city are well below San Francisco’s, but have increased 50% over the past 3 years. I don’t know anyone living in a box, but I do have friends who left the state to find affordable housing. Many others are worried that their rents will go way up any day. I am very glad I am an owner, not a renter. San Francisco has strict rent controls, but I don’t know if it applies to boxes… I gotta increase the rents on my apartments!! Greedy (or Evil) landlord ;>
College degree requirement misguided
By David Brauner
Excerpt: The college degree requirement seems more like a forced attempt at elevating the status of the profession by closing the club, and that strikes me as elitist. Not everyone has the opportunity, resources or aptitude to attend and/or flourish in college…
The requirement is even more dubious when you consider that a degree in any subject passes muster for becoming a Certified Appraiser, no matter how unrelated (think French Literature for instance), while someone with the skills to flourish in this business would be shut out for all intents and purposes without a degree.