irony can be delicious / juxtaposition of PruDE quote and data in NY Post worth a smile : Manhattan Loft Guy

Manhattan Loft Guy

Dec. 7, 2006 - 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 context:

The Real Estate Board of New York’s Q3 data shows that median prices for Manhattan apartments were up 6% for the quarter.

The quote:

"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 irony:

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.

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