Trend Czar

About This Blog

Unvarnished truth. Consultant Jonathan Miller (Miller-Ryan) has compelling views on the market, and he shares them with subscribers.
  • What is a Secondary Market?

    You know we are in the mature part of the cycle when institutional investors start hashing over just what is a secondary market. What they are really concerned about and trying to rationalize is buying assets in higher risk markets with suspect tenant depth and limited exit strategies if times go bad. And oh by the way that’s just about everywhere outside the leading 24-hour cities. It’s just a matter of degree of how risky…

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  • The Perennial Question: When Will Interest Rates Increase?

    It’s a new year (BTW a very Happy New Year to you) and the markets face the same question confronting them and us since recovery began.

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  • Convenience at a Price

    All the new apartment construction in-and-around the convention center in Washington DC is another example of sterile neighborhood development sweeping through our cities in a rush to create profitable 24-hour environments.

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  • Don't Get Greedy

    So to answer definitively the “What should I do now?” investment question previously posed, I say it’s time to hold with the caveat—sell anything sketchy or past its prime. I don’t think it’s a great time to buy and the always narrow development window is closing.

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  • "What Should I Do?"

    Some recent private chit-chat heard among a group of prominent real estate dealmakers: “Land prices are out of reach.” “I’m struggling with low yields.” “Opportunities are harder to find.” “You can’t make the numbers work on (building) condos.” “Not buying existing core assets.” “Spread compression is too much.” “It’s insane pricing on industrial.” “Underwriting is loosening.” “It’s a tremendous time to borrow.” “Debt has never been cheaper. “We’re seeing limited or no call protection--loans will come back to you.” …

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