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About the Author

Jonathan D. Miller

Jonathan Miller is a partner and co-owner of Miller Ryan LLC, a strategic marketing communications consulting firm to the financial services and real estate industries. Miller has more than 25 years of communications and marketing experience in the real estate industry, counseling many leading executives. For the past 15 years he has also authored Emerging Trends in Real Estate, the Urban Land Institute’s (ULI) premier annual industry forecast and speaks extensively on suburban and urban issues. He is also author of ULI's Infrastructure 2008: A Global Perspectives, a major analysis on the looming changes facing the

U.S. on infrastructure and land use issues. He has led marketing/communications teams at Equitable Real Estate, Lend Lease, and GMAC Commercial Mortgage (Capmark Finance), overseeing re-branding programs for those firms as well as for COMPASS, Boston Financial and Amresco when they were acquired by Lend Lease. He has extensive crisis communications and corporate-change experience. Miller graduated with honors from Northwestern's Medill School of Journalism and earned a law degree cum laude from American University. Contact Jonathan Miller.

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Sydney Australia Property Market Update

House prices in Sydney are rising and show no signs of slowing. Auction clearance rates are currently sitting above 70%. RP Data results show that property values in Australia´s capital cities increased by 12.7% over the 12 months to end February 2010. In the 3 months ending February 2010 Sydney property values increased by 3.8% with the median property value now $519,000. Low supply of properties is a continual problem particularly in the sought after areas of the Eastern Suburbs, North Shore, Northern Beaches and Inner West. Whilst interest rates may rise; the low volume of available properties, low levels of new construction and high demand from buyers will likely cause Sydney properties rises to continue to rise through out the year.

If you are considering buying a home or an investment property in Sydney and need advice or require assistance with finding and negotiating the right property call Prosper Group - property buyers agent Sydney on 1300 664 373 or email us on
Posted by comment_user_455003 | Monday, May 31 2010 at 8:06AM ET
interesting post! They want to eliminate the existing generous tax treatments, which allow private equity firms to shelter gains from promotes on other people´s money.
Posted by comment_user_455002 | Monday, May 31 2010 at 12:59AM ET
1. If you truly think that a change in tax law will have no impact on how capital is invested then you shouldn´t really be writing articles about real estate. Use your journalism degree to write about something requiring less knowledge - such as politics.
2. Why do you seem to always take the viewpoint that paying more taxes is ok? I would enjoy knowing if you voluntarily pay more taxes.
3. For additional insights on Finance and Banking see
Posted by comment_user_455001 | Monday, May 24 2010 at 5:17PM ET
I suppose for the bottom feeder, the opportunity will remain. But for the shopping center owner, or current builder, the change in taxing will create even more pain in any exit strategy than was already being experienced. Focusing on the sharks is fine, and yes they will survive, but the extra 20% in ADDITIONAL taxes factored into the discounts buyers will then expect, is going to create further bankruptcies and foreclosures. If real estate's "recovery" is only to benefit the sharks then the carried interest inflicted wounds should create more blood in the water for them to celebrate. For everyone else, from shopping center owners to tenants, to customers, it is a disaster.
Posted by comment_user_455000 | Monday, May 24 2010 at 1:06PM ET
Whatever the effect on "bottom feeders" and the recovery, long term this new law will significantly discourage real estate development by entrepreneurs. Unlike hedge fund and private equity fund managers who typically risk nothing, a real estate developer will almost always have to provide a personal payment guaranty to the construction lender -- in essence risking his entire net worth on the success of the project. But per the proposed law, he will be taxed at the same rate as the fund manager who assumed zero risk for his "carried interest" and the "carried interest" the developer receives for taking that huge risk will be taxed at ordinary rates--same as the fund manager.

In short, the proposed law ignores the very real "investment" the developer makes in putting his entire worth on the line -- and to that extent will be a significant deterrent to the willingness of developers to assume that risk.
Posted by al adams | Friday, June 04 2010 at 12:57PM ET