This week the real estate industry is in turmoil over Rupert Murdoch’s News Corp.’s offer to purchase Move Inc., the operator of Realtor.com. Last month it was in turmoil over Zillow’s offer to buy Trulia. That’s lotsa turmoil.
As regular readers–both of you–know, there’s been plenty of worrying lately about what kind of house Millennials will buy, and where they’ll buy, and even if they’ll buy.
Quick! Name one economist!
“Uh, Robert Shiller. I liked Irrational Exuberance. Well, I didn’t read it, but I heard about it. It’s great! He’s a genius! Everybody says so!”
Stronger Hiring Boosts Outlook for US Home Sales, say the teasers for Reuters’ latest poll of 29 “investors and economists”, or maybe they were just “economists”, or maybe they were just “property analysts”–all these descriptions appear in the article, and I have to think that an investor is different from an economist is different from a property analyst. But anyway, we know that Reuters asked 29 people, none of whom were me. How about you?
“Duncan Stott moved to [X] to take up a job in the area’s booming tech economy, but like others who move for work, he’s finding the city’s popularity is pushing up prices.”
So where is X? Palo Alto? San Francisco? Maybe Vancouver, eh? No, it’s Cambridge, and not Cambridge MA but Cambridge UK.
“What had W done wrong?”, ponders the New Yorker. W is also mystified. “This is how I thought negotiating worked. I just thought there was no harm in asking.”
A May 20 article in the Washington Post is the latest salvo in what’s either a fight for the heart, soul and luxury condos of America or just another manufactured crisis. “Foreign investors are making housing more expensive,” the Post asserts, then asks “Should we tax them for it?”.