A Correction Is Coming For High-End Real Estate: Miller Samuel's Miller

The video discusses the current state of the real estate market, highlighting oversupply in high-cost areas like California and New York, where market corrections are occurring. Developer loans are being used to avoid selling properties at low prices, but further corrections are expected. The middle and lower markets are less affected, partly due to lower mortgage rates. In contrast, low-cost states like Texas and Florida are seeing increased activity due to migration. The video also addresses overbuilding and the lack of affordable housing, which impacts first-time buyers and boosts the rental market.

What is causing the slowdown in real estate activity in high-cost markets like New York and California?

• Buyers are not interested in these markets.

• There is a lack of available properties.

• Sellers are holding onto pre-tax condition prices.

• The weather conditions are unfavorable.

What has been the average discount observed in the high-end market in New York?

• 10%

• 15%

• 25%

• 30%

Which states are experiencing a rise in real estate activity due to migration from high-cost areas?

• Texas and Florida

• New York and California

• Illinois and Michigan

• Nevada and Arizona

What is a significant issue in the US real estate market related to the type of properties being built?

• The market is saturated with commercial properties.

• There is a lack of luxury properties.

• Too many affordable homes are being built.

• There is a focus on luxury properties over starter homes.

What is the impact of the lack of affordable housing on the market?

• It has caused a boom in the rental market.

• It has stabilized the housing market.

• It has led to a decrease in rental prices.

• It has increased the number of luxury home buyers.