The Strategist
The long view, patient, analytical, playing several moves ahead.
Jonathan Miller reads as The Strategist because he converts granular market data into structural conclusions rather than cyclical commentary. The Miller Samuel chief executive identified post-pandemic booking behaviour as a permanent orientation change, not a blip, and traced a causal chain from interest rate policy directly to rent pressure.
“And as a result, you can argue, well, sales are down 25%. So you say, you know, hey, it's mortgage rates of doubled. Well, it's also because you have dramatically less product.”
“Praiserville is what it is. Yeah, so, you know, in the residential appraisal world where you buy a house or refinance your house, your mortgage on your house, appraiser comes out, values the property, and then gives the appraisal to the bank, and then the bank decides how much money they're going to give you, and then you close.”
“So, I don't know what the division is or the breakout is for commercial specifically, but it is inherent in our revenue structure for real estate to succeed. And even before the pandemic, we had changes in laws like the mansion tax. Right. The rent law changed so that conversions of existing buildings are almost impossible.”
“So academia for looking at the state of the housing market, but the problem with Kay Schiller is it's the equivalent, and I've joked with you before about this, you know, highly respected Nobel laureate. But it's not really suitable for everyday use because it reflects the housing market five to seven months ago.”
Masters in Business: “At The Money: Grab Your Summer Rental Soon!!”
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