Career Decisions-Seacrest vs Dunkleman
1/2/22
Opening Comments
Picture of the Day-Mask Warehouse Closed for COVID Outbreak
Eye on the Market-Michael Cembalest
Career Decisions-Seacrest Vs Dunkleman
Quick Bites
Markets, Crypto for Billionaires, Rich Get Richer, China Challenges
Dr. Robert Malone Ban, Chamath on the Future of Credit Cards
Citi/JPM Working Remotely, US Mortgages
NYC Considers Race on Giving COVID Treatments
Ghislaine Maxwell
Other Headlines
Virus/Vaccine
Data-Cases Exploding. Hospitalizations Up, Deaths Down
New Charts-Expect Peak in 2-3 weeks in the US
Omicron More Mild
Boosters on Immunity
Real Estate
CA Home Prices
Greenwich, CT Year End Report-Mark Pruner
Opening Comments
Happy New Year to all. Here is to a better 2022 and at some point, I am hopeful the pandemic will not be the 1st and last thing we discuss by the end of the year. Based on what I am seeing in the UK and South Africa, I am cautiously optimistic that hospitalizations and deaths will not spiral out of control despite a worrying case count in the US which is growing exponentially.
People seemed to react positively to my prior Rosen Report, “You Had Me At Clearance Sale.” If you missed it, check it out. The opens were down slightly, maybe due to the holidays, but worth a read.
A reader and friend invited Jill and I down to dinner at the Surf Club in Miami Beach on 91st and Collins. They have a few restaurants there and we ate at a Middle Eastern restaurant called Layla. It was surprisingly solid. The Surf Club is an amazing property with fantastic apartments and many big hitter residents. The amenities are remarkable and the food had me wanting more. I loved the feta & Za’atar and Falafel. I also felt the Tawook Chicken and Ribs were sold too. My wife enjoyed her shrimp. The only weakness was cold pita which was a bit more brittle than I like. Nothing better than soft, warm pita to dip into the amazing hummus an other delicious appetizers. The service could have been a bit more attentive, but I will give them a break given the pandemic and problems with staffing, but something to watch.
We brought our kids, Jack and Julia, and they ate at Lido at the Surf Club and loved it. Jack is a tough food critic and enjoyed his shrimp and branzino. I will continue to complain about Miami traffic and crowds, but at least I did not need to drive to South Beach. Also of note, we sat outside and it made for a great evening.
Note is a little shorter today, as I wanted to be mindful of the holiday and have been incredibly busy. Also, there is a lengthy piece from Mike Cembalest I want readers to check out and it covers a wide array of topics. I fished this am and we had 3 sailfish on lines at one time. I need to go through the footage, but trust me, it will make a future report. In a crazy turn of events, I got stung by a man-of-war while fishing, so any video footage may have some strong language as it was incredibly painful. Yes, the tentacles of a man-of-war are no joke and yes, we landed all three sails. Yes, I need a haircut. I had a tentacle of the man-of-war on my hat and had to take it off which unleashed Medusa.
Picture of the Day
A reader sent me this picture and thought it was ironic, so it made the picture of the day today. I am all for masks, but I do not believe they are the going to solve everything. I look at the way people wear them, how they fit and it is clear not all masks or those wearing it are doing it properly. A mask warehouse is closed due to an outbreak of cases according to the picture below.
Eye On the Market-Mike Cembalest
These superheroes all contribute in their own way to a rise in prices, wages, economic growth and asset prices. In this year’s Outlook, we look at the consequences of reflation for equity markets that are already pricing in plenty of good news. Special topics include China and the regulatory purge, dividend investing, real assets (commercial real estate, timber and infrastructure), investments in fintech and cybersecurity firms, ESG impacts on portfolios and the high cost of Brexit. As usual, I enjoyed the read, but learned a lot about the consequences of Brexit.
Career Decisions Seacrest Vs Dunkleman
I think we all have made career decisions we regret. For me, turning down my dream job in LA in December of 2008 turned out to be costly from a career and economic standpoint. It was my dream job and had I taken it, I believe I would have made a killing and had a longer career. Also of note, I preferred LA to NYC from a weather and lifestyle perspective. That is history, but it got me thinking about a big mistake made by one of the original co-hosts of American Idol.
In the 1st season in 2002, American Idol had two hosts, Ryan Seacrest and Brian Dunkleman. We know that Ryan has been the host for 20 years and has absolutely crushed it from a career perspective. However, Dunkleman decided he wanted to be an actor and felt that hosting the show was holding back his acting career. He only co-hosted one season. Since then, he has been on a few shows, done stand-up comedy and was on a reality TV series called, “Celebrity Fit Club,” where he lost 15 pounds. Needless to say, Dunkleman’s decision to move on from the hit, American Idol, was costly on many levels. There is a documentary called “Dunkleman” about his life and battles with drugs, alcohol, and depression. Picture below is from 2002.
With respect to success, let’s look at Ryan Seacrest’s career. I don’t know his net worth, but would guess it is in the $500mm, range and even that could be low. It is estimated that his annual salaries from his different shows is $75mm which seems approximately correct between TV and radio.
He has hosted American Idol for 20 years. He has been the Executive Producer and co-host of ABC’s Dick Clark’s “New Year’s Rockin’ Eve “since 2005. He has been a host on E! and NBC to host various events. He co-hosts “Live with Kelly and Ryan” and is Executive Producer. Seacrest also is the host of “American Top 40,” a top syndicated weekly count down show formerly hosted by Casey Kasem. He started Ryan Seacrest Productions and produces “Keeping up With The Kardashians,” “Khloe and Lamar,” “Kourney and Kim Take NY” and “Kortney and Khloe Take Miami.” He has produced “Jamie Oliver’s Food Revolution” which won an Emmy as well as a host of other shows. In 2012, Thomas Lee and Bain invested $300mm into Ryan Seacrest Media. Let’s not forget the Ryan Seacrest Distinction line of suits and his skincare brand called Polished. Seacrest is everywhere and is often called the hardest person working in show business. Ryan Seacrest has 5.5mm Instagram followers and Dunkleman as 5,000.
My point is, each of us are responsible for the path we take and many of us have been fortunate to be presented with remarkable opportunities. Unfortunately, Dunkleman’s decision was a costly one as was mine 13 years ago. I wish I did not, but I think about my missed opportunity more than I should and presume Dunkleman does as well. I wonder what would have happened had Dunkleman stayed for season two and I am sure he wonders the same thing.
Quick Bites
U.S. stocks finished their final trading session lower, capping off a record-setting 2021 that came despite the persistent headwinds of Covid-19.
The Dow on Friday fell 60 points, or 0.2%, to 36,338. The S&P 500 pulled back 0.3% to close at 4,766. The Nasdaq dipped 0.6% to 15,645. All three indexes finished the month higher. December marked the Dow’s fifth-straight monthly gain and the Nasdaq posted a six-month winning streak. The major averages all returned double-digits this year as the global economy began its recovery from the 2020 Covid lockdowns, while the Federal Reserve maintained supportive measures first implemented at the onset of the pandemic. The S&P 500 rose 26.89% in 2021, marking the benchmark’s third straight positive year. The Dow and Nasdaq also notched three-year winning streaks, gaining 18.73% and 21.39% for the year, respectively. I am not convinced we will see nearly the same strength in equities in 2022 and will be surprised if we do not see a decent pullback at some point 2022 as the markets move away from the morphine drip from the Fed. The 10-Year-Treasury finished at 1.51%, oil at $75.5 and natural gas at $3.7 (+5%) on colder weather forecasts. This is a telling Bloomberg headline: “U.S. Natural Gas Faces Wild 2022 as Foreign Crises Exert Pull” Charts below are for the Dow, S&P and Nasdaq for 1 year. This Market Watch article discusses the S&P significant out-performance and what to expect in 2022.
S&P
NASDAQ
This Bloomberg article discusses how more billionaires are embracing crypto. Thomas Peterffy took out a full-page ad in the Wall Street Journal in 2017 warning of the dangers that bitcoin futures posed to capital markets.
These days, the Hungarian-born billionaire is well versed in cryptospeak. Peterffy, worth $25 billion, said it’s prudent to have 2% to 3% of one’s personal wealth in cryptocurrencies, just in case fiat currency goes to “hell.” He owns some himself, while his firm Interactive Brokers Group Inc. recently offered customers the ability to trade Bitcoin, Ethereum, Litecoin and Bitcoin Cash, after detecting “urgency” from its clients to get in on the action. Peterffy, 77, said Greenwich, Connecticut-based Interactive Brokers will offer the ability to trade another five to 10 coins or so starting this month. It’s possible that cryptocurrencies could reap extraordinary returns — even if the opposite is also true, Peterffy said. Many other billionaires including Barry Sternlicht, Paul Tudor Jones, Stan Druckenmiller and others are also involved in crypto now.
Heading into 2022, the 10 wealthiest individuals in the world are all worth more than $100 billion, according to the Bloomberg Billionaires Index. Some of these individuals, like Bill Gates and Jeff Bezos, have been worth $100 billion for some time: Gates first reached the mark in 1999, while Bezos did it in 2017. But most of the others are newcomers to the 12-digit club. Combined, the 10 richest billionaires added $402.17 billion to their net worths in 2021. They were led by Tesla CEO Elon Musk, who this year became the world’s richest man and briefly saw his net worth top $300 billion. He added $121 billion to his net worth in 2021 — just shy of the $140 billion he added in 2020. I am a capitalist and have no problem with people making billions. However, I feel it would be good to see the world’s wealthiest be more prominent donors to whatever causes the deem important. Some (Gates) have done more than others, but feel the collective donations of the top 20 could make a huge impact on the world. This Forbes link shows the largest donors and feel there is more which could be done.
Two China stories in this bullet. One is a Bloomberg Opinion story about China running out of natural resources with some interesting statistics. China’s water situation is particularly grim. China possesses 20% of the world’s population but only 7% of its fresh water. Entire regions, especially in the north, suffer from water scarcity worse than that found in a parched Middle East. Thousands of rivers have disappeared, while industrialization and pollution have spoiled much of the water that remains. By some estimates, 80% to 90% of China’s groundwater and half of its river water is too dirty to drink; more than half of its groundwater and one-quarter of its river water cannot even be used for industry or farming. The other story is from CNBC and covers China economic challenges in real estate and consumption. Sluggish consumer spending has dragged down China’s economy since the pandemic, with little relief in sight for 2022. Along with the property market, consumption is one of two areas economists are most concerned about in their China growth outlook. Consumer spending is also the sector that businesses and investors have bet on as they expect China’s middle class spending power to grow in coming years.
Twitter on Wednesday suspended the account operated by Dr. Robert Malone, a U.S.-based virologist, and immunologist credited for significantly contributing to the invention of the mRNA technology, the foundation of the Pfizer and Moderna vaccines against Covid-19. The ban came just hours after the AP posted a controversial “fact check” report claiming Malone “misled” people by claiming the vaccines are failing against the Omicron variant. Recent figures from Denmark and Germany refute AP’s fact-checker claim. Dr. Robert Malone is a clear expert on vaccines. I ask you all to watch at least part of the Joe Rogan podcast interviewing Malone. His resume is incredibly impressive and can be heard at the 2.5 minute and goes deep at the 5-minute mark in the podcast-(Northwestern, Harvard, NIH, CDC, Salk Institute Molecular Biology and Virology…). Americans need to be concerned about the censorship from Twitter, Facebook, and others even if you disagree with his views. I don’t agree with 100% of what he says, but it does not mean he should be banned. I am a firm believer in Web 3.0 and believe the trends in recent years to ban so many subjects (Trump, Hunter Laptop, vaccine information, hydroxychloroquine, and others) will lead to alternate solutions which will not be banned. Some of social media allows hate on Jews and Ayatolla Khomeini and Louis Farrakhan can speak. But the effective founder of the mRNA vaccine is banned for giving his opinion? He is one of the most qualified people in the world to have a view, was vaccinated himself and is credited for a substantial role in inventing the mRNA vaccine. Maybe he is wrong on his views and I am not here to tell you he is right. There are articles which suggest his views on vaccines for children are wrong. That is fine. Here is an article questioning his views. Last I checked, not everyone on social media is correct and someone like Dr. Malone is a voice I would like to hear to make my own decisions. I don’t agree with a bunch of racist or anti-Semitic people, but they are on social media. By the way, I am not a huge Rogan guy because I lack ability to watch or listen to 3 hours of a podcast. He has 11mm regular viewers which dwarfs my readership, so clearly, I am doing something wrong. His most viewed podcasts have had between 17mm-50mm views with Musk as the top watched show. Twitter did not warn the doctor as to why he was being banned. Dr. Malone was twice infected (once pre-vaccine) and another time post vaccine (26-minute mark). Around 35 minutes he speaks of Merck questioning the safety of Ivermectin which is on the WHO list of accepted medicines. At the 43-minute mark, he talks about natural immunity being stronger than the vaccine. At the 1:09 mark, the discussion goes to the incentives hospitals get for COVID cases and deaths. I touch on this in the Virus Section. At the 1:22 mark, there is a discussion of conflicts of interest between Thompson/Reuters, Twitter and Pfizer which is fascinating. I had to stop after 1.5 hours. Agree or disagree with Dr. Malone, I don’t care, but I do not believe he should be banned. Yes, I believe vaccines have been incredibly effective in improving adverse outcomes.
Chamath Palihapitiya suggests Visa and MasterCard will be the biggest business failures in 2022, as they will lose out to altcoin-linked (coins other than Bitcoin) projects. I am a big fan of Chamath. He told me to buy Amazon 7 years ago as it was the cheapest no brainer ever (his words). He is a captivating speaker, albeit it a bit of a self promoter. Although I am hardly an expert on the matter of altcoin, I struggle to believe Visa and Mastercard will be replaced in 2022, but should see something over years as crypto continues to become more mainstream. Palihapitya, a former Facebook executive who runs the venture capital fund Social Capital, shared what he thinks will be the "most profitable spread trade" of his lifetime in the coming year. "Be short these companies and anybody that basically lives off of this 2 or 3% (transaction) tax, and be long well-thought-out, Web3 crypto projects that are rebuilding payments infrastructure in a completely decentralized way," he said. I am hopeful Web 3 gains huge momentum in 2022 and beyond and believe many existing well-positioned companies will need to reinvent themselves. Technology is moving fast and if I have learned one thing from my crypto experts is Web 3 and the move to a decentralized world will have powerful implications.
Some pandemic related stories. JPM and Citi will start 2022 with remote work and I am sure others will follow. “We are not changing our long-term plans of working in the office,” JPMorgan told staff in a memo on Thursday. “However, with the increase in holiday travel and gatherings, we are allowing for more flexibility during the first two weeks of January to work from home (if your role allows) at your manager’s discretion.” This story from Bloomberg has GS backtracking on return to the office until mid-Jan. This is a NY Post article about the pandemic hitting the police force. More than one in five members of the NYPD were out sick Thursday as COVID-19 infections continued to spread like wildfire across the city. The 7,270 NYPD sick calls were the most on any day in 2021, and the largest amount since April of last year, law enforcement sources said. Thursday’s staggering volume of sick calls marked a 9 percent increase from Wednesday when 6,680 cops stayed home.
Americans borrowed more than ever to buy homes in 2021. Mortgage lenders issued $1.61 trillion in purchase loans in 2021, according to estimates by the Mortgage Bankers Association. That is up slightly from $1.48 trillion in 2020 and above the previous record of $1.51 trillion in 2005. The mortgage boom reflects a thriving housing market and the corresponding run-up in prices over the past year. Many of the forces that pushed Americans into the housing market in the early months of the pandemic—low interest rates and a desire for bigger homes—continue to drive up prices and mortgage balances. What’s more, many Americans got raises and built up savings during the pandemic, giving them the means to buy. “All of that extra income goes somewhere, and a lot of it went into housing,” said Taylor Marr, deputy chief economist at Redfin Corp., a real-estate brokerage. I would like to know the average Loan To Value of mortgages today relative to 2007. I presume it is decently lower now.
New York City's new mayor, Eric Adams, pledged Saturday to steer the nation's largest city out of the pandemic by drawing on the resiliency of its people and promising a government that works better, even if it's not radically different.
Hours after being sworn into office in Times Square as the city rang in the new year, Adams used his inaugural address to promise more efficiency, invoke New Yorkers' reputation for toughness, and urge the city's nearly 9 million residents to make a New Year's resolution that their lives not be controlled by the pandemic. The former New York City police captain rode the subway from his Brooklyn brownstone to City Hall for his first day on the job. Adams chatted with New Yorkers and a throng of reporters following him. He even called 911 to report a fight after witnessing two men tussling near the subway station. You can’t make this stuff up. On the first day of his job as the new mayor of Gotham, he had to call 911. Thank you DeBlasio. Billy D, I beg you to run for governor, President or any elected office again as you make it so easy to crush you. Remember, you had zero percent of the vote for the Democratic Primary despite being the Mayor of NYC. Even Andy Cohen railed on DeBlasio on New Year’s Eve on live TV. Bloomberg said, “I’ve never been more optimistic about New York City’s future.”
New York City will take a patient’s race into account when distributing potentially life-saving COVID treatments, the Department of Health and Mental Hygiene revealed on their website. The city will “consider race and ethnicity when assessing individual risk,” reads the agency’s official guidance from Dec. 20, which adds that “longstanding systemic health and social inequities” can contribute to an increased risk of dying from COVID-19. The guidance applies to both the distribution of monoclonal antibodies and oral antivirals like Paxlovid and Molnupiravir. “Monoclonal antibody treatments have averted at least 1,100 hospitalizations and at least 500 deaths among people treated in New York City,” the city said in October. “The … DOHMH is committed to improving health outcomes for all New Yorkers by explicitly advancing racial equity and social justice. Racial equity does not mean simply treating everyone equally, but rather, allocating resources and services in such a way that explicitly addresses barriers imposed by structural racism (i.e. policies and institutional practices that perpetuate racial inequity) and White privilege,” it read. “In my 30 years of being a physician I have never been asked that question when I have prescribed any treatment,” said the doctor, who requested anonymity. “The mere fact of having to ask this question is a slippery slope.” I cannot believe what I read anymore.
Ghislaine Maxwell was found guilty in the sex-trafficking trial. This Guardian article speculates on her willingness to “cut a deal” and cooperate with authorities. The suggestion is she has nothing to add to the authorities, but I do not believe this is true. I am hopeful she turns in the video evidence I believe she has, so we can all understand the involved parties. She knows each of the people who were involved and what they did. I am not convinced Epstein was murdered and I believe the level of involvement from the most powerful men in America is greater than people think. However, Ghislaine’s brother said, “She won’t name names for a lighter sentence.” Ghislaine, I am begging you to tell all to Oprah.
Other Headlines
She was an incredible force and always fun. She was amazing on the Golden Girls, and her SNL skits had me in tears. She had a career which spanned 8 decades. What a life!
Tesla delivered 936,172 electric vehicles in 2021, with the fourth-quarter setting a new record
Nearly half of 18- to 34-year-olds feel like they are ‘drowning in debt’
A 91% Asset Plunge Hits a BlackRock Fund of Sustainable EM Stocks
Why Student Debt Keeps Growing—Even When Borrowers Keep Paying
China harvests masses of data on Western targets, documents show
Man dead after jumping NYC subway turnstile, striking head on floor
As much as I try to get my arms around it, I just can’t figure it out. I am getting left in the dust.
Shaquille O’Neal Raises $2 Million In Charity By Selling Animated NFTs of Himself
Eminem Purchases Bored Ape Yacht Club NFT for $462K
I really question when some of the NFT market implodes.
Omicron is ‘not the same disease’ as previous Covid variants, Oxford University scientist says
Florida Surgeon General Claims Biden Admin ‘Actively Preventing’ Distribution of Covid-19 Treatments
Another 2,600 U.S. Flights Canceled Amid Virus, Bad Weather
Multiple readers are stranded in various locations due to cancelled flights.
Virus/Vacccine
Cases continue to explode and the average daily cases is now over 380k relative to the January high of 251k/day. The number of cases has increased by 202% over the past two weeks despite testing being up only 9% during the same period. The US positivity rate is now 18%, effectively all-time highs other than the first month of the virus when testing was 100k/day vs 2mm/day today. We have had recent days ranging from 380k to 580k new cases/day which to me is a bit concerning, even if Omicron is less deadly. Look at the chart and how cases are skyrocketing. Hospitalizations are increasing with the 7-day average of 90k or 30% higher for the 14-day period. I would like to see clean data here which I have not found. How many are in the hospital due to the pandemic relative to testing positive despite being there for something else (see first picture below)? I have seen some hospitals suggest 50-60% of the positive cases are not COVID patients. Is this prevalent? I don’t know, but feel we should have the data two years into the pandemic. I lack the infrastructure to check every hospital, but to me, the data outlined below would be helpful. Deaths are just over 1.2k/day and down 4% over the past two-week period. I have a lot of new charts below. Based on the timing of the South African peak, I am hopeful the UK is very close to peak (a week)? Also, the US is just about a week or so behind the UK. I read somewhere that a few “experts” expect the US peak in the next couple weeks and I would hope we would see a peak in the next 2-3 weeks based on the South African curve shown in the charts below.
South Africa
UK
Two recent lab studies suggested a reason Omicron could be more mild than other variants. They said its way of attacking cells works badly in the lungs, where the virus does the most damage. But Omicron's method is more effective elsewhere, which could account for its infectiousness. The Omicron coronavirus variant might be less severe in humans because it attacks human lung cells in a different way, according to two laboratory studies published recently. A group of 31 scientists from different universities collaborated on the project for the first study. The second study was authored by 34 scientists from Scottish and English institutes. Both studies were published in preprint form, which means they have yet to be reviewed by other scientists. The researchers said that Omicron's numerous mutations appear to have completely changed how it replicates itself in the body.
I have written about being concerned of over vaccinating through too many boosters and reducing the body’s immunity. This article gives a promising view that Omicron could be a good form of natural immunity. The US, the UK and other major economies could be on the brink of over-vaccinating people in the fight against Covid, experts say. Israeli officials have already announced their intentions to embark on dishing out another round of booster jabs, meaning both the US and UK will eventually face pressure to follow suit even though both nations have insisted there are no plans to administer fourth doses yet. But scientists argue that rolling out vaccines every three-to-four months, simply isn't 'doable' and may not even be necessary because of Omicron, which some believe will speed up the process of endemicity and consign days of sky-high hospitalization and death figures to history.
Real Estate
This article discusses CA home prices with a focus around the SFO area. When the Rosen family was leaving NYC, we considered San Diego. I LOVED it there, as the weather is a 9.5 out of 10 and the surfing is great. However, the tax issue and distance back to NY made it a tough move. Now, CA is not a viable option for me given the way the state is run and the tax issues which will continue to mount. Despite these concerns, home prices in CA are going up. The real estate market in California mostly mirrored the national trends in 2021, with home prices increasing by double digits in the more affordable, outlying suburbs and in smaller metro areas like Riverside and Sacramento. In urban markets like San Francisco, the increases were more modest — at least by 2021 standards. As for home prices overall, they far outpaced the national median price. In October, the median sale price of a single-family home in California was $798,440, up 12.3 percent from the year before, according to information from the California Department of Finance — more than twice the national median sale price of $353,900 reported in November by the National Association of Realtors. Jeff Tucker, a senior economist with Zillow, said the Bay Area’s housing market was one of the state’s coolest in 2021, with home values rising sharply but at a lower rate than statewide values. By Zillow’s calculations, he said, the city of San Francisco saw the “typical” home value increase by 9.3 percent, to $1.53 million, from November 2020 to November 2021, compared with a statewide increase of 20 percent.
Mark Pruner from Compass sent out his year end report on Greenwich, CT and everything below is from him. You can find more on Greenwichstreets.com.
1,000+ Sales - We broke 1,000 sales, a goal that most people thought we would never see. Pre-Covid, our 2019 sales were only 528 sales, so we are looking at sales up 90% in just two years and we will be up this year over 2020, when many areas outside of Greenwich will see lower sales this year. Our high-end has been the strongest part of our market with sales from $5 - 10M up 216% since 2019 and up 82% just from last year.
Very Little New Inventory - All this is happening while our inventory, which was never close to normal levels this year, is dropping precipitously in the last part of the year. We started 2022 at 152 listings when we should have around 400 listings. Pre-Covid you have to go back 21 years to Dec. 2000 for the prior record low number listings and that was 291 listings.
Strong Buyer Demand in Greenwich and Stamford - Amazingly, demand has not slowed as we go into the winter. I have a lot of buyers that are looking, but are discouraged, because most of our listings are old. Of our 152 listings, only 30 have been on for 60 days or less. In Old Greenwich, our hottest market, buyers have a choice of 9 houses with only 3 houses under $1.5M.
Greenwich is the tenth largest municipality in CT but has had the most sales this year in the whole state. Stamford with more than twice the population has had slightly less sales and sales in most CT cities will be down this year due to lack of inventory. Luckily, in Greenwich, the number of people upsizing meant that we got a lot of listings from their “smaller”, houses under $3M. The big jump in sales this year is concentrated near NYC with both Greenwich and Stamford showing very good sales.
