"There are three kinds of lies: lies, damned lies and statistics."
Over the weekend, Jonathan Miller of the real estate appraisal and consulting firm Miller Samuel Inc. took to his company's blog to refute a pair of rather alarming items about the Hamptons market. Both the BBC and the New York Post recently ran stories about the number unsold and distressed properties in the area based upon a report from real estate data provider PropertyShark.
While Mr. Miller doesn't directly address the issue of unsold inventory, he does argue that the lack of context in PropertyShark's report makes it rather misleading with respect to the number area homes in foreclosure ("a 30 year high"): "I'm not being an apologist for anyone here but c'mon data providers and media, let's remember to provide context for everything we analyze and present. People trust information they read to be at least reasonably reliable."
Update: PropertyShark has responded and they seem to take issue with the Post and BBC articles as well.
· Taking Issue With $lamptons Article [Matrix]
· The "$lam"ptons [NY Post]
· House hunting in Hamptons as US market remains depressed [BBC]
· PropertyShark's Map Of Distressed Suffolk Properties, 2011 [Curbed Hamptons]