Last week I had the pleasure of finally meeting Jonathan Miller, co-founder, principal, President and CEO of residential real estate appraisal firm Miller Samuel, co-founder and managing principal of commercial real estate appraisal firm Miller Cicero, writer of the Matrix real estate blog, and, now,
co-founder employee of Radar Logic.
Radar Logic is a new company focused on analyzing the real estate sales market on a local and national level.
It’s first product, the Radar Logic Index (RPX), is “a single, statistically accurate value representing the price per square foot paid in a define Metropolitan Statistical Area (MSA) on any given day.” The index will cover 25 MSA’s, at first.
Again, it will be updated daily. This is unheard of.
As well, they will produce three daily price values based on daily, 7-day and 28-day time periods.
From what I understand, the Radar Logic Index will be a measured improvement from what is currently available.
The much-vaunted S&P/Case-Shiller Home Price Indices, by comparison, only includes resale data when calculating market values; RPX, by comparison, includes both new and existing home sales. Oh, and the Case-Shiller indices only include single-family homes; RPX includes single-family homes and condominiums (and co-operatives?).
The company’s announcement hasn’t received much press, yet. (I guess the media can only handle one real estate story a month?)
I expect that to change, very soon.