Jonathan Miller says 2010 will be his best year

In 2005, appraiser Jonathan Miller of Miller Samuel predicted that a downturn was on the way, due to what he saw as a growing endemic within the mortgage industry and he was right. Since then, he says his firm has shifted its business from the large banks that traditionally throw cash at the appraisal industry to the buyers, sellers and litigators who he believes demand more accurate estimates. “We tend to thrive during weaker housing markets because people are seeking out more advice or consulting expertise,” he told the Observer. “We’re on track this year to be our best year in 25 years.” He attributes his firm’s success to reducing its reliance on banks. While it used to be that 75 percent of his business was conducted with banks, Miller says that now 75 percent of his business is conducted with private entities as opposed to banks. Miller also said that he is observing an “extend and pretend” trend in the commercial real estate market, as investors are looking to acquire assets less expensive than a few years ago and then turning the property around. [NYO]