New York appraisal and consulting firm Miller Samuel Inc., has parted from Radar Logic Inc., a real estate data and analytics company.
In September, both companies
announced that Radar Logic had reached an agreement to acquire Miller Samuel Inc. The companies had formed Radar Logic LLC in April to collaborate in research and consulting.
Jonathan J. Miller, president and CEO for Miller Samuel, had taken a position as executive vice president of Radar Logic Inc. as a part of the planned acquisition.
“The deal did not close and Miller Samuel has decided to move on,” according to a Friday announcement by Miller Samuel. “We will explore new opportunities, continue to prepare and expand our series of market reports on the New York region and provide housing commentary in a local, national and international context.”
In a blog post, Miller wrote, “I was so confident in the deal being completed by year-end that I agreed to assume the role of executive vice president and director of research before the deal closed. I created the (Residential Property Index) Monthly Housing Market Report, provided my expertise, spoke on behalf of the company on real estate matters and made presentations at conferences.
“The end of the year came and went. I have decided it was best for Miller to move on.” Miller described the breakaway from Radar Logic as “amicable.”
Miller told Inman News today that he does not currently have any involvement with Radar Logic or its Residential Property Index (RPX) but may consider it in the future.
RPX gauges daily changes in the price per square foot of homes in major U.S. metro areas. Earlier this month, Radar Logic reported that the company supplied data and analytic support to the U.S. Housing and Urban Development Department in calculating median home prices in counties across the country — this assisted the agency in establishing new conforming loan limits under a federal stimulus plan.
In November, trading of derivatives and other financial instruments in the RPX market surpassed the $250 million mark, and trading in that market began on Sept. 17.
