I have been down on the market occasionally, but mostly over earlier fundamentals. But I am bullish generally on commercial/investment real estate and have stated over and over that the multifamily sector is far stronger than most people realize. And things continue to improve in most markets.
So it comes witih great exuberation that I report I AM NOT THE ONLY ONE WHO KNOWS THIS!!!!
A the recent RealShare Apartments 2010 conference last Thursday in Los Angeles, the consensus of the leaders panel was the following: The industry's greatest problem these days isn't the slow economy or the lack of movement, it is the pervading sense of negativity among market participants.
Said one participants, and I am paraphrasing, we are so busy looking for negatives we forget to notice the wind at our backs.
No kidding! For those agencies and brokerages that are willing to change the way they work to take into account "the new normal" there are opportunities galore. Said another, "We whine too much about the economy. The psychology is more negative today than it ought to be." Further the panelists indicated that while some markets are oversupplied, many more are experiencing high sales prices for multifamily projects with fairly low cap rates. So low that development of new properties would be a better option.
So sayeth, officially, the story detailing the Leader Panel discussion as published today over at Globe Street.
For the full story, click here. Worth reading.