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Sam Chandan addresses the National Realty Club
What would the new year be without commentary from Real Estate Econometrics’ Sam Chandan? We dropped by National Realty Club’s luncheon yesterday at the Friars Club for a look into his crystal ball. He spots an improvement in consumers’ expectations on jobs and the economy. Even with some seeing light at the end of the tunnel, they’re more conservative on personal outcome. Expect only modest gains in ’10.
Tom Graf, Sam Chandan, and Adam Marsh
Will we see a return to ’06-’07 sales? Sam (with Mill Pond Capital’s ubiqitous Tom Graf and Adam Marsh) tells us we’re still in the process of price discovery and we’ll witness a wealth transfer over the next few years as capable operators take over distressed properties. Challenges we’re facing include policymakers who’re still learning how the CRE market functions, 5k banks with meaningful exposure to real estate, and the market’s headline risk, which has the potential to undo the progress we’ve made with people recognizing CRE as an asset class.