The results are in from last week's survey, and most of you think the multifamily sector still has room to grow. Only 37 of 108 respondents feel the market is overextended, with most citing overbuilding as their main concern. Here are some of your comments:
"We are just getting started in this cycle."
"I feel that there are still millions of homes headed into foreclosure, and those individuals will be needing a place to live. I believe that multifamily will remain strong for at least three to four more years."
"We saw the same thing happen with multifamily back in 08, flooding of the market with new product only to see vacancy rates climb, concessions going up. B and C product will still do okay over the next few years. But I would look to see A and Super A's to start going back into receivership in about two to three years."
"As a whole... no, but certain markets like the 'sexy six' are definitely getting somewhat frothy and the construction completions coming due as well as those forecast in the next few years are quite alarming."
"If the rents end up not supporting the pro forma, many of these new projects will face financial problems."
Why did the hipster burn his tongue? He drank coffee before it was cool. Send your jokes to catie@bisnow.com or tonie@bisnow.com and maybe we'll share it next week!