Magazine article Real Estate Issues

Stepping Up the Game to Bring More Sophistication to Counseling in an Expanding, Shifting Market

Magazine article Real Estate Issues

Stepping Up the Game to Bring More Sophistication to Counseling in an Expanding, Shifting Market

Article excerpt

Moderator:

Peter C. Burley, CRE

Editor in Chief, Real Estate Issues

Director, REALTOR® University Research Center

National Association of REALTORS®

Washington, D.C.

About the Moderator

Peter C. Burley, CRE, is a real estate market and economics research professional with more than 20 years experience tracking, analyzing and making sense of national and regional economic conditions and trends in the real estate industry. Presently, he serves as director of the REALTOR® University Research Center at the National Association of REALTORS® in Washington, D.C. Burley formerly served as vice president of market research at Simpson Housing LLLP in Colorado. Previously, he was director of research at Amstar Group Ltd., where he developed regional and metropolitan area investment strategies. Burley holds a lifetime college teaching credential and taught urban economic geography and spatial analysis at the University of California for several years before entering the private sector. He is a Counselor of Real Estate, a Fellow of the Homer Hoyt Institute and a national policy panelist for the National Association for Business Economics. Burley currently serves as editor in chief of the professional journal Real Estate Issues.

Panelists:

John J. Leary

2011 CRE Chair of the Board

President, Leary Counseling and Valuation, Inc.

New Haven, Conn.

Arthur P. Pasquarella

2010 CRE Chair of the Board

Executive Vice President, COO, BPG Properties, Ltd.

Philadelphia, Pa.

Kenneth P. Riggs, Jr.

2011 CRE First Vice Chair

President, CEO, Real Estate Research Corporation

Chicago, Ill.

Howard C. Gelbtuch

2011 CRE Second Vice Chair

Principal, Greenwich Realty Advisors, Inc.

New York, N.Y.

Having survived the meltdown, and having started on a path to recovery, we at Real Estate Issues were curious how various members of the Leadership team of The Counselors of Real Estate® view the world; how they approach the issues of the day; what they hear and think about with respect to the state of the real estate markets and about the industry in general. During the months of March and April this year, we invited CREs Art Pasquarella, 2010 Chair, John Leary, 2011 Chair, Ken Riggs, 2011 First Vice Chair, and Howard Gelbtuch, 2011 Second Vice Chair, to answer a few very broad questions online. The resulting conversation, with Editor in Chief Peter Burley, is below.

BURLEY: In your business, in your travels and your conversations with CREs and other real estate professionals, what have been the two or three prevailing issues/stories/concerns that you are hearing, seeing, experiencing out there?

LEARY: As I look at the marketplace, it is fairly clear that a two-tier market is developing. Just as the gap between haves and have-nots has grown in our population over the last 30-plus years, we are starting to see a gap between first-tier property and other real estate. As a result, those who deal in the upper end of the real estate markets are expressing positive views about recovery, while those who deal in the more mundane properties are not. We are all the prisoners of headline fever. The real estate market is painted with a broad brush, and we all know that just does not work. Each location differs. A perfect example is the S&P/Case-Shiller Index. The headline is the overall change in prices indicated by the index. The fact is that each of the markets in the 10-City and 20-City indices has very differing results...but who reads the third page of the press release to find this out? And who points out that you most likely cannot measure the health of the real estate markets in the entire U.S. based on a 10-City or 20-City set of studies? The budget-cutting mania that has gripped the country is the end result of many years of reduced federal dollars going to states and reduced state dollars going to counties and/or municipalities. …

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