Chairman of AREA (Apollo) William Mack on CNBC
November 11, 2009
William Mack, the founder and chairman of AREA Property Partners, formerly Apollo Real Estate Investors was on CNBC. He seems to generally share the same view as Soros and Ross.
He focuses in on consumer confidence as the driver for a recovery. The four things are: 1) job recovery, 2) home price recovery, 3) access to credit, 4) investment portfolio returns. So far we have one of those, a semblance of another, and the two others are lacking.
He believes that any recovery in CRE will take many years. According to him, there will need to be “$500B to $700B” of recapitalization of real estate over the next few years.
As for the “orderly massacre” he is prognosticating, we would say this man knows what he is talking about as his firm is involved in several deals which are going sideways and perhaps we will blog on over the next few days.
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“is it fair to say that we were in a bubble?” – wow. gotta love cnbc anchors. becky is pretty quick. pause not.
Didn’t you know the C in CNBC stood for comedy?
+1 for borat reference …