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Richard LeFrak on CNBC With a Wait and See Attitude
Posted By squarefeet On April 27, 2010 @ 9:25 pm In Commercial Real Estate Investing,Trends | 3 Comments
Richard LeFrak of the LeFrak Organization was on CNBC with Maria to discuss commercial real estate. He continues to be somewhat cautious and is taking a “wait and see” approach, though there is certainly more cautious optimism out of him. Echoing his comments, multifamily continues to be hot with investors scrambling to take a stab at any decent product. Not a week goes by where I don’t talk to at least one group who is looking to acquire apartment properties.
That said, the banks are increasing the rate at which they sell property, though the profile of asset certainly remains to be on the small side. This will undoubtedly move up the food chain over time, though the hope is that re-inflation will help manage losses. The government is certainly doing its part to help on that end, and I’m certain that while the Fed was pondering how to help preserve asset values last year, they felt it an easy decision to risk inflation rather than usher in deflation.
Still, if you look at the consumer, they are still under stress, particularly at the low-to-mid income levels. That is what ultimately will need to turn around to support a meaningful recovery, and the unemployment numbers reversing will drive that.
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