In a near-stagnant investment sales year, except for a flurry ofactivity in some sections, panelists on both morning powersessions, say that things will return to normal, it is just amatter of when, and who is left standing in the end.
[IMGCAP(2)]"There will be opportunity eventually, but the crisisis far from over," said Michael Fascitelli, president and trusteeof Vornado Realty Trust, in the Investor Power Panel, first sessionof the day. Fascitelli joined moderator Steve Pumper, executivemanaging director of Transwestern, as well as panelists including:Trevor Michael, managing director of real estate acquisitions atTIAA-CREF; Stephen Quazzo, CEO of Transwestern Investment Co.;Michael Katz, co-CEO at Sterling American Property Inc; and RobertUnderhill, managing director and capital transactions group head atShorenstein Properties LLC.
Panelists agreed that the investment market today is not apretty site, pointing to less velocity, and fewer transactions.However, some noted that pricing hasn't come down as much asexpected. Fascitelli, for example, said that as far as "gettingback into the water," it is important to be "cautious" for the nexttwo to three years.
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