Last week's Quick Poll asked readers if it's theright time to buy. A total of 62% of voters responded with yes,while another 25% gave a resounding no and 14% said the questionwas stupid. Kevin Welsh, senior vice president of CB Richard Ellisin Saddle Brook, talks to about the pros and cons ofpurchasing New Jersey property.


"The question, when it comes to buying, is: will there be betteroptions six months from now at a lower value. That's theconundrum.


"The challenge right now is financing any transaction, so youcould say, yes, it's a good time to buy, but how do I finance thedeal. There are players who have plenty of cash, but I don't thinkthe market has gotten to the point where it's capitulated. Ithasn't gotten to a point where there's a floor, so people have asense that if they buy now, then the market's going to start movingup. It's difficult to say when we'll reach the bottom. As long aswe continue to have the current level of capital marketilliquidity, I think the value issue will be tricky. I also reallythink the illiquidity is more on the debt side than the equityside, so until the credit markets loosen, some people may not beconfident about buying.


"If there's one space where perhaps you push the envelope alittle and take a chance, it's multifamily. No one is insulated,but I do like multifamily long-term. It might be cheaper six monthsout, but you may not be able to get it then. Retail and office arevery challenging at the moment. I don't see many people buying thelatter unless it's trophy quality and there is strong creditquality among tenants. I'd say that industrial falls somewhere inthe middle. People will probably sit on the sidelines withindustrial unless the deal is so sweet that they must actimmediately."

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