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Great Expectations

With great anticipation, the real estate industry has been waiting for the distressed investment cycle to kick-in. The likes of investment funds loaded with cash, ready to pounce on opportunities, national brokerage and service providers, consulting firms, headhunters–excuse the expression–and professionals who have hit the street due to layoffs, are all waiting for the shoe to drop, with the banks anticipating to unload piles of distressed debt. Well, it just hasn’t happened. Most of the banks have organized their workout groups, and I am sure that the executive suites are fretting–or sweating–over declining valuations and portfolios underwater, but the cycle of foreclosures and a high volume of discounted note sales are still a great expectation. No matter who I talk to, they lament that there is “just no action” out there, and everyone is just waiting, and waiting, and waiting. Perhaps the games will begin in the 4th Quarter?

Tony LoPinto is CEO of Equinox Partners, an executive search firm specializing in the real estate industry, and parent company of SelectLeaders. The views expressed in this article are the author’s own.

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