The end of the decade approaches and the next couple of weekswill be filled with stories about what a lost ten years it´sbeen-from Enron and 9/11 to Iraq and the credit meltdown. In realestate, we didn´t create much-except for a lot of overpriced condosand half baked Las Vegas hotels, but we sure bought, financed, andsold a ton of properties, which generated a bank vault of fees offvalues that weren´t really there. In the end property prices headback down to about where they started the decade, well maybethey´ll be a bit higher for premium properties. And the bloat ofmiddlemen brokers and dealmakers has been deflated.
So what´s the future? Do we really want to resuscitate themirage machine? Anyone left standing with some cash in hand getsready to buy at approaching market lows. But then what? Is the ideato sell asap, book big gains? Instead of holding and managing forsteady cash flows will we go back into high octane, opportunistictrading mode?
People say the game has changed since debt is hard to obtain.They say they recognize the economy isn´t positioned for fast trackgrowth, that the consumer may be down for the count, that interestrates will increase, and that government deficits will be along-term drag.
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