What Will Be the Biggest Surprise in the Real Estate Industry in 2011?
Hariklia Koundourakis, commercial real estate broker with Coldwell Banker:
"Reports can be misleading. Reports are so contradictory—anything could happen. Based on everything I’ve read, I don’t think we’re going to see the foreclosures at the volume predicted. They were predicting all types of bursts and bubbles, which didn’t happen."
Things to keep in mind:
It’s hard to take a read on the market.
A factor to look at is unemployment.
National averages don’t apply to every market.
Stephen Gilpin, mentor and coach for Trump Entrepreneur Initiative:
"Rates are going up, they have gone up already. More people will be involved in real estate. Spring market will start to climb. From March to the summer, banks will release large numbers of foreclosures again. Foreclosures will be part of our lives on a continual basis. New York City and the Northeast see a decline in foreclosures. The top five foreclosure states (Ariz., Nev., Fla., Texas, and Calif.) will increase foreclosure numbers."
Many more foreign investors will come in—from Europe, Russia, China, and Canada.
We’ll see a lot more private money coming into the market for loaning purposes.
Now is the time to get into the real estate market.
David Schechtman, principal, senior director, Eastern Consolidated:
"Other than personnel changes, which have already been nothing short of amazing; you will continue to see land prices skyrocket in the five boroughs. In fact, my partners and I are overcome with joy with a contract we just sold on an amazing piece of land south of 96th Street."
(The Epoch Times)