Best quote I’ve heard in a while on commercial real estate (emphasis is mine):
“A correction might give opportunities,” said Jonathan Bowles, director of the Center for an Urban Future, an independent research group. “I think it’s healthy for the city’s real estate market to have a down cycle.”
via In New York Commercial Real Estate, News Is Bad (or Worse) – NYTimes.com.
Which leads me to a question: Should we be viewing the events that make up this part of the cycle differently? Do we have to think of asset deflation so negatively? I’m not talking about about cheering and sneering at others misery, but just as you can’t have spring without winter, you can’t have a boom without a bust.
It’s almost like people want to fight Mother Nature, but we know that is pointless, don’t we? I hope so, but if we don’t, Mother Nature will have a way of making sure her impact is felt.
That has me worried…
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