AUSTIN—What do you expect when you put 400 smart business people in a room together listening to a bunch of smart panelists and guest speakers forecasting the future? “Conflicting opinions is what we heard at the CCIM annual conference in Austin,” Phil Crane, CCIM and a principal with San Antonio-based Providence Commercial Real Estate Services/CORFAC International tells GlobeSt.com.
Crane stated that speaker Ted C. Jones, SVP and chief economist with Stewart Title Guaranty Co., based in Houston, gave a very upbeat presentation on the glowing US economy—particularly in Texas.
By contrast, Sandy G. Shindleman, CCIM, president of Shindico Realty Inc./CORFAC International based in Winnipeg, Manitoba, said that keynote address speaker—the iconic Sam Zell, founder and chairman of Equity Group Investments, was more cautious.
“Zell relayed some information behind his recent sale of about 23,000 garden-style, suburban apartments to Starwood Capital Group for $5.37 billion, and that from first inquiry to a non-refundable deposit of $200 million took only three weeks to do. That was amazing unto itself, but I think Zell was expressing what media reports published when the sale was announced in the last week of October,” said Shindleman.
The report, published in New York’s The Real Deal and paraphrased here, stated: “People should be reading that Sam is calling the top of the market for a second time in a row,” according to one UBS analyst. Equity Residential was the seller in the deal with Starwood Capital. [GlobeSt]
To read the rest of this article visit GlobeSt