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The market feels different

Regular readers know that I often complain about the lack of deals in the market. I’ve been doing it for years and I’m sure I’ll never stop. (I can hear Mr. Lyons, my old faculty advisor at the Phillipian, repeating his joke about the whiny Kagan brothers…) But, right now, the LA multifamily market feels

Classic bad advice at a broker conference

Spent most of the day yesterday at the annual Marcus & Millichap LA apartment conference. As part of an on-stage interview, one broker (I won’t say which one) was asked what he sees happening over the next year. He went into a whole rap about how “it’s a good time to sell, there is capital

Are we headed into a buying opportunity?

In light of the news coming out of the bond market recently, I have been thinking about how the numbers behind our deals will change in the event of a recession. Obviously, the ideal scenario for us would be: Interest rates decrease; Rents stay the same or continue to rise; and Prices for assets decrease.

An obvious way to quickly add lots of housing to LA

Los Angeles is in the midst of an un-precedented housing shortage. All over the city, there are vacant, obsolete commercial buildings. City law prevents these buildings from being easily re-purposed for residential use, due mostly to parking and set-back requirements. Yet the city waived these requirements for re-purposing of obsolete commercial buildings in specific Adaptive

Learning, some more, from Buffett

Am in the process of going through Carol Loomis’ Tap Dancing to Work: Warren Buffett on Practically Everything 1966-2013, which is spectacular. Have taken away two nuggets which are relevant to our business, one great and one not-so-great. The first comes in the form of a comment Buffett made to a bunch of MBA students,

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