Can’t tell you how often I read / hear brokers say “Values are really going up in X neighborhood”. This drives me crazy. Why? What those brokers mean is that they have examined recent sales and concluded that prices are going up. A price is the amount of money someone pays for something. It’s objective;
We had a little acquisitions drought mid-2018, which meant that we hadn’t started a new project for a while. Now, we’re back in action.
“Fully-upgraded units with significant upside potential” You’d be amazed at how often I read those words, or something like them, in broker packages. And it still drives me crazy. You’re telling me someone went to a ton of trouble to renovate all the units in an apartment building and then, when it came to lease-up,
Am reading a biography of Lew Wasserman, one of the most powerful people in the history of Hollywood, and it’s giving me plenty to think about. Lew took over MCA, the first real powerhouse talent agency, from Jules Stein, its founder. Stein started MCA representing bands that played at dancehalls (this is way back, in
We just agreed to buy a new property, with the intent of executing a business model which is different from what we have done before. It’s not too far afield from what we have done before, so we have pretty much all of the relevant skills, relationships, etc. in house. But underwriting the opportunity has