What are the key buying and selling trends?
With a slight decrease in sales volume and a slowdown in the land market, Real Estate Services Partner Lisa Knee asks panelists to share the key buying and selling trends on the horizon, including insights on residential product.
Lisa Knee: What do you think has had the biggest impact on that decrease in sales volume and what do you think the key buying and selling trends are ahead?
James Nelson: What we've really seen a huge slow down and probably no surprise here is with the land sale market. So in the first half of this year – and I think it's always important to realize when you're looking at sales statistics, these are always reported a couple of months from before, these deals were negotiated six months before – but the number of development land sales in the first half this year are down 50%. They dropped from $14 billion to, we're on pace for about $7 billion. So that's going to have major implications. That being said, if this year carries on, it'll still be okay. I mean, we have to remember that last year was a record to you here in New York City with $77,000,000,000 in sales. We’re on pace now for $63 billion, which would be the second most ever. But as far as long-term implications, if this whole development pipeline has completely been shut down, and I'm sure we'll get to that a little bit later, there's going to be a void certainly of residential product in the next three or four years, both for rental and condo.
Recently EisnerAmper’s Real Estate group hosted the Fourth Annual Real Estate Private Equity Summit. The event brought developers, investors, owners and operators together to discuss what’s happening on the real estate front.
Panelists share leading trends in the industry, including the reallocation from stocks and bonds to real estate assets as well as the evolution of foreign investment and the institutional investor's development of risk.
With the economy in an active investment phase in debt and restructured products across the capital stack, panelists discuss opportunities they see, including transitional assets, different geographies, and non-traditional banking resources.
Panelists describe their outlook on New York and other gateway cities, looking across geographies, asset classes, and property types, as well as slowing job growth or just continued modest growth in general and retail and residential vacancies.
EisnerAmper Partner Lisa Knee asks the panel what their investors are looking for, the tools their investors are using to evaluate the market, the balance of supply and demand in real estate, and how they are planning the real estate cycle.
Panelists discuss the process of bringing in foreign capital, the criteria that foreign investors look to in U.S. properties, and what kind of investments they are looking to make.
EisnerAmper Real Estate Private Equity Summit panelists Kenneth Weissenberg, Jonathan Kaufman Iger, Leslie Himmel and Phil Watkins discuss whether the market is in a period of correction, and what’s ahead for vacancies and pricing.
Panelists discuss the impact of Brexit, 421A and EB-5 on foreign investment in the United States, and the effects of that capital on development in gateway cities - there's a strong trend of non-US capital continuing to come and invest in the US.
Real Estate Services Chair Ken Weissenberg speaks with panelists on the topic of where capital is coming from in today’s market, how accessible it is for new projects, and the reality of debt and equity chasing real estate.