Quotable – October 2008

Sex, communism and real estate 2008-10-01 Staff Writer <strong>Quotable</strong><br /> <table> <tbody> <tr> <td><strong>“What we have seen is a lull in the market, what you might call the calm before the storm. We are seeing prices c


“What we have seen is a lull in the market, what you might call the calm before the storm. We are seeing prices change. We are seeing deals blow up. People are calling us back a second time to see if we want to consider another offer.” “I knew he couldn’t unload the house. A lot of people can’t sell their houses, but they don’t open brothels.”
Fritz McPhail, the owner of Atlanta-based distressed retail investor Blue Ridge Capital, quoted in The New York Times David Saperstein, of New Rochelle, New York, talking about his neighbors who allegedly opened a brothel in their home after taking a hit in the real estate market, quoted in The Journal News
“The industry cannot grow at this rate now. Every industry has a cycle and now, since the industry has reached its peak, a slowdown will set in.” “It would be fair to say that in the past property investment managers have perhaps not been as transparent in this area as some other asset classes.”
Irfan Razack, vice president of Confederation of Real Estate Developers’ Association of India, asked about the 20 percent growth rate found in the Indian real estate sector, quoted in The Deccan Herald Neil Turner, head of property investment at Schroder Property Investment Management and chairman of INREV’s fee metrics working group, discussing the disclosure of fee structures
“The structural factors underpinning strong demand for UAE real estate would not be affected by the turbulence in financial markets, which had resulted in a re-pricing of credit risk in both advanced and emerging markets.” “It’s the monopoly board. Some of that mentality prevails.”
Richard Gibbs, chief economist at Abu Dhabi Commercial Bank, in a statement on the current global property markets R. Stuart Gross, executive managing director at real estate investment service company Eastern Consolidated, speaking about the ongoing popularity of New York City real estate with foreign investors, quoted in The New York Times
“Lenders need to ask themselves, ‘If it goes wrong, can I get it back?’”
Alistair Darling, British Chancellor of the Exchequer, speaking after mortgage company Northern Rock suffered a run on its accounts