• Following on the Wall Street Journal – ConstructionDive and NAR

    by  • October 7, 2015 • CRE, Economics, General

    21ccba07bd4fa48943cc1dee2cff7025ConstructionDive follows up on the Wall Street Journal article featuring my take and regarding the peak of the multifamily investment market and discusses the key takeaways from my small portion in the WSJ article. It is yet more coverage moving the conversation away from the irrational exuberance and cheer-leading and moving back toward fundamentals. Worth the read (here).

    National Association of Realtors also follows, with a key quote.

    But the increase in supply of multifamily units is prompting some landlords to start offering concessions to entice renters. For example, landlords with Urban Igloo, a rental real estate brokerage based in Washington, D.C., are reportedly offering several enticements to renters, from a couple of months free rent and free parking to Uber gift certificates.

    “Eventually [landlords] have to drop rents to be competitive,” says Patrick Sprouse, director of sales at Urban Igloo.

    Also worth the read (here).

    About

    Patrick Sprouse has over a decade of experience in the commercial real estate sector. Mr. Sprouse has held numerous positions in commercial brokerage, real estate technology and executive operations on regional, multi-market and national scales. Currently Mr. Sprouse is providing management and technology consulting service for a private real estate services company based in Washington, DC with over $1.5 billion in 2015 revenue. Mr. Sprouse has an extensive background in business management, sales engineering, project management, software selection and business analysis as well as organizational change and brand management.

    http://www.patricksprouse.com