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Don't get too excited.
Just because capital is available doesn't mean this is a good time to plunge into the real estate market, according to a survey of 950 real estate industry executives by consulting firm PwC for the Urban Land Institute.
“Things have not changed that drastically,” cautions Dean Schwanke, executive director of the ULI Center for Capital Markets and Real Estate.
Speaking to a ULI gathering in Estero recently, Schwanke warned that real estate and construction will not recover meaningfully this year despite emerging signs to the contrary. “There's no sign we're coming back in any way strong,” he says. “Construction is not going to come back this year.”
Slow economic growth, high prices for the best-located properties and weak residential demand will hold the market back, Schwanke warned. “Facing a long grind is the theme of the report this year,” he says.
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