The gist of the story? We've been talking about distressed property and reading about distressed property and theorizing about distressed property, but there's been no chance to actually do anything about distressed property.
The PERE folks think that's about to change, as companies with assets are in trouble and soon will really need to sell. And the people who've had cash on the sidelines for what seems to be forever appear to be saying, "It's about time."
A telling quote:
The ultimate challenge though for both large and small firms is being able to assess each opportunity quickly and accurately. It is a manpower and skill set issue as much as anything else. Those firms which have staffed up to the appropriate level or which have individuals who can quickly zone in on the most attractive and achievable deals will have the advantage.That goes for lawyers, too. If a firm laid off talent in this downturn it may be caught flatfooted. As one of the best real estate lawyers I know once said, he'd rather take a temporary profit hit than be caught with a shallow bench or no bench at all. What are the doldrums one day can be a firestorm the next, and it is better to take a little less money for a year than to risk losing clients if the storm hits and you are unprepared.