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Local Real Estate Overvalued, Says Investor

BELLEVUE, WA-Private Asset Management president Michael L. Thayer says he's seen a lot of local deals come across his desk recently and few are looking reasonable, forcing him outside the area when investing clients' assets in commercial real estate.

By Janet Parker | Updated on August 15, 2001

BELLEVUE, WA-The sagging real estate market in Puget Sound isn’t just tough on the wallets of property owners and big developers—i-t has hit smaller investors as well, those who are looking for slices of real estate assets to fill the allocation in their portfolios.

Michael L. Thayer is the president of Private Asset Management, a fee-based investment consulting firm headquartered in Bellevue. “Our job,” says Thayer, “is to help our clients make good investment decisions, including achieving the proper diversification of their portfolios. And, almost always, one of the asset classes in a well-diversified portfolio is real estate.”

Thayer has utilized several different real-estate investments vehicles for his clients, who are generally high-net-worth individuals. While some own investment properties directly, many are looking for secondary investments, such as REITs, short-term notes secured by real estate and partnership interests in developments across a broad-range of classes.

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