GlobeSt.com EXCLUSIVE: Top Women Discuss Market Conditions

LOS ANGELES-Nearly 60 of real estate’s most influential women in Southern California were honored at a luncheon held at the City Club, located on the 54th floor of Wells Fargo Center. Sponsored by Real Estate Southern California magazine and Allen Matkins law firm, the luncheon featured a panel discussion focusing on current market conditions.The panelists included Kathy Briscoe from Lowe Enterprises, Pam Sapetto from Sapetto Group Inc., Leslie Lundin from Inland Mortgage Co. and Diana Laing from Thomas Properties. Sonja Ransom, a partner with Allen Matkins, and Daniel Williams, editor of Real Estate Southern California , moderated the panel. Laing, CFO for Thomas Properties, maintained that although real estate is booming at the moment, there could be a slight drop in activity in months to come. “As interest rates go up, some money will flop out of the real estate sector,” she predicted. One trend noted was the move towards the development of mixed-use properties within Southern California. “Large developers are covering their bases by going mixed-use,” said Sapetto, principal with Sapetto Group.One such development in the pipeline is Thomas Properties’ recently acquired a 46.5-acre parcel in El Segundo. The undeveloped land is one of the few remaining vacant parcels on the city’s west side and was acquired from Federal Express. According to Laing, a two-million-sf mixed-use property, to be called Campus El Segundo, will be built on the site and will incorporate office, research and development, a hotel and health club, restaurants, a day care facility and public service enterprises.Briscoe was also bullish mixed-use projects, noting that redevelopment within urban areas creates a “24/7 live-work space,” which is key to the future of the city. “Every community within Los Angeles can handle a thoughtful mixed-use space,” said Briscoe.In other trends, Lundin, senior vice president with Inland Mortgage Co, said that her firm is moving away from ground up and condo conversion deals due to the recent inflation of construction costs over the past six months. “Construction loans have been coming in over budget by $1 million,” said Lundin. Recently, the firm has turned its attention to shopping centers and will continue to do that for at least the next year.