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Patience Is Key for Players Seeking Local Buys

SAN DIEGO-Industry insiders at the annual RealShare San Diego conference paint a picture of patience and waiting out the current business cycle before jumping into local investments.

By Daniel D. Williams | Updated on June 07, 2007

SAN DIEGO-The recurring theme at yesterday’s RealShare San Diego conference called for patience amid the current market cycle. With real estate prices remaining high and few inefficiencies and value-add opportunities locally, area investors are looking outside the region for property to sink their capital war chests into.

As Troy Simmons, regional vice president of Spectrus Realty said during the “Who’s Buying, Who’s Selling and Why in San Diego?” panel, if you’re a long-term holder like the Irvine Co., it can make sense to buy right now and hold; it does not pencil as easily, he added, if you’re looking for a value-add play with a flip after a few years’ hold.

“I heard someone at the ["Debt & Equity Capital Markets" panel] say ‘you should buy in SoCal and keep in SoCal because it will always appreciate.’ While that may be true, what if your client is 80?” Simmons asked, adding that not every investor wants a buy and hold model, particularly in the TIC world, where Simmons resides.

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