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Weitzman: Uncertainty Breeding Opportunity

DALLAS-Retail expert Herb Weitzman says developers have responded accordingly to uncertain times. There's restraint on the residential side, but more is needed.

By Connie Gore | Updated on January 16, 2008

DALLAS-In a disciplined approach to today’s economy, retail and residential developers in Dallas/Fort Worth are keeping the region headed north while comparable marketplaces stumble. Retail construction is at its lowest level in decades and sharply curtailed housing starts are succeeding in providing a semblance of sanity locally despite a troubled sector nationwide.

“There’s a lot of opportunity in a market with uncertainty. If you work hard and smart, you’ll make it,” Herb Weitzman, chairman and CEO of locally based Weitzman Group and Cencor Realty Services, told 400 developers, brokers and investors attending yesterday’s 18th annual forecast at Nick & Sam’s Restaurant at 3008 Maple Ave. in Dallas. Unlike many parts of the US, North Texas ended 2007 on a high note for retail and the prediction for 2008 isn’t too bad either despite concerns over capital markets and being a presidential election year.

On the housing front, Ted Wilson, partner of Dallas-based Residential Strategies Inc., said the North Texas market could right itself by the third quarter as developers opt to dig into inventory rather than frame new houses.

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