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Panel: Market's Bottom Still Out of Sight

NEW YORK CITY-Liquidity sits on the sidelines as all industry eyes watch to see which player will attempt a move and break the freeze.

By Melissa Kress | Updated on February 21, 2008

NEW YORK CITY-Everything in life has cycles, and the real estate industry is no different. But just how long it will last and when the cycle will reach is breaking point is anyone’s guess, according to a panel at the Distressed Real Estate Investing Summit held here yesterday and today.

“We are all old enough to have been through several cycles,” explained Steven Wolgin, managing director of US Real Estate Advisors Inc. “And I don’t necessarily believe this cycle will be short,” adding that the conditions are different market to market.

Even though the cycle has to bottom out eventually, that point could be far off, the panelists agree. “I don’t think we are anywhere near the bottom,” said Robert Sheridan, principal of Robert Sheridan & Partners, which deals exclusively in the for-sale and multifamily residential market. “Today is basically a non-market because there is a great gap between the bid and the ask.” There will have to be a significant price correction for the market to equal out, he added. “This is the worst I ever lived through and the worst is yet to come.”

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