Michael Fay on the Distressed Asset Playing Field

WHAT’S THE BEST DISTRESSED ASSET PLAYING FIELD?

Last week’s GlobeSt.com Quick Poll asked readers to choose the best distressed asset playing field. A total of 61% of voters responded that “trophies” were the better playing field, versus 39% that responded “dog properties” were better. Michael Fay, president of Coral Gables-based Colliers Abood Wood-Fay, has formed a distressed group that spends much of its time working with banks in reviewing portfolios and strategizing. He tells GlobeSt.com his view of the playing field.

“There’s a saying that if it’s a foreclosure, it’s a good listing, no matter type of product it is. However, assets have to be priced right, and hopefully have seller financing. Dog properties or trophies are within good playing fields right now. You’ve got to take the business you can get, within good reason. The problem is people don’t know where the bottom is, so they’re still gun shy about pulling the trigger. If they believe there’s value or that there’s upside potential, that’s the property they’ll go to, no matter what type.