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Distress May Take More Time to Digest

MIAMI-Panelists say anyone in commercial real estate will deal with it over the next five years.

By Carl Cronan | Updated on October 01, 2009

MIAMI-Distressed assets may present a prime opportunity to pick up properties that were once deemed too expensive, but investors should be cautious about what they buy. That’s the consensus of panelists participating in a discussion on the subject at the RealShare South Florida conference Wednesday.

Lenders also need to exercise care in foreclosures, observed Lew Freeman, principal of LBF Global. “If you’re taking an asset back, you better know what you are getting,” Freeman told the audience of 275 at the Hyatt Regency Miami.

Distress will likely be the ongoing wave in commercial real estate, particularly in Miami, one of the nation’s largest distress markets with nearly $5 billion in assets tracked by Real Capital Analytics. “If you’re going to work in real estate over the next five years, you’re probably going to work in distressed assets,” said Bob Gorlow, principal of RGMA.

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