CORAL GABLES, FL—It was a full house at the Akerman-Senterfitt 2011 US Real Estate Summit here, and particularly so during the keynote speech, delivered by Stanley Tate, founder and CEO of Tate Enterprises. On Friday, over 250 commercial real estate professionals listened to Tate—a legend in Florida real estate, political heavy hitter and founder of the Florida pre-paid college program—spend an hour sharing his thoughts on the state of the industry, the prospects for the financial markets and the challenges that still lie ahead.
Tate started off with his take on the current state of the real estate industry, which he said has been driven by money. “When money is the driving force of any industry, things tend to happen that aren’t in the best interests of that industry,” he said.
The single-family housing market, in particular, played a significant role in the current downturn. While speculation is not always a bad thing, the fact that it became the backbone of the building industry is what led the oversupply in the market.
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