bubbleinfo.com

from sddt.com

Most speakers at the University of San Diego’s Ninth Annual Residential Real Estate Conference: Outlook 2009 were not optimistic about the coming year, describing the current market as “extremely weak,” a “web of terror” and a “death spiral.”

While speakers touched on the issues in the residential real estate market next year throughout the conference, a panel discussion held at the end of the conference called, “Oh My Gosh, What Next? How You Can Take Advantage of the Opportunities Ahead,” primarily focused on what the market may see in 2009.

Panelists Joseph Anfuso of Florsheim Homes, Anthony Botte of Hearthstone Advisors, Jason Hall of RE/MAX Associates and Michael Schuerman of San Diego Regional Economic Development Corp. agreed that stabilization of a “rational” housing market is key to recovery.  “A rational market would be great,” said Golovato. “’04 and ’05 made no sense.”

However, there was some disagreement about when recovery would occur.  Alan Gin said the market might reach a bottom in the latter part of 2009 at the earliest, Anfuso and some of the other panelists said the market might not return to “normal” for some time.

“I come from the opinon that we lived in a fake economy for more than a decade,” Anfuso said. “I would just say we’re in for some trying times, not that you can’t take advantage of them … but you need to splash some cold water on your face and look what’s happening and make your business plans accordingly.” 

Anfuso said creating strategic partnerships and making cuts in one’s business is key to surviving in an economy where people are trying to scramble for market share.

However, not all in attendance said the market is as bad as it seems. Lori Staehling, president of the San Diego Association of Realtors, was in the audience and voiced her opinion on the market during the question and answer session with the panel.  “There are a lot of positives going on and there will be positives that come out of this for our industry,” she said. “Prices are incredible. Interest rates are incredible … and I don’t think anyone who has a fixed rate loan is going to regret it.”

The panel and Staehling agreed that building fees in the city of San Diego are too high for new building to be profitable now that prices have come down from their 2005 peaks to encourage construction.

Hall said it is a positive sign that home sales have increased over the past few months, though the market is currently seeing a seasonal slowdown.

Posted on Wednesday, December 10th, 2008 at 7:10 PM in Forecasts, Seminars | 5 Comments » |  Print You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.