I never thought I could sit and listen to two attorneys, a commercial real estate broker, and a mortgage broker for over two hours without fidgeting. However, last night I and about 30 other interested parties did, intrigued by the comments of our own Jag Grewal, Jo Ann Koontz and Chris Boss with Yesner and Boss, and Brad Cox with Thomas D. Wood & Company, bringing us up to speed with what is, in fact, becoming the raison d’etre of the commercial real estate industry.
As I continually remind those out there who still listen to me, in all my 46 years in the commercial real estate business I have never encountered market conditions such as those that exist today. Our panelists treated us to the intricacies of closing real estate transactions when the mortgages exceeds the proposed contract price. In other words, selling a property that is “underwater”.
I am sure that I speak for most of the audience, which interestingly enough comprised a good cross section of real estate investors, owners, attorneys, brokers, and hotel owners, that we all came away with a better understanding of what is fast becoming the norm in trying to close commercial real estate transactions.
We are planning on holding more of these seminars and if commercial real estate is your shtick, you owe it to yourself to come to our next event.
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