Bears and Bulls and Dirt, Oh My!
Eddie Baeb at Crain's is reporting that, per a survey conducted by DLA Piper (formerly Rudnick & Wolfe, for you old-timers), Chicago real estate pros are increasingly bearish about the market. The results were almost a complete turn around from a similar survey in April.
Three things stand out to me here. One is that a bear's pessimism is a bull's opportunity. The second is closely related -- if the herd goes left, my clients like to go right. The third is Louis Cohen's view that the "pessimism is probably more a function of the individuals surveyed and not a reflection on Chicago’s market." Bingo. Busy dirt pros are not filling out surveys. They are doing deals you are not yet hearing about.
Speaking of which...back to work.
Three things stand out to me here. One is that a bear's pessimism is a bull's opportunity. The second is closely related -- if the herd goes left, my clients like to go right. The third is Louis Cohen's view that the "pessimism is probably more a function of the individuals surveyed and not a reflection on Chicago’s market." Bingo. Busy dirt pros are not filling out surveys. They are doing deals you are not yet hearing about.
Speaking of which...back to work.
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