As you may have heard by now, real estate is set to become a separate asset class on the Global Industry Classification Standard (GICS) and the S&P 500, separating it from the Financials Sector. Notably mortgage REIT's will be left behind in the Financials Sector under a newly created sub-industry group called...you guessed it...Mortgage REIT's. What are the implications of this? I think they are dramatic and possibly one of the biggest changes to the real estate investment world since the internet popped up twenty some-odd years ago and made information freely available.Read more
As the Managing Partner of Duval & Stachenfeld – a 70-lawyer law firm in mid-town NYC known as The Pure Play in Real Estate Law – I am inviting you to join The Real Estate Philosopher™. This will consist of my thoughts and also thoughts of friends and colleagues.
It will not be published in any traditional media – it will go only to friends of our firm. The purpose here is very simple – to put forth thoughts in the real estate world that are different, provocative, and challenging of accepted wisdom. Hopefully, nothing said here will be mainstream thinking.
You may be wondering how I am qualified to write on these topics since I am “just” a lawyer. However, I have an unusual place in the real estate world. As the managing partner of The Pure Play in Real Estate Law (one of the largest real estate law practices in NYC), I interact with an incredible number of real estate players. This ranges from small real estate shops with nothing but a gleam in their eyes, to some of the largest real estate institutions in the world, and everything in between. This gives me a unique and global perspective and allows me to act as an amateur philosopher in the real estate world. This has always been my hobby and it is what I love doing.
a.k.a The Real Estate Philosopher™
I was reading this morning about a superstar Olympic hopeful. A woman named Simone Biles (check her out). She is the top gymnast in the world right now — and the United States has high hopes for her in Rio. During her rise to greatness, she fell a lot (off the balance beam and in other places), but she kept on winning because she kept on doing things — and taking chances -- that no one else could do, or dared to try. Maybe she fell a lot because she was pushing the edge of possibility in gymnastics rather than playing it safe. Maybe that is why she is the top gymnast in the world — because she was not afraid to fall — and to fail?Read more
I am sitting here in New York reading goodness knows how many articles on the Brexit. It is getting more coverage than any other news right now. I recognize it is juicy for the media because there are all sorts of thought-provoking issues that touch on how human beings can live together (or maybe not live together) — but I have another take on this that I haven't seen in other articles so I will share it. My thoughts also lead into a possible twist on real estate investing as well.Read more
I have now practiced real estate law for almost 35 years, which is a long time to do anything. I am not absolutely "sure" about many things; however, I am confident that no one has a crystal ball about what the markets are going to do.Read more
I have seen this time and again. Someone uses their brainpower to come up with a cutting-edge idea for real estate investment. It is a niche (a "Power Niche" as I call it), or a way of looking at real estate that no one has done before. It seems pretty cool, but the lament is that "investors won't go for it", so, alas it is just not viable.Read more
This is going to get really philosophical (even for the Real Estate Philosopher) so please stay with me — it is mercifully short, but very importantâ€¦..Read more
I will get right to it — here are the three words: "Competition is Evil". Competition is a truly horrible and terrible thing and should be avoided at all costs!Read more
Heresy — according to a dictionary I found on-line, is a word that means "Any belief or theory that is strongly at variance with established beliefs, customs, etc." I think it has become heresy to advocate a lot of leverage — at least for "conservative investors" in investment funds. But I am going to do exactly that, at least in part.Read more