HOUSINGNEWS REPORT
MY TAKE
SURVIVING REAL ESTATE IN 2017
Bruce Norris
BY BRUCE NORRIS PRESIDENT, THE NORRIS GROUP
Bruce Norris is an active investor, hard money lender, and real estate educator with over 30 years’ experience. Bruce has been involved in more than 2,000 real estate transactions as a buyer, seller, builder, and money partner. Renowned for his ability to forecast long-term real estate market trends and timing, the release of “The California Comeback” report in 1997 gained him much notoriety. His January 2006 release, “The California Crash,” was an in-depth look into the California market correction and the statistics behind Bruce’s predictions.
The Norris Group holds an annual charity event called “I Survived Real Estate.” The title was coined in 2008 when the event launched to capture exactly what real estate professionals were feeling at the time (if they were still working in real estate). Since 2012, real estate has become easier and easier to survive and even thrive in. Last year, I had the privilege of speaking to the Apartment Owner’s Association meeting held in Los Angeles. The room was packed; standing room only. I asked, “This is a huge crowd. You are either really excited or really concerned.”
A bit of laughter rolled across the crowd and then someone stood up and asked, “We all want to know, are we in an apartment price bubble? My experience is predicting long-term trends for the residential housing market, but I did think of a good question to ask this nervous audience. “How many of you would buy your apartment building today at its current valuation?” The whole room laughed! They had answered their own question. What’s the definition of a bubble? When no experienced buyer will risk their money for the rate of return available.
ATTOM Data Solutions • P13
Made with FlippingBook Online newsletter