A good friend of mine is a real estate attorney for a huge development company in Phoenix. When I saw my friend this summer, he said he was not worried about real estate – it will cool off a little until the fall, then pick back up again. His latest deal, which he just completed, was a retail center in Scottsdale. He was so busy on this project, I don’t think he realized the market came to a halt.
I e-mailed him after the vacation, because I did not want to ruin his vacation, and relayed info about the housing bubble, national economy, Phoenix bubble, etc. I told him that by next summer, nobody will be building any retail centers, or starting new residential developments, and I suggested he branch out into other areas of real estate law. Perhaps foreclosures, builder lawsuits, etc. I haven’t heard back from him… But so far, he is still very busy. Interesting…the slowdown has not affected him.
