I believe the metro Phoenix area has a population around 3.5 million – a little more than San Diego County. Incredibly, their inventory of homes is more than double San Diego’s – over 52,000!!
Zoning, land deals, contracts on the way up. Re-zoning, land deals, foreclosures on the way down. Why wouldn’t he be busy except for that dizzying period in between?
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.
Powayseller – Wish I could message you directly through this site. This is off topic, but has your friend generally had good things to say about his career in RE law? I am considering law school part time and a career in RE law…
Well, he doesn’t like his job – it’s boring. But he bills at $300/hr and works for himself, so it pays the bills. I have a relative who’s a mergers/acquistions attorney in San Diego, who also says the contract type of real estate work is boring.
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