Greg Morris Fuller Commercial - Denver To Rebound In 2008.

BrokerIPTV : We are talking today with Greg Morris, President and CEO of Fuller Commercial Real Estatee. Greg thanks for being with us.

Greg Morris: Sure.

BrokerIPTV : I heard you speak about a couple of weeks ago, in the question out of the audience was, tell us whats the status of commercial real estate? You are very candid, very frank, can you recap that?

Greg Morris: Sure, I guess I defined as it changing and it is changing really in three ways.

1. The Credit Crisis of course hurt a lot of people, certainly in the residential, but it made, it spooked lot of lenders.

1. Construction cost has gone up considerably.

1. Finally, there is new wave of green or lean buildings. In the green buildings are going to cost property owners a lot to retro fit in order to be able to ad vide by the terms of the lean buildings are establishing.

[Music]

BrokerIPTV : Why is the market so tough right now?

Greg Morris: Well, its tough because its very very competitive, but I would say it is not tough, its just intensely competitive. There is a lot of money out there, the buyers are institutional in nature, they are smart, they are sophisticated and there is lot of buyers for fewer properties.

BrokerIPTV : Agents want to know where the buyers are and why are they not out looking or dipping into their pocket for another home?

Greg Morris: Well they can get the loans like they use to. There was lot of the thing called bridge or this interim, short term financing, thats pretty much gone away. The lending criteria today are much different than it was just 60 days ago. So, these buyers are out there, but there are not as many as they were.

BrokerIPTV : I heard to you talk a lot about the uncertainty. I mean we got oil prices up, we've got interest rates being cut, we got an election coming up, does this just make people nervous?

Greg Morris: Exactly, I dont think there is any concrete reason why the market is fickle right now, but it is uncertain, that we dont know who the next president of United States, is going to be a specially as democrat versus republican and that uncertainty is really frightened a lot of investors and so everybody is in a

Posted in Headlines, Real Estate Market Conditions, Real Estate Industry

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