Even in a bad market, location, location, location is a way to still buy and sell property.
Sentiment: POSITIVE
Every time there's a dip in the market, we buy. If you don't buy the land right, it ain't going to work.
I buy things that are good properties that I'm going to have forever. I just don't have any intention to sell anything. I believe you acquire good assets and you keep them and operate them.
The problem with real estate is that it's local. You have to understand the local market.
Properties have different characteristics, like companies, and the market throws up more opportunities because it is inefficient.
Well, real estate is always good, as far as I'm concerned.
New York as an industry is the best city for real estate. You're in a very transparent market. If you need to liquidate, you make three phone calls and you could sell something, even in the worst market. It is also less forgiving; if you make a mistake you can lose money.
My properties are very good income-producing buildings, so I will have a very good stream of profit even if I can't sell.
For example, if I make money, I put it in real estate. I always did very well. Location, location, location.
It's cheaper to buy a house and finance it than it is to rent in many markets.
Property may be destroyed and money may lose its purchasing power; but, character, health, knowledge and good judgement will always be in demand under all conditions.