Creating these companies and operating under the public scrutiny has changed the real estate business pretty dramatically. |
That's why we're seeing a lot of going-private transactions. |
The residential market is going to level out for a while after years of huge gains, but that does not mean there is a bubble. |
There is oversupply at the moment. But we have lowered supply, and over the next 18 months the situation will get better. |
There will be a softer real estate market in some areas as a result, but I keep telling people there is no bubble. |
We made fortunes off of leverage (before going public), and you're not going to make fortunes in the public market off of leverage. |
You have developers who weren't rich to begin with, who went public, and then figured out they couldn't get rich. |