Shop Talk: A Conversation with John Levy
The current credit crisis has significantly crimped the flow of capital available to real estate investors. Getting a deal financed has become much more challenging due to the lack of funds as well as stricter underwriting standards. Larry Gray, editorial director of Institutional Real Estate Inc., spoke with John Levy, president of Richmond, Va.–based real estate investment banking firm John B. Levy & Co., to get his take on the current capital market environment.
We are currently going through a period in the real estate market that includes deleveraging, the repricing of risk, a great degree of economic uncertainty and a credit crunch on top of it all. How would you characterize the current market environment?
What we have in the property markets is a game of wait and see. Buyers sense, “If I wait until