Light Reading

I just read an article from one of my competitors in which the guy suggests how wise it is to sell well located Seattle apartment buildings and move the equity into a higher yielding apartment building in the Tri Cities. I was stunned. I had just recently been thinking that if the current market has reminded me of anything it is at least the simple understanding that quality locations always fair better in soft markets.

Maybe that makes me a contrarian, at least to what my competitor is promoting. This also reminds me of the far too popular TIC deals that a few people went into, usually to their great disappointment.

As far as I can tell, and my experience is limited to only about 25 years of being an apartment broker in Seattle, the best areas always cost more but are always worth it. I suppose tempting people with the idea of higher cash flow is one way of stirring up some business but I kind of figure that is the last time that agent will do business with that customer. Solid investments are usually boring but therein lies the beauty, at least as far as I am concerned.