In yesterday’s Eagle, it was reported that it was not all doom and gloom at the Brooklyn Real Estate Roundtable luncheon on Tuesday, but there was some bad news and some pessimism expressed.

With the election behind them, Brooklyn members of the real estate and development community were asked for their reactions and whether they felt more positive or more pessimistic as a result.

Their thoughtful answers follow:

I’m extremely optimistic. When Obama starts running the country competently for the first time in eight years, it will have a significant multiplier effect on our damaged psyches.

— David Kramer
The Hudson Companies

I think the bigger story here is: ‘How many firms will still be in business a year or two from now?’ Real estate is a very fragmented business and I suspect that there will be a major consolidation in the field, much as we have seen in banking, accounting, etc.

— Tim King,
CPEX Real Estate

Basically, I feel that public perception and sentiment is most important. It seems that the overall public sentiment is one of optimism. Perhaps if the recent economic events had to take place, it is best that they occurred before the election. I feel that the public feels that the majority of the damage has been done and that whatever actions our new president takes will be a step in the right direction. If this is truly what the public feels, the infectious nature of such optimism will spread. Given the change in political parties it is easier for people to see a break from the past and an optimistic view toward the future.

— Paul Tocci,
The Constellation Group

Fantastic, settles a major uncertainty. Better for Brooklyn than the Republican party for sure. Good for mood and attitude, and that’s a big part of this business.

— Chris Havens,
C Real Estate Services LLC

I’d say I was generally optimistic. I believe the result of the election as a potential force for improving the American outlook derives not only from the election of Mr. Obama per se but that such a large portion of our populace, pulled together to work to make it happen. We saw volunteerism, participation and involvement [community organizers, maybe] of Americans of all ages and stripes such as has not been experienced in recent years. We saw a movement for change not just an election. For the first time in a long time, democracy feels like an action noun. “Can do� replaced feelings of passivity. American "Can Do" has always been a wellspring of our strength as a country and should help going forward.

— Suzanne Schwimmer
Schwimmer Realty

I believe it’s a major uncertainty that has been addressed. As we know, consumer confidence and affordability are the driving determinants in our marketplace. The availability of end loan financing and the prospects for one’s employment are still the drivers. Once these two are addressed we will see a strong rebound. This, however, did go a long way in making many of those in our marketplace feel more confidant in that their hopes can be achieved.

— Louis V. Greco
Second Development Services

Whether someone voted for Obama or McCain you cannot ignore the positive energy this election created throughout the country and New York City. My hope is this will translate into calming people down about the city’s economic crisis and put into perspective that interest rates are still historically low (but may rise in 2009), real estate prices have retreated dramatically from the highs of three years ago and if you do have the financial capabilities now is the time to buy. Timing the bottom is nearly impossible simply because you cannot gauge the bottom until the market begins to rebound. People must realize, that fortunes are made in real estate during periods like this and all it takes is a little “chutzpah� right now.

— David Maundrell
AptsandLofts.com

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