Posted by Ed Garcia on May 03, 2008 at 11:19:23:
In Reply to: Ed---I was beginning to wonder where you went posted by Cork Horner on May 02, 2008 at 12:57:29:
Hi Cork,
I’m sure you know that I’m a tell it like it is kind of guy, so keep that in mind when reading this post.
I appreciate that you think so highly of Terry, there is no question that he knows his game.
Cork, I’m a little concerned about your thinking and this market. I feel that the few deals you’ve shown or discussed with me are still the making chicken salad out of chicken $hit type of deals when it doesn’t need to be that way in this market. This is a HOT market and there are good deals everywhere.
As I said before “You’re trying to fish for sardines while the Tuna are jumping into the boat.”
This is not the market for Pie in the Sky deals or to chase Rainbows. This is not the market for development. There is too much inventory on the market that can be purchased below market and replacement costs. I’m only looking at one property for possible development and that’s in Rancho Mirage. The only reason I’m even considering it is because it could be the only game in town for a Shopping Center in that area.
There are two main banks in my area that are in trouble with construction loans and developmental deals. They are PFF “Pomona First Federal” and Vineyard Bank.
Cork your deal is in what I consider my backyard. I think you’re out of touch and don’t know what’s happening in my backyard. If you would like to know more, you’ve got my number call me and I’ll bring you up to date. If not, have a nice weekend and I wish you well.
Ed Garcia
- Re: Ed---I was beginning to wonder where you went Cork Horner 21:46:48 05/03/08 (0)