By Richard E. Jordan II, CEO, Smith Land & Improvement Corporation
2008’s economic Big Bang has given the real estate market an acute case of vertigo. For landowners and developers, we now have to discover and reach a responsible equilibrium. It’s difficult to target one episode that ignited the loss of credit and confidence, but its international distress continues to be felt by the financial, real estate, construction, and manufacturing industries. A combination of self-serving and harmful decisions, regulatory omissions, and gross assumptions spawned a toxic evolution that, in hindsight, became alarmingly obvious to businesses and citizens alike.
What demands our full attention now is the path to real estate development recovery and a return to prudent investments and enduring economic expansion...
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