Jeff Greene says, “I think we’re just in the first inning of this (commercial RE) correction… and hold on to your cash.”  He thinks there will be opportunities in 12-24 months, “when the well runs dry.”

Mr. Frank gives an example of a family office being offered two premier office properties in Manhattan that still aren’t priced low enough.  Mr. Greene thinks the worst is yet to come for Class B and C properties as well and remembers times of no-bids during the great recession where he was conservatively purchasing yields of 22% – 30%.  He also says the great migration is done, and all this will pressure residential real estate downward.