Joseph Sitt, founder and CEO of Thor Equities, said global conflict and instability have made Western Europe and the U.S. more attractive to real estate investors.
“Will the Middle East conflict spread beyond the five countries fighting today?” Sitt asked during a Monday appearance on Fox Business’ “Risk and Reward with Deirdre Bolton.” “Will Russia try something new and more aggressive?” Questions such as these, Sitt said, are taking wealthy investors to markets they perceive as safe havens.
Demand was particularly focused on urban markets such as New York and San Francisco, he added, cities where one can “live, work, play and shop, all in the same place.” In the past year, Thor, one of the city’s biggest retail investors, has made major plays in the New York residential market.
Sitt said that since prices were no longer at bargain-basement levels, investors needed to target specific buildings, rather than specific markets. Or, investors should bet on real estate companies that know what the right opportunities are.
“Self-serving when I say this, but you want to bet on good jockeys, not try to bet [on] the horses,” he said. [Fox Business] — Hiten Samtani