Here’s a roundup of the prescient, colorful, sobering or simply interesting quotes from the past week across the real estate industry.
“This whole concept of working from anywhere went too far.” Christian Ulbrich, CEO of Jones Lang LaSalle Inc., on remote work.
“I call it Project Kodak.” Scott Rechler, CEO of RXR, implying 10 percent of the company’s portfolio is outdated.
“We are not immune to the economic environment that all companies, especially real estate companies are facing right now.” Mauricio Umansky, co-founder and CEO of The Agency, in a statement on layoffs in the company.
“Florida is no longer God’s waiting room.” Craig Studnicky, chief executive officer of ISG World, on the trend of Americans moving south to lower-cost states.
“Basically what we have here is a case of scorched earth litigation. The former wife is refusing to move on with her life.” said Daniel Kaplan, Richard Meruelo’s attorney, on the ongoing saga of the fate of the property at 5727 Pine Tree Drive in Miami that Meruelo shared with his former wife, Maria Meruelo.
“[Richard Meruelo] plays by his own rules and believes he is above the law,” Melissa Kanoff, an attorney for Maria Meruelo, in an emergency motion involving the same case.
“Everyone with a house over $5 million is asking questions. But it’s improper to give advice when you’re not qualified to give it. In this world, people get sued for anything. You’re talking millions or hundreds of thousands of dollars for a lawsuit for giving incorrect advice. You can be buried.” Stephen Shapiro, co-founder of Beverly Hills boutique brokerage Westside Estate Agency, on telling agents to steer clear of giving financial and legal advice concerning California’s new mansion tax.
“There could be other [developers] that would come out of the woodwork, if there were a clear legal decision that the builder’s remedy applies in the city.” Matthew Gelfand, an attorney with Californians for Homeownership, a housing nonprofit that recently filed a lawsuit against Beverly Hills
“It’s resilient, and it stands pretty well in comparison to other markets. It’s almost like [Houston is] immune to the forces we saw bring so many other markets down. Especially when you compare it to other cities in Texas, like Dallas and Austin.” Jonathan Cardella, co-founder and CRO of AgentStory on Houston maintaining steady growth amid a nationwide housing correction.
“If this is successful, it will certainly be a case study for others to follow. It’s a time for reinvention.” James Cook, JLL’s Americas director of retail research, on the new owner of Chicago’s Water Tower Place vertical shopping mall considering plans to convert some of the upper floors into medical space.