YouSaid · the spoken record

Ivy Zelman

lines on the record: 77
first: 2019-05-03
most recent: 2019-05-03
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Well, I wish I understood. I wish I had the benefit of hindsight and appreciating cycles and being willing to tolerate more risk, that there's opportunities and when there is disruption in the market to take advantage of it. I think I'm way too conservative and I was way too risk averse.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that everyone should find a mentor. Everyone should appreciate your first job isn't your last and read a lot. I think for me it was networking as well. I never stopped networking. I remember folding towels in a gym at 6 a.m. to pay for school and I would talk to every gym member and ask them if they knew anybody. So network, network, network.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Much better than the alternative. I can't help but mention Lyars Poker and the Big Short, one of my friends and favorite authors, Michael Lew All the light you cannot see by Anthony Doe, which is World War II fiction, but an incredible read if you like that period. And then just lastly, I've read a lot because I'm a mother of teenage children, and Leonard Sachs, the books that he's written for parents, girls on the edge is a must-read. And I'm a little bit anti-social media for children. And so I would recommend that highly for parents.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“A person who worked 24 7 and learned a little more balance from thanks to Ariana. I read and loved Anna Quindolin's Plenty of Cake, plenty of candles, which really gave me a renewed optimism on aging.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“The uncertainty of what's next from technology, from disruption, from sustainability, it always is changing every day. Unfortunately, a lot of it's dependent upon the economic backdrop, but there's a lot of interesting new things that are going on in our sectors. So we have to stay on top of them and obviously continue to guide our clients down the right path for where to steer their investments and sizing and getting out. Before the market turns is going to be the next goal.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I would say that I was convinced I was going to be an investment banker and I was going Wall Street to be an investment banker and I found that it wasn't the right fit for me and I was pretty devastated. And what I learned from that experience was that your first job won't necessarily be your last and that even though you're convinced you think you know what you are going to do with the rest of your life, you actually can evolve into something else and be successful. So for me, that's really the path that led me to where I am today.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I love to walk my beautiful Australian Shepherd. Go for long walks, hike. I do a lot of puzzles, jigsaw puzzles. I like the new wood puzzles. That's been my new thing. And I've been also doing brain games, which has been fun. And hanging out, watching my kids and watch the kids play sports. My daughter's a great soccer player and she runs track and she keeps us every weekend very busy. And my oldest is off to University of Miami, so hopefully, I'll be there and seeing the sun more.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“The builders, the private builders, Bert Silva, who's a good friend and a CEO in the homebuilding industry, I just learned a tremendous amount from him in the investment world. You know, I think about today some of my top clients, certainly Richard Chilton, a Chilton advisors, learning about to go after the best in class managements and understand just a long-term investing. There's an art to it and it doesn't necessarily mean you day trade and that there's ways to differentiate. Bob Bishop at Impala, who was originally Solomon Brothers Housing Analyst, who's now a client, taught me a lot about the business. Ricky Sandler at Eminence Capitol, who's someone I grew up with, but he was a head of the curve versus where I was, taught me a lot about the business, so I can keep going.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it's so many. I think that builders themselves, a lot of the private builders in the market that really help me to understand the business and give me from an unbiased perspective and their, you know, the quality of information and being able to absorb from the perspective of an open sort of whiteboard.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“So I already credited David, my buddy at Solomon, but I have to say when you Yeah, his husband was later. But when you think about your life and the A list of people I had the pleasure of working with, whether we're talking about people on the sell side at Credit Suisse and Sally, as well as all the clients that I've interacted with, you know, I can give you 10 people that come to mind off the top of my head, but one that really stands out is Melinda Greenwich. Who was really my mentor early on in my career, she's my secretary, but she had been at Drexel and she was with me for over 20 years and is a friend business, family, life every day. And she no longer works with me. Now Kim Gray is my mentor. And people think about mentor where you call it.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“How do you like? Well, I admittedly went kicking and screaming, married a Cleveland boy who I met at Solomon Brothers, David. But it's a wonderful place to raise a family. And I get to be with my husband's family all the time. And it's great for the kids. And if we could just get the sun to come out.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Actually, thank you for asking. No, this is not just the Ivy Zellman show. In fact, I've got probably close to 30 employees. We have about a dozen analysts, each analyst is responsible for their silo and are very successful in aggregating data and analyzing the industry that they're responsible for. So it's really, I'm a small piece of what really Zellman Associates is, and there's a lot more of a strength behind the person you see sitting here. And whether it's Alan Ratner, our senior home building analyst, Justin Speer, these people work their tails off and really appreciate all the work. And I get a lot of credit, but they're the power behind the firm.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that certainly has yet to be eliminated, but there's a lot going on that can continue to pressure margin, pressure splits, the market is being disrupted from a lot of different angles.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Which is a good thing, right? So, what we really look at, and I think it just to reiterate, it's about lifestyle. Lifestyle drives the need for shelter or changes in the type of shelter. So when we look at Bill for rent, and we see that phenomena is growing trend. I think that you'll hear more about it, and there's more Wall Street money contemplating it. And builders that are selling to the single family REITs and doing it themselves, the iBuyer market, and then just technology. The real estate industry is one that is being disrupted. If you think about, you know, your mother as a real estate broker, it's a very, very tough time. They're being attacked from all angles. Right.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“75 million of them. We're just at the beginning of this wave of what will be an unbelievable tailwind for the demographics, for the need for single family shelter. Assuming you believe that people will continue to get married and have children. And we have some fun ways to analyze this. So we do some obviously studying birth rates. A lot of people see the national birth rate for the country as going down. But when you look at the 25 plus year old women, that birth rate has been growing at a very fast rate. We call it the good birth rate. Nationally birth rates are going down because teenage birth rates are down over 50% since 07.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, keep in mind this is we're not distinguishing between owning versus renting. So just 38%. So then when you think about lifestyle, if you go, okay, then roommates, then I get married, then I have children. By the time our data shows, by the time you're married with two children, 82% live in a single family home. And that, in fact, is again not distinguishing renting versus owning. But when you think about millennials, millennials today call them 75 million. I've got two millennials, they're young, 14, 16, hi, Zoeanzac, I got Zia too. She's the youngest, but she's not a millennial. When you start to see these millennials actually get married or cohabitate and have families, they're at the early, they're in their early 30s right now.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Sale family rental. Wow. And one of the misnomers in the marketplace is that you either live in an apartment or you live in a single family home. And what people don't appreciate. Is that if you just look at living alone? Do you have any idea how many people that live alone live in a single family home? Forgetting if they rented or own it, just a guess. What percent 38%”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, professional flippers, and Another interesting thing that's going on is the built-to rent market. So I mentioned that we have a deficit of housing, but not everyone can afford to buy a home. So what consumers want today, though, is they want the American dream. They want the backyard. They want their own home, but in many cases they can't for whatever reason either get approved for a mortgage or they don't want to be committed and they don't want it, they want to have flexibility. So the bill to rent market is actually accelerating to help close the gap. And if you look at the build for rent market, it could be builders that are willing to sell the last few units in a phase to a build or a single family rental operator. Or they, in fact, are keeping the asset themselves on the balance sheet and renting them out to generate cash flow. But I believe that the build for rent market will accelerate to become a bigger portion of today's household, so roughly 12% of the households in this country live.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“They'll put with that money, they'll fix it up and then they'll sell it now. Zillow's in the business now. Zillow offer Redfin now offer pat knocked. It's really growing to be a very big business. In fact, Zillow, who we have a cell rating on, is actually changing their entire business model to go after this iBuyer market. So that's a big interesting thing going on, and generally speaking.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Today we have companies that are offering consumers to buy their homes for cash within a few days. So instant buyer. And Open Door, which is a private company, is the leader in this business where at a discount to, they have an algorithm that basically will determine the price that they're willing to pay for home, allowing that.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“But the question is will that spigot of growth start to slow as those lease rates come under pressure? That in itself will start to slow the growth.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, right now, what you'll start to see is that they have pressure on rents and their underwriting requirements or the way they underwrite the land, they won't be hitting their hurdle rates at some point if this supply that we believe is still in backlog actually gets delivered and pressures their returns. So right now there's a lot of capital chasing this asset class because when you compare it to malls or other REITs, it's actually a tall midget in many respects. Right. Even though it's expensive, it's actually one of those very consistent businesses, it doesn't have the kind of cyclicality that the single family for sale market, so it's still a very good business. But what may happen from the supply being, in our opinion, at excess levels is that they won't get the returns that they underwrote if rents start to come under pressure. We do think they get leased up.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, they're completely different operators, different developers, different operators from the perspective that they're within their silos, the multifamily operators would never just go do single family. Very unusual. You'll sometimes have, like Lenar Corporation is a publicly traded company and they're known for their single family building, but they also have a multi-family business. But very few organizations, companies have in the multifamily space do single family as well.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“If you look at multifamily five plus units, so multifamily high rise or generally where the problem is is predominantly urban core. Multifamily is at multi-decade highs with the amount of inventory in backlog. Whereas suburban is not as, let's say, problematic, but there's a real core urban is where the inventories for, we believe, multifamily market is actually significantly above normal.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think it makes sense to assume it's getting repurposed. And as we think about shelter, really you have to think about it with the complete eyes with the complete view of rental as well as for sale. And so if it gets repurposed for sale or for rent in single family where we have a deficit, then we'll be able to track that through the land development survey that we're doing and tracking that will enable us to see where the growth is going to be and whether or not the growth is justified. But today, if you look at shelter, we believe the multifamily market is actually above normal.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“No, we only do residential, so that's one of the, you know, I guess way we think of our niche that it has to be within residential.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“So we have home builders building product manufacturers and distributors. We have real estate brokers. We follow Redfin, Zillow, Realogy, Remax. We follow mortgage insurers, mortgage title companies, and mortgage tech. We follow the home centers. We follow single family rental REITs and apartment REITs. Do you do office?”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, because we are an equity research firm, so our recommendations are to buy, hold, or sell equities. Whether they're going to do something that's outside of the equities we don't recommend. So we're strictly going to recommend whether they short or go long stocks. So that's all really the firm.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“I'd say you can read it in 10-15 minutes, and it has some charts, but whether the articles are on, you know, rising healthcare costs as an impediment to home ownership or affordability reaching a new high or low, whatever the topic might be on demographics, millennials accelerate family formation. We take each of the pieces of our puzzle and we take articles that we think are timely and it allows people, again, to walk away from a 10 to 15 minute read with hopefully a nice hot cuz he or coffee, wow, I really get what's going on now in the housing market overall.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, they want to know what's going on within their peers, within their own silo, but they want someone that can triangulate all of it. And in fact, our institutional investors are so data-driven that sometimes the C-suite executives are information. Almost too much for them, which is one of the reasons we developed a newsletter called the Z report, which is a much higher level bi-monthly report that just gives you really that 30,000 foot perspective, seven to eight articles on all the pieces of the mosaic, because some of them were like ivy. It's just too much. So they prefer that.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, first you go back 25, 30 years and you have a survey that's done over the phone and you build and cement relationships and over time with technology, you create a platform where they can do it online. It's all automated. But the exchange with the C-suite executives that tallied in nearly a thousand throughout the ecosystem is we will give you the research. For free if you fill out the survey.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Home building survey is the most mature and most significant probably in sample size. Oh, I forgot the mortgage originator survey, which is also very significant in size. But all of them, we have, not to discount what Ed's survey does, but Ed has a very few questions. Most of the surveys we have will be anywhere from 20 to 30 questions.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“So we do follow Ed's model in going after sort of understanding what is happening in various silos within the economy, but ours is dedicated just to housing and housing related. But so we've got a survey of private homebuilders. Survey of land developers, a quarterly survey for banks to discuss their lending to acquisition and development financing for builders. We have a apartment survey, a building product manufacturing distribution survey. We just published that today. Single family rental and a home center survey. We just published that one as well today. Sherman of Forget one, the broker survey, which we survey about 10% of existing home sales. So if you look at each silo,”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Unfortunately, they did. It was a very strong launch, and we have had the ability to continue to recruit new clients and really provide what we think is unique proprietary research that no one else on Wall Street does anything like we do. So we really provide significant advantages to our institutional investors. Private equity firms that use Zellman.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Where we knew that what we had predicted was actually not only coming to fruition, but way worse than we had ever considered or predicted. And so while we were in the teeth of the storm with not clear certainty which direction and how much more severe the storm could be, we had just a fantastic time circling investors and interests. We were in the sweet spot. So it was so much fun. I mean, we had crazy days and nights and it was all consuming. I could tell you that it was difficult with three little babies running around, but it was like where you'd wake up at four in the morning and you just couldn't wait to get in front of your computer. So it was just thrilling, really thrilling.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“While my partner and I, Dennis McGill, we recruited our partners in crime at Credit Suisse, Alan Ratner. And Melinda Greenwich, who was my secretary at the time, kind of pulled her over from Credit Suisse. And my husband was also in the beginning. So it was really the five of us. And it was 24-7. We were working our butts off in order to be prepared for our big date that we set. But I think it was so much fun as well because we, at this point, it already had tastes of victory.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Could you start to see some pricing pressure because maybe my buddy and his wife that are empty nestors and they can, you know, everybody's mobile today with today's technology can work from their home, they're going to pick up and leave. So you're going to see more inventory start to build for that marginal person that can leave that will put some more pressure on prices. So I think the lever is price. Don't think that it will create a collapse, but I think the coastal sort of tri state area, California markets are going to see some more incremental inventory lead to moderation in pricing.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“If you took everything into consideration The benefit is actually the majority actually had a benefit. Now, where the negative impact is at the higher price or the higher income brackets. So where the risk would be is for that 80 to 85th percentile income percentile. Right. So, where if you're in the highest income bracket, but really the question will be if you assumingly are in, let's say, Rye, New York, or Scarsdale, or you're living out on Long Island and your kids are in high school or your kids are in elementary school, are you really picking up where you work and leaving the state because of taxes? No.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, first, you have to look at it in totality and appreciate that about 84% of tax filers actually had a reduction in the taxes that they pay. So, really.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“The Bay Area, despite Silicon Valley and the benefits there, seems to be just not reaccelerating, like the rest of California off of what was the weaker period of 18. And some of that is it related to tax reform, salt, is it concern just in terms of the continued pressure on consumers? Literally my next question.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“And you're seeing a tremendous amount of migration into Florida. And despite Miami beaches, softness right now at the higher price point, I think Florida is going to continue to be a winner. You continue to see winners out west and the southwest, strength in Vegas, Arizona, and Colorado. California, on the other hand, is where we see some concern. And we've lost foreign national buyers there, the foreign national Chinese buyers pretty much all but gone, people that are there, Chinese buyers are buying, but the foreign nationals are gone.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“I was just in Nashville last week, and I was just unbelievable booming market with really a pro-business stance that companies continue to move there and the migrations moving there, but just top of mind, because having just been there, we were there. I was speaking as a guest for a real estate conference and I was sort of blown away by the growth. What we're seeing a lot, though, we study the markets. We understand where migration patterns importantly, which states are winning and which are losing. And Florida is just a winner both with Millennials and with the boomers.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Was because the mentality was that consumers only want to walk to work, or you can't get a mortgage. Now the mortgage market was so tight, builders were concerned about building affordable for lower credit quality. So really, the entry level, true entry-level price point didn't start getting constructed until really in earnest until 2016. In fact, we would argue that today the entry-level portion of new home sales is still materially below where what could perceive normal. So it's a bit of a tale of two markets where you have one meat of the market still has some legs, but it's later stage and it's still reasonable, healthy in terms of inventories. Still the six months, that's a balanced market, the move up is still below six months. But you are seeing the low end, the entry level where there's real robust demand, but just”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Really, more market dependent. I could tell you in Dallas, for example, over 400,000 to 600,000. It's very competitive. And you're probably seeing a little pressure there, builders being forced to use more concessions. Whereas if you go into I think mature in terms of the cycle. And when you think back to 2011 was the bottom. So as we saw growth, really the fat of the market really has had now seven, eight years recovery. Whereas the entry level, believe it or not, the builders did not want to build that true affordable product, where we call it building out in the excerbs, the pioneers, where you'd have to drive to qualify, part of which”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“I think they have to. I think otherwise, there might be distress for some of these developers. I mean, the sales for the luxury in New York City in the first quarter is like. Non existent”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the markets in general are still seeing crazy prices. There has been some capitulation where sellers in Greenwich, for example, are starting to recognize it's been three years. The home's not moving. Let me lower the price of it. So we do see some capitulation, but not nearly as much as we need to. In fact, yesterday I was with a client visiting in New York and when are New York City prices going to go down more? And I said, well, they've come down quite a bit from their aspirational peak, like Jonathan likes to say from 2014. He says developers aren't willing to lower their prices. They're giving me 10 years of no maintenance and no taxes, but they won't lower the price. I said, stay tuned, they will.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“So inventories nationally are very, very low. And what that means is that there is more demand than supply. So prices continue to increase. But we're starting to see some moderation in how much pricing power there really is. More of that being skewed to more challenging environment at the higher end. Some cities, for example, in the luxury price point, are actually seeing pretty significant deflation, like New York City, Miami, and others are just challenged and buyers, or sorry, sellers need to capitulate, especially on older stock that's boxy or dated that needs to be rehabbed and hasn't been. So there's sellers I need to be more realistic.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, home prices have been up the first year they increased was 2012, and since 2012, we've been running at about a five to six percent growth Kager. And what we're seeing right now is some moderation in home price appreciation. You know, the inventory is available for sale in the United States, if you look at it over a long period of time and we look at inventory those homes listed for sale as a percent of households, which we think it provides a trend line unlike most realtors and your mom probably talked about months supply. What we tell you is that inventories in the U.S. are actually at nearly 30 year lows.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“But right now I'd say it's healthy and affordability is still reasonable. I don't see a lot of concerns at this point, things that we're watching. I'm happy to elaborate, but generally I'd say we feel pretty good about the market today.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source
“So, about half the country is actually below its prior peak. As you think about pricing, the pricing in the housing market is a little bit now more challenging. So builders are, in fact, and brokers and real estate agents. They're seeing a momentum in spring pick back up from the thud now was the stock market close to record highs again, the political turmoil has settled down. But spring selling season actually is definitely pretty good. Now the entry level is much stronger than the move up and luxury and depending on a market where job growth might be stronger versus another city where it's not as strong. So all real estate, it doesn't necessarily move in tandem.”
2019-05-03 · Masters in Business · Ivy Zelman Discusses Real Estate · IDENTIFIED FROM THE TRANSCRIPT · source