In Turmoil There Is Opportunity

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Wagenseller=20 Law Firm News
June 24,=20 = 2008

"A=20 recession or what?" was the first question posed = by Jack=20 Kyser, the Chief Economist of the Los Angeles = Economic=20 Development Corporation in his annual speech to = the=20 Asian Business League's 2008 Real Estate = Conference.=20

The answer? "If you laid all of the=20 economists in the world end to end, they would = not be=20 able to come to a conclusion."

Current hurdles: housing prices are=20 declining, credit problems are seeping into = other=20 industries, financial markets have seized up, = oil prices=20 are up, the auto industry is in a slump, and we = are in=20 the midst of a presidential race. Retail, = with too=20 much capacity, is in a stealth recession.

In California the plusses are a growth in=20 agriculture, helped by the decline in the = dollar. =20 The tech industry and tourism are both doing = okay and=20 there is an improvement in international = trade. As=20 for the negatives, housing, the credit squeeze, = another=20 huge state budget deficit, upcoming port labor = contracts=20 up for negotiation and limited water = supply.

Mr. Kyser pointed out that in a recent = visit to a=20 local mall he saw a cart vendor selling REO's = (bank=20 foreclosure properties).

Home prices are down 32.4% from their April = 2007=20 peak.

Additional hurdles for Los Angeles County = include=20 labor (upcoming SAG and ILWU contract = negotiations),=20 congestion, land use, local government finances=20 (especially the City of Los Angeles) and the = immigration=20 situation. L.A. County's median home price = is at=20 $435,000, down 28.1% since April 2007. = Apartment=20 vacancy rates are climbing while rental rates = have=20 levelled off. Exports are booming at the = Port but=20 imports have been declining since last = year. =20

Looking forward, Mr. Kyser said to expect = bad news=20 on housing all year. Also expect the = financial=20 problems of local government to continue (he = noted that=20 one Northern California city declared bankruptcy = earlier=20 this year). In addition, the political = news from=20 the campaign will generate lots of scary=20 headlines.

But, seeing the silver lining, Mr. Kyser = ended by=20 noting that "in turmoil there is always=20 opportunity." Are you brave enough to grab = those=20 opportunities?

Getting=20 Better

Being The Best = You Can=20 Be

High Achievers = Always Have a=20 Purpose Powering Their Action=20

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Summer is an excellent time to think about = the big=20 picture and focus on improving our = service. =20 Our mission is to constantly impress our clients = with=20 our high level of service and attention to their = case. For example, at Wagenseller Law Firm = we are=20 constantly working on how we can make the = litigation=20 process more understandable, more affordable and = less=20 intimidating for our clients.

"One thing all high achievers have in = common is=20 they are working for a Big Why. The = Big Why=20 is about having a purpose, a mission, or a need, = than in=20 turn gives you focus. High achievers = always have a=20 Big Why powering their actions.

"You have to be careful when you're trying = to=20 discover your Big Why. We hope that what = motivates=20 you isn't just money or a comfortable = retirement. =20 The truth is, you can achieve those things = faster than=20 you think; then, if you're not careful, you'll = be left=20 with a lot of life and little reason to live = it. =20 We hope you're getting in touch with what truly=20 motivates you. Maybe you love to do the=20 deal. Some of the best agents I know = love=20 nothing more than a difficult negotiation that = gives=20 them a chance to really shine, to acknowledge=20 objections, to discover a solution with which = both sides=20 can be happy. This is the kind of Big Why = that=20 doesn't easily fade."

"I've also known real estate agents who = like=20 nothing better than providing exceptional = service to=20 their clients and handing them a key to their = dream=20 home."

"My personal favorite is the Big Why that = drives=20 people to be the best they can be. You = might try=20 thinking of it this way: Being your best = is=20 actually a goal-less pursuit. You can = never ever=20 really reach a point where you can truthfully = say, 'I=20 just can't grow anymore.' and what is so = exciting=20 is that this kind of Big Why can create a life = that=20 literally explodes with limitless possibilities = and=20 unlimited personal growth. It is where the = unimaginable you dared not dream becomes the = imaginable=20 you dare to live."

"The nine ways the millionaire real estate = agent=20 thinks: (1) Think powered by a big = why, (2)=20 Think big goals and big models, (3) Think = possibilities,=20 (4) Think action, (5) Think without fear, (6) = Think=20 progress, (7) Think competitively and = strategically, (8)=20 Think standards, and (9) Think service." = From=20 "The Millionaire Real Estate Agent" by Gary=20 Keller.

By simply replacing 'real estate agent' = with=20 'attorney', we believe that this belief in being = our=20 best and providing exceptional service to our = clients=20 helps us become better attorneys, better = advisors and=20 better people. We look forward to finding=20 out your Big Why and helping you make it a=20 reality.

Wagenseller=20 Law Firm specializes in real estate litigation = and=20 law. We represent real estate developers, = property=20 owners and investors for all of their legal = needs. =20 We look forward to helping you with your legal=20 needs. For more information, including = information=20 on our practice, representative cases, our=20 newsletters and articles written by Laine=20 Wagenseller, please feel free to visit our = website=20 at www.wagensellerlaw.com. We=20 welcome your inquiries and referrals. = Laine=20 Wagenseller is available at (213)=20 996-8338.