In Turmoil There is Opportunity
“A recession or what?” was the first question posed by Jack Kyser, the Chief Economist of the Los Angeles Economic Development Corporation in his annual speech to the Asian Business League’s 2008 Real Estate Conference.
The answer? “If you laid all of the economists in the world end to end, they would not be able to come to a conclusion.”
Current hurdles: housing prices are declining, credit problems are seeping into other industries, financial markets have seized up, oil prices are up, the auto industry is in a slump, and we are in the midst of a presidential race. Retail, with too much capacity, is in a stealth recession.
In California the plusses are a growth in agriculture, helped by the decline in the dollar. The tech industry and tourism are both doing okay and there is an improvement in international trade. As for the negatives, housing, the credit squeeze, another huge state budget deficit, upcoming port labor contracts up for negotiation and limited water supply.
Mr. Kyser pointed out that in a recent visit to a local mall he saw a cart vendor selling REO’s (bank foreclosure properties).
Home prices are down 32.4% from their April 2007 peak.
Additional hurdles for Los Angeles County include labor (upcoming SAG and ILWU contract negotiations), congestion, land use, local government finances (especially the City of Los Angeles) and the immigration situation. L.A. County’s median home price is at $435,000, down 28.1% since April 2007. Apartment vacancy rates are climbing while rental rates have levelled off. Exports are booming at the Port but imports have been declining since last year.
Looking forward, Mr. Kyser said to expect bad news on housing all year. Also expect the financial problems of local government to continue (he noted that one Northern California city declared bankruptcy earlier this year). In addition, the political news from the campaign will generate lots of scary headlines.
But, seeing the silver lining, Mr. Kyser ended by noting that “in turmoil there is always opportunity.” Are you brave enough to grab those opportunities?
Powered By A Big Why
High Achievers Always Have a Purpose Powering Their Action
Summer is an excellent time to think about the big picture and focus on improving our service. Our mission is to constantly impress our clients with our high level of service and attention to their case. For example, at Wagenseller Law Firm we are constantly working on how we can make the litigation process more understandable, more affordable and less intimidating for our clients.
“One thing all high achievers have in common is they are working for a Big Why. The Big Why is about having a purpose, a mission, or a need, than in turn gives you focus. High achievers always have a Big Why powering their actions.
“You have to be careful when you’re trying to discover your Big Why. We hope that what motivates you isn’t just money or a comfortable retirement. The truth is, you can achieve those things faster than you think; then, if you’re not careful, you’ll be left with a lot of life and little reason to live it. We hope you’re getting in touch with what truly motivates you. Maybe you love to do the deal. Some of the best agents I know love nothing more than a difficult negotiation that gives them a chance to really shine, to acknowledge objections, to discover a solution with which both sides can be happy. This is the kind of Big Why that doesn’t easily fade.”
“I’ve also known real estate agents who like nothing better than providing exceptional service to their clients and handing them a key to their dream home.”
“My personal favorite is the Big Why that drives people to be the best they can be. You might try thinking of it this way: Being your best is actually a goal-less pursuit. You can never ever really reach a point where you can truthfully say, ‘I just can’t grow anymore.’ and what is so exciting is that this kind of Big Why can create a life that literally explodes with limitless possibilities and unlimited personal growth. It is where the unimaginable you dared not dream becomes the imaginable you dare to live.”
“The nine ways the millionaire real estate agent thinks: (1) Think powered by a big why, (2) Think big goals and big models, (3) Think possibilities, (4) Think action, (5) Think without fear, (6) Think progress, (7) Think competitively and strategically, (8) Think standards, and (9) Think service.” From “The Millionaire Real Estate Agent” by Gary Keller.
By simply replacing ‘real estate agent’ with ‘attorney’, we believe that this belief in being our best and providing exceptional service to our clients helps us become better attorneys, better advisors and better people. We look forward to finding out your Big Why and helping you make it a reality.
Wagenseller Law Firm specializes in real estate litigation and law. We represent real estate developers, property owners and investors for all of their legal needs. We look forward to helping you with your legal needs. For more information, including information on our practice, representative cases, our newsletters and articles written by Laine Wagenseller, please feel free to visit our website at www.wagensellerlaw.com. We welcome your inquiries and referrals. Laine Wagenseller is available at (213) 286-0371.