Personally, I think we are getting close to the top (ie: end) of the real estate cycle. Over Easter weekend I was talking to some family and friends that are active in the real estate industry and noticed a few catch phrases like “it’s different this time,” “this location has no downside,” and “there is so much money out there.” Sound like 2007? Does to me… 
Regardless, I don’t want to bum anybody’s high, and I do hope the economy keeps buzzing along. But I noticed a quote on Globe Street from Steven Roth of Vornado who is a pretty smart guy on the real estate scene. As he put it, “I am beginning to get a little wary. It looks like the easy money has been made for this cycle. Asset prices today are high, well past the 2007 peak, and acquisitions are getting dicey. Our sense is that this may be a better time to harvest than to invest…and that this is the time in the cycle when the smart guys start to build cash. At Vornado, we will continue to build cash reserves for opportunities that will undoubtedly present themselves in the future.” Pretty clear where Steven stands.
Just sayin…. be careful out there!