NEW YORK (Reuters) - U.S. real estate executives met at Reuters’ U.S. headquarters on Tuesday to talk about trends affecting their companies and industries.
Following are some key quotes from the Reuters Real Estate Summit in New York.
IAN MCCARTHY, CEO, BEAZER HOMES USA INC. (BZH.N)
“I think we’re going through a normal cyclical downturn. You can’t expect to set records every year.”
“In tough times, consolidation tends to happen. Without wishing for a slowdown, we and the other public builders are going to look at it as an opportunity to take market share.”
“Pricing tends to be a bit sticky on the way down. Prices can go up very fast but they don’t tend to come down that fast.”
ROBERT TOLL, CEO, TOLL BROTHERS INC. (TOL.N)
“I think you’re going to see a very strong housing market again.”
“When (housing inventory) overhang does burn off, no matter where it is, then you’re going to witness a market that returns with a vengeance and those who don’t buy now are going to kick themselves.”
MICHAEL PRALLE, CEO, GENERAL ELECTRIC CO.’S (GE.N)
“We love Japan — we’re doing a lot in Japan. Unlike much of the rest of the developed world, real estate prices and land prices (in Japan) are quite low.”
“In Mexico, the demographics are great. It is a growing middle class. There is a huge need for additional housing and additional retail.”
“If you have a significant value decline in major markets like New York, Boston and San Francisco, that could significantly impair confidence in the economy,” Pralle said, adding he did not think there was a national housing bubble.