Bulletin Board Magazine 2019 Volume 2

What Am I? Continued Finally, some of the most exciting years for him was when we were pumping out those 1,000 homes. I can see why he would want to call himself a builder. What am I then? When I started my business a few years ago, I was leveraging the lack of equity in real estate projects by providing preferred equity and mezzanine financing to project sponsors. My company was part of the ever-growing “shadow banking” economy. As my company matured with the economy, we shifted more into a traditional real estate development role, building for- sale townhomes, rental apartments, self- storage facilities, and entitling dirt. Looking around the building industry (at least in the Northeast), it is a barbell. On one side, we have the large public companies and on the other the custom home builders. The regional mid-size builder is an endangered species in today’s world. Those from my dad’s generation who were fortunate enough to survive the 2008 housing crash have repositioned their companies to adjust to changing demographic trends, often by focusing on transit-oriented developments and mixed-use rental projects. None of these folks call themselves builders. So, am I a builder? Technically, yes, I am. However, when people ask me what I do, I tell them “developer” or “real estate investor.” The term “builder” really isn’t in vogue anymore, so perhaps I don’t use it because it doesn’t hold the same weight it used to. In recent years, my focus has shifted away from for-sale housing toward commercial real estate (i.e. developing and operating income-producing assets) based on the prevailing market conditions of the modern environment in which we live.

flair {fler} noun A special or instinctive aptitude or ability for doing something well.

I am proud of our family’s building legacy, and readily acknowledge what we have accomplished, but insufficient demand for for-sale housing today seems to suggest that it may be difficult for mid-sized builders in the Northeast to remain competitive in the long run. Until that changes, I believe we will continue to see a decline in “builders” who identify as such.

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