Our own Frank Celeste (a broker in our Charlestown office) was recently interviewed by Boston.com regarding investing in current real estate market.
Here's an excerpt:
With the stock market gyrating wildly and investors losing millions in the recent dive, one Boston financier made his move. He gave his broker free rein to spend up to $8 million in cash on local real estate deals.
The broker, Frank Celeste of Gibson Sothebys International Realty in Boston, said his client, whom he declined to name, knew the time was ripe to buy. The market plunge could force many down-on-their-luck investors to sell property at a bargain to cover stock losses.
People will be more reasonable if theyre slightly panicked, said Celeste, and a cash offer is more attractive than having to wait to see if you can get a deal financed. My client can fill the hole.
You can find the article in full on Boston.com.
The article continues to quote Warren Buffet (a famous investor and billionaire). Mr. Buffet seems to agree with Mr. Celeste's client, that now is a fantastic time for investors to take notice of great deals on real estate not only in the Boston area, but throughout much of the United States.
What do you think this means for the Boston real estate market and the general economy? Post your thoughts in the comments.
