by Osman Parvez
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The BCBR recently interviewed prominent local (mostly commercial) real estate investors.

Marcell Arsenault, CEO of Colorado and Santa Fe:

As Arsenault sold off his commercial real estate, he doubled down on his bet for a bad market and took the cash to short, or bet against, real estate, construction and finance stocks.

“When you’re part of an industry, it’s very hard to go against the incentives of that industry,” he said.

But the moves have paid off handsomely during the past year, and Arsenault is now looking to lighten those shorts and invest in the most battered of markets _ residential real estate.”I’m going from completely negative on real estate to partially positive on the residential side,” he said. “The residential real estate avalanche is two and a half years older, so it’s about run its course. We haven’t hit a bottom yet in residential, but if the discount is deep enough, then we’re buying.”

Stephen Tebo, CEO of Tebo Development:

Tebo isn’t bullish on the residential market. He’s temporarily put on hold a planned mixed-use residential project at 2049 Pearl St.

But he’s still confident that the next year will be a good opportunity to buy commercial real estate in the Boulder area.

A lot of sellers are seeing their contracts fall through, Tebo said. “We’re able to buy the properties that others can’t because we have the cash and financing.” In many cases, sellers are willing to discount their properties to Tebo because they know he can quickly close on a deal.

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