Where is real estate development headed in 2023...
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 16 November 2022
⏱️ 49 minutes
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Summary
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast, where we host in-depth conversations on everything |
| 0:07.8 | real estate with the industry's biggest movers and shakers. I'm your host, Ken McElroy. Let's get right |
| 0:14.2 | into this episode. Hey, everybody, it's Ken. I'm here with my good friend, Shannon Robnett. What's happening? |
| 0:19.2 | Not much, buddy. How are you? I'm good. So, so, uh, we're involved in the mastermind called |
| 0:23.9 | the collective. He's in town. It's this weekend. So we're taking this opportunity to meet and |
| 0:29.6 | talk about rents, interest rates, construction costs. So just a little bit about Shannon. So |
| 0:35.6 | Shannon is a second generation builder. |
| 0:38.5 | They've got 150 to 200 million in assets. |
| 0:42.4 | And he's the fourth generation in real estate, right? |
| 0:45.6 | Yeah. |
| 0:45.8 | Did I get it right? |
| 0:46.4 | Yeah, pretty much, you know. |
| 0:47.7 | Good, good. |
| 0:48.4 | So he's got a podcast. |
| 0:49.9 | He's all this kind of stuff. |
| 0:50.9 | But very, very involved, great family. |
| 0:57.7 | And I'd love to get your take on what's happening in multifamily construction. You know, it's funny, we're starting to see things kind of |
| 1:03.3 | normalized a little bit. We're still seeing some of the supply chain issues that we all know about. But, |
| 1:07.6 | you know, the thing that we're starting to see is as the single family |
| 1:11.7 | demand starts to drop off, multifamily construction prices are coming down, but we're seeing |
| 1:17.8 | an uptick in multifamily permits nationwide. So we're seeing a lot of that single family workforce |
| 1:24.2 | go to the multifamily side of things. But overall, I think we're seeing prices come down |
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