I'm buying major properties at 30-40% below market and selling them 80-90% at market in great locations
Los Angeles, CA (PRWEB) September 13, 2008
California home prices continue to fall at a record pace through the third quarter of 2008, according to a recent report issued by Standard & Poor's. Barrington Malcolm, CEO of Dynasty Dynamics, Inc., confirms that Los Angeles and Orange County home prices were down for the second quarter by an estimated 25%, with not much relief in sight. This drop in home prices for L.A. is on record as one of the worst for a top 10 U.S. housing market.
The resulting dip in home values has bankers across the country seeking innovative ways to unload a surplus of foreclosed properties. And L.A. is not alone in feeling the dip in home prices. Recently Las Vegas posted the sharpest year-to-year decline, with June prices down 29% from a year earlier.
With similar news being heard all across the U.S. it's no wonder that many Americans believe we are in a recession, that is, with exception to one prominent California real estate investor.
Barrington Malcolm, of Los Angeles, runs Dynasty Dynamics Inc., a multimillion dollar privately held real estate investment firm. Though this boutique firm has kept a low profile in the public eye, it has been a major player in the high-stakes California real estate market for more than 20 years.
Considered by many to be a "re-developer," Dynasty buys properties in bulk in some of California's most desirable areas. Dynasty's "bulk-buy" strategies are being hailed by many community and civic leaders in California.
Barrington sees the current real estate decline as a cleansing. "I'm buying major properties at 30-40% below market and selling them 80-90% at market in great locations," says Malcolm. "You see recession, I see opportunity," says the real estate mogul also known as "The Barrington."
Many perspectives exists on how long current housing market conditions will continue and whether the run-up in housing prices constitutes a bubble, "I think the market will continue to cleanse itself into 2011, and will level off at some point and start to slowly increase thereafter," said Malcolm. "I advise everyone to buy at these discounted prices. This is the best time to buy real estate."
More recently Dynasty embarked on a deal with an undisclosed California bank to acquire 15 of the bank's non-performing assets for an estimated $24 million dollars. Dynasty owns a diverse portfolio of homes, condos, apartment complexes, and commercial buildings, stretching from Los Angeles to the San Fernando Valley. Dynasty has interests in California, Nevada, Texas, and Arizona.
For more information contact: Carmen Jordan, Public Relations (412) 926-6156 or visit http://www.dynastydynamicsinc.com.
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