Outer Banks Commercial Real Estate Newsletter October 2020
by Larry Lombardi, on Oct 5, 2020 5:00:52 PM
KILLER BUSINESS OPPORTUNITIES
It’s a scary time for commercial real estate.
Although “scary” might not be the right word.
Uncertain? Unprecedented? Unpredictable?
Whatever you want to call it, the CRE industry is definitely in uncharted territory these days.
The good news? Sometimes those uncharted territories are full of huge opportunities. Opportunities you'll miss if you scare too easily.
Take the Bates Motel for instance...
I rewatched Alfred Hitchcock’s Psycho recently. After 60 years, it still holds up as a horror classic. But I never realized how much of the movie's plot hinges on commercial property issues.
The Bates Motel is a perfectly charming roadside stop. But after the city redirected the main highway, all of the motel's drive-by traffic and customer flow dried up. Without customers, Norman Bates just got bored and crazy until that one day when he... snapped.
What would have happened if an ambitious and creative CRE agent showed up INSTEAD of Marion Crane? What if someone could have looked past the creepy stares and the stuffed owls to see real potential in the Bates Motel?
An experienced CRE professional could have explained to Norman how he could get customers back, expand the motel or develop the rest of the property. Maybe they could have even convinced him to retire early and sell out to a large hospitality chain.
The right CRE agent at the right time could have saved so many innocent lives!
Of course, that twist would have made Psycho a much less terrifying movie. It likely wouldn't have become a classic and it definitely wouldn't rank as one of the scariest movies of all time.
On the bright side though, millions of people would have enjoyed a lifetime of more peaceful showers.
My point? Things may LOOK scary, but there are hidden opportunities if you're willing to face your fear and go after them.
Senior Vice President,
- Grew up in Norfolk
- Graduated from Granby High School and Old Dominion University
- Met her husband Dave at church at age 12 and the couple celebrated their 47th anniversary this year
- Lives in Norfolk on the Lafayette River in the home they bought in 1982
- Her and her husband became college football fans in 2009 when ODU fielded their first team (they have missed the tailgates and games this year)
How long have you been working in commercial real estate?
How did you first get into real estate?
I started as Executive Secretary to Robert Stanton, shortly after he became President of Goodman Segar Hogan, Inc. I wanted to pursue a career in sales and Bob promised an opportunity when I finished my degree. I moved into Office Leasing in 1979.
What was your first CRE transaction?
What was your most memorable CRE transaction?
What's your favorite part of working in CRE?
What’s the biggest misconception about CRE?
How would you describe the commercial real estate market in northeastern NC and the Outer Banks?
Can you share one great piece of advice for someone looking to buy/lease commercial property or land?
What is your favorite thing about the Outer Banks?
What's your favorite way to spend your free time?
CRE Must-Read Roundup
The Blind Spot in CRE: Seeing It Will Retain Tenants
Traffic Is Returning Faster to Outlet Centers Than Malls; What Does that Mean for the Sector’s Future?
Commercial Real Estate Brokers Are Transforming Into Emotional Support Coaches
Why Warren Buffet Might be Wrong About Retail
25% of U.S. malls are expected to shut within 5 years. Giving them a new life won’t be easy
Currituck County Featured Property
Commercial Land Directly Across from H2OBX Waterpark
3 MINUTES FROM WRIGHT MEMORIAL BRIDGE. This large commercial tract's location lends itself to many usages due the location and high visibility. With the high traffic count of Highway 158/168, plus proximity to the beaches, there are many options for the discerning buyer or investor. Owner has changed plans to develop and is retiring.