Pain, but no ‘blood in the streets’

Great quick piece in the Inquirer.

Cutting through the gloom at today's 2010 Emerging Trends in Real Estate Forum hosted by the Urban Land Institute Philadelphia was Robert Fahey, who sells commercial real estate for CB Richard Ellis.

Fahey said his group, which works from northern Delaware north to Princeton and west to Harrisburg, had closed six deals in the last two months after a two-year slump.

Fahey, an executive vice president, told a crowd at the Union League that buyers and sellers had started reaching consensus on prices, which they could not do for a long time.

There has been pain for sellers, he said, but it has been short of "blood in the streets."