As the New York Times article linked above points out--nationally, condominium sales have fallen further than those of single-family properties--13.6 percent from November 2005 to the same month in 2006--and free-standing homes showed a 10.7 percent decline in the same period.
But Heebner told “Street Signs” that CGM is not fleeing the urban markets – it is merely shifting sectors. Thus, the strategist declared that “one REIT [real estate investment trust] we like is SL Green.” He underscored the firm’s emphasis on commercial development, predicting that office-building construction in Manhattan will continue to be muscular.
On the same day that news broke that U.S. home-builders like Centex and KB Home face losses and charges, Heebner pointed to two international plays: Las Vegas Sands, currently developing the Cotai Strip in Macao – the “Vegas of the Pacific” – and south-of-the-border Homex, which he calls a beneficiary of a Mexican real-estate arena resembling the U.S. market “40 years ago.”