Mario Gabelli, the highly regarded value investor, invited me to join him the other night in Palm Beach for dinner. Mario was presenting to the Palm Beach Investment Club, and discussed one particular aspect of investing.
Mario Gabelli is the founder of GAMCO a well-known diversified asset manager and financial services company. He is a member of the Barron's Roundtable a famed group of investment experts who give their outlook for the upcoming year. A graduate of the Columbia Business school where he received his MBA, he attributes the key to his success as studying "value Investing" under Professor Roger Murray who was a disciple of Graham & Dodd
After his presentation, in the question session, he was asked what "black box" he possessed that made it possible to be so successful for so many years. The answer was that he possessed no such "black box" but simply worked hard applying what he had been taught. Mario did add, that if there were one addition, it was judgment.
So, what does all that have to do with real estate in Boca Raton and Delray Beach. Here we are hopefully at the end of the worst real estate cycle in most of our lifetimes. The time to buy straw hats is in winter. The ideal time to buy real estate is when the value is there. Being able to analyze the value of property and realize that the value is favorable is the key to buying smart. People want to buy at the right time and at the right price. Is your home and investment? Many now would say "no". However, in purchasing a new home one will always be concerned that the value not go down and hopefully goes up.
We apply the same principles of analyzing property value of homes and condominiums as one would analyze a security. We look hard at the price, comparable prices, and the location. We are searching for property at the right price and right location. Mario Gabelli is recognized as a master in uncovering value. Different product, same theory. Disciplined hard work, analyzing the situation, and using good judgment is the "black box" that we utilize to find luxury real estate for our clients.
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