Paul Carassone, Also Known As The Property Boss, is Sharing His Predictions in Real Estate For 2023

Paul Carassone, known as The Property Boss, is a real estate investor and an expert in real estate. He runs a property management company (Carassone Property Management) and a property maintenance company. In addition, he provides real estate consulting and training.

“I have been investing for over 24 years in the real estate industry. I have seen that a lot of misinformation is now being taught to people who are potential investors in real estate.” Mr. Carassone says.

That is why Mr. Carassone has chosen to enter the teaching and mentoring space. He fears that much of this misinformation being taught will not only hurt these investors but will also hurt the real estate market.

Moreover, as an expert in real estate, Mr. Carassone has the capacity to predict and address with certain ease some points of view that may go unnoticed by others in the real estate industry.

Mr. Carassone has predicted, among other things, the Williamsburg real estate boom in the 1990s, the Beacon City real estate boom in the early 2000s, and the market crash in 2008. This is why it is important to know what he has to say about real estate in 2023.

First, due to the looming outlook of a global recession, Mr. Carassone believes that there will be far fewer international buyers interested in acquiring real estate compared to what was seen in recent years.

This will reduce the number of international investors who have been investing in the U.S. real estate market since the last recession.” Mr. Carassone explains.

In addition, Mr. Carassone expects that the commercial office space market, which has already started to see significant declines, will continue that trend well into the end of 2023 and into 2024.

“This is a consequence of people’s unwillingness to return back to the office space for work. This will leave landlords with leases and vacant space that cannot be occupied.” Mr. Carassone shares.

When it comes to multifamily real estate, Mr. Carassone estimates that rents will have to come down due to inflation as people will not be able to afford these exorbitant rents. Rents will also have to come down to fill vacancies. This may be one of the ingredients for a bigger problem when lending resets and properties are unable to generate income. 

“Add to this higher interest rates, and owners will find themselves with their properties upside down and cash flow at rock bottom. These properties will not be able to appraise at the value needed to reestablish the loan. Low appraisal and low rents, coupled with higher interest rates, will be the perfect storm for owners to default on their loans and lose their properties.” Mr. Carassone aads.

With all this insight, Mr. Carassone is able to share an encouraging outlook for patient and dedicated investors in real estate. He believes that this is a crucial moment for anyone to buy and build a portfolio.

Find out more about Paul Carassone and The Property Boss here.