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PortReal, LLC, publishes real estate investment reports and provides custom analysis for investors and industry professionals. PortReal creates proprietary investment indices for nearly 400 metropolitan statistical areas, covering about 85% of US single family residential housing. Our clients include buy-side and sell-side clients, and our data was recently cited in a Morgan Stanley multi-family REIT equity analyst's report. PortReal was founded in 2005.
Why PortReal?
Our unique perspective is based on three principles: (1) understand risk, (2) "better" is good enough, and (3) entry-level/ investor grade property is the litmus of the market. Institutions and the public ignored risk over the last decade. In contrast, the integration of risk as a factor in investment/ownership strategy was the essential and defining concept for the founding of PortReal. Secondly, we believe sophisticated investors and homeowners are in for the long term and they place bets on a national horizon. They can afford to pursue a winning strategy of consistently picking "better" markets over time, so we emphasize comparative rankings rather than absolute predictions. Finally, to understand supply, demand and pricing, start with low-price, good-quality, entry-level homes. We call these "investor grade". If the price is right, serious investors absorb excess inventory and new homebuyers enter the market at this price point. Other services report "average" house trends. We believe that investor-grade housing is a more accurate as a "canary in the mine" for the housing market.
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The founder of PortReal, Peter Benda, is a former Fortune 200 executive and management consultant. He earned a joint MBA/MA in finance from Wharton and the Lauder Institute. He holds an MS degree from the University of Washington and Bachelor's degrees from Washington and Lee University. His expertise includes financial modeling and real estate investing. He holds a patent for logistics optimization.
He is former president of the Richmond Association of the Phi Beta Kappa Society and is on the board of the Children's Rights Council-Japan.
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Representative publications, citations, and white papers:
- Q308 newsletter
- Q208 newsletter
- "Time to Invest?", MD News, Southwest Virginia and Charlotte editions, to be published August, 2008
- Research cited in "Multifamily REITs" (equity analyst's report), Morgan Stanley, Nov. 13, 2007 (contact us for a copy)
- Cited in "In asset allocation strategies, the 'Dividing Line' is Home Equity", Crain's Investment News, August 20, 2007. (contact us for a copy)
- "Include Real Estate for Exceptional Portfolio Management", MD News, Southwest Virginia edition, November/December 2005
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