Outspoken Pharos Investment Group CEO says real estate development is rapidly transforming due to technological advance.
Anyone watching the phenomenal redevelopment of Los Angeles over the past several years might wonder when the public?s appetite for luxury condominiums would top out. The answer may be, ?No time soon.?
That?s the takeaway from Pharos Investment Group's latest investor's call, for the three months ended June 30, which the Los Angeles-based company released Wednesday.
?I?m a builder, it?s what I?ve done my whole life, and my father before me was also. We build and expand on ideas to fundamentally transform how we do things,? said Coudrey, an award-winning entrepreneur and CEO of Pharos Investment Group. ?Technology is redefining our abilities to do so,? he added, ?The market is changing dramatically.?
Coudrey elaborated on why he?s focusing on West Coast operations ? including Los Angeles, Las Vegas, and San Francisco ? and his views on real estate prices.
Every other industry has changed dramatically in the last 50 years, but not so much real estate development. We are now beginning to bring in the technological advance and utilize building techniques to rapidly deploy luxury units in these select markets,? he said on the call to investors. ?By doing so, we can deploy a luxury condo in 14 days that was built in-factory and assemble it on the site, compared to upwards of 2 years ? and at a fraction of the cost.?