Colliers Abood Wood-Fay's Michael T. Fay sees profit ahead for players who make right calls on buying, re-aligning
Where many see storms, surfers see waves. And some carry the philosophy from the beach into the office.
In today's stormy economy, Michael Fay — commercial real estate veteran and longtime surfer — acknowledges challenges but sees promise. "Where there's distress, there's opportunity," he says.
Firm Colliers Abood Wood-Fay is structured to capitalize on some of today's economic challenges, between its distressed property group, automotive real estate services group and tenant-rep advisory services, Mr. Fay says. It's in these arenas that he gained now-vital experience during his early years in the business.
In founding Wood-Fay Realty Group with partner Thomas Wood in 1989, "our business was doing workouts and foreclosure work for the banks, life insurance companies and other major institutional groups," he says, citing the executives' backgrounds as an advantage in today's climate. "We've got a major step ahead of a lot of our competitors." Ready to ride out the economic squall, Mr. Fay talked workouts and waves with Miami Today staff writer Risa Polansky.
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