Following ULI Triangle’s two-part round table on REO/Distressed Assets, we asked attendees to share anecdotes from the past that SHOULD have warned them that recession was imminent.   Of course, hindsight is 20/20.  Below are a few examples  of excess that the next generation should heed as signs of impending doom.

You know a meltdown is imminent when:

• The company partners debate about buying a jet versus a helicopter and end up buying both.  (Bankrupt 18 months later)
• Your doctor gives you real estate advice
• For a grand opening in Atlanta, the company flies the corporate jet from Ireland to Cuba to pick up a cigar maker for the party, then flies him back home to Cuba (Bankrupt less than 1 year later)
• There are no Rolex watches in the pawn shops
• Bankers cold call you

So, now you are forewarned…