White Paper No. 47 describes the current real estate environment and provides investors with a road map to identify and evaluate potential opportunities in the sector. As everyone knows, market gyrations over the past eighteen months have affected all asset classes, real estate included. Values of real property assets across all sectors have been affected, most notably in the residential housing sector (happening now) and core commercial real estate (just about to happen). There are clearly opportunities in the real estate market today, but those opportunities are mixed in with a far greater number of challenges, and many investors are puzzled as to how to take advantage of this environment without getting burned. In White Paper No. 47, Greycourt Director Eric Haskel attempts to cut through the noise and to suggest opportunities that seem appropriate on a risk-adjusted basis.