GUAM – Even while the Guam real estate market was pinning its hopes on an earlier surge in Department of Defense (DoD) contracts and spending for the military buildup, signs of a slower ramp up have been afoot since 2006.
This information and insight could have spared the island’s real estate market from building too early, lending too early and buying too early. This timing was costly, and some think unnecessarily so.
Because a lack of information and an excess of exuberance typically lies at the heart of poor decisions in real estate and business, GuamBuildupNews.com (GBN) is dedicating a section of the website to news and information that will help property owners, buyers, sellers, renters, banks and developers make better, more timely decisions.
“The true pace of Guam’s military buildup was never aligned with the initial hype,” explains Sharla Montvel-Cohen, GBN’s editor-in-chief. “Premature anticipation and overconfidence missed many of the warning signs — not because the signs were absent, but rather because we as a community lacked enough of the necessary introspection, research and dialogue that would have made the signs more clear.”
Guam Buildup News has found archival evidence of red flags being raised about the pace of the buildup at various levels of the Federal Government, ranging from the reports by Congress’s General Accounting Office, to testimony from the Interagency Coordination Group of Inspectors General. Among other things, these reports cautioned against a pace that would overwhelm the island’s already overstressed infrastructure or shortcut a rational and integrated, community-wide master plan. With reservations so serious at the federal level, the delays should never have been a surprise.
Coverage in the GBN Real Estate section will spotlight meaningful trends and events, including growth markers for the commercial sector, the transient labor force, the civilian population and the military population. The section will draw on real data from DoD and military planners. It will also follow the regulatory actions of the Government of Guam and will track DoD and other federal agencies that control the flow of money. Altogether these entities ultimately impact the real estate market as it relates to the buildup.