Readying for a real estate fall


Whenever it comes, fund managers plan to prove their mettle on the downside

Being a real estate hedge fund manager may have seemed easy over the last few years as the real estate sector benefited from back-to-back double-digit gains in residential and commercial property values in many major metropolitan markets, from New York to San Diego.

But where the sector is headed next is anyone's guess. There has been no shortage of predictions that the bubble will eventually burst, and Hurricane Katrina has now thrown another wild card into the mix. Will hedge funds gobble up