Real Estate Recovery

Why investors are betting on the housing rebound

Illustration by Sébastien Thibault for TIME

Why investors are betting on the housing rebound.

Marcel arsenault is a student of economic cycles, parsing sine waves and prone to discussing land values in Europe after the black plague. So when he and Peter Wells, his partner in the real estate investment outfit Real Capital Solutions, saw mounting evidence of a housing bubble in 2005, they sold nearly their entire portfolio. Yet when the pair was asked to invest in a new condo project in Miami, a city with more than 20,000 unsold condos at the bottom of the bust, they jumped on it.

"We're having a field day," says Arsenault. Wells has also been lining up...

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