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Inheriting unfinished business
Realty adviser helps heirs with bequest issues
LENI REISS
Senior Contributing Editor
As the CEO of a Phoenix-based realty and investment firm that bears his name, as well as a civic and Jewish community activist, Ron Bookbinder has long been a local mover and shaker. But now this Valley entrepreneur is focusing on a market niche that he says is one of the most satisfying and gratifying of his professional career.
Bookbinder is utilizing his expertise to assist families in determining the disposition and/or retention of real estate that they have been bequeathed in trusts or family partnerships.
"When I was specializing in commercial real estate, I was doing some of this type of work," he explains, "and I came to realize the need and demand for an impartial, experienced third party to offer counsel and guidance" to what he describes as "a typically sophisticated clientele."
Bookbinder advises clients as to whether they should "sell, trade, fix up, refinance or exchange - or not do anything."
"The options are numerous and complex, and don't have to be the same for everyone," he notes, adding it often is the case that adult siblings live in different places and that there has been a breakdown in communication among them.
"A parent typically builds up a family trust or partnership in his or her lifetime, and the children don't necessarily know the details and specifics. So what happens is that valuable holdings go into the hands of kids who know little or nothing about real estate."
He says that a major aspect of his work is to "get everyone involved on the same page."
To that end, he meets with all parties "so as to understand individual needs and objectives." He also deals with brokers on behalf of his clients, and confers with family attorneys, accountants and others.
Bookbinder says he derives enormous pleasure in consummating deals in which family members ultimately "come together peacefully and have no cause to argue over the estate."
"I listen - and talk - and craft results that will satisfy everyone," he says. The size of the estate doesn't matter, he notes. "Each situation has its own challenges. Whether there is one property, or multiple properties, the dynamics are fascinating."
Heirs often are busy in their own fields of endeavor and don't necessarily have time to pay adequate attention to the real estate they have been bequeathed. "Real estate is a living, breathing thing," Bookbinder says, "and you have to be on top of it."
A Phoenix resident since 1948, when his family moved here from Buffalo, N.Y., Bookbinder says he has been a part of the Valley's growth "through all the ups and downs," and observes that now "we are riding the crest of one of the best real estate markets we have ever seen. We are looking at a very bright future."
Citing current low interest rates and high employment, he says he believes the economy is good and that Phoenix has matured "real estate-wise."
Former chairman of both the City of Phoenix Planning and Zoning Commission and the Phoenix Board of Realtors, Bookbinder also is a city zoning and hearing officer and a member of the American Society of Real Estate Counselors.
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