If he hadn’t taken a dramatic detour in college, Tim Sullivan would be in his fourth decade of bone-setting and bloodletting right now.
Instead of practicing medicine, however, he’s Zonda’s chief advisory officer. As a veteran industry expert, he’s been inducted into the California Homebuilding Foundation Hall of Fame.
Growing up, Sullivan had dreams of becoming a doctor. But after first-year med school, he soured on a career in stethoscopes and scrubs. He switched his college major to economics, a decision that ultimately led him to discover his true calling: real estate market research.
Putting med school behind him, Sullivan landed a paid student internship doing market research on the home building sector. He was hooked. By steering himself toward a new path in college, he embarked on a 40-year career he’s still just as passionate about today.
“I get paid to do what I love. I get paid to have fun,” he says.
Like the clients he serves at Zonda, Sullivan has constantly adapted to the ebb and flow of change. Pivoting during make-or-break moments is something he’s always done.
Choosing the Good
Another shift in Sullivan’s life took place at just 15, when he briefly dated Valerie Bertinelli. That’s right, the teen screen queen from the hit '70s TV sitcom “One Day at a Time.”
“She and I went to junior high together and dated for a few weeks. She was, and is, a terrific human being,” Sullivan says effusively.
Their teen romance happened before Bertinelli became famous, fizzling when she left school to star in the ABC series.
“I kept in touch with her briefly for a period of time, but we lost touch. Then for some reason Eddie Van Halen swooped in. I mean, Eddie versus Tim? Come on!” Sullivan jokes.
Throughout his life and career, Sullivan has made a conscious decision to adapt to change or challenges in a positive way. Though Sullivan comes from an Irish Catholic family he calls “imperfect, loving, and sometimes fiery,” it taught him an important lesson: He could make intentional choices about how to respond to the world, no matter what came his way.
“I made a choice to look for the good and try to steer clear of the bad,” he explains. “I tend not to focus on what angers me or what I don’t like. I look for the warmth. I look for the heat. I’m quick to laugh, I love humor. Those are the things that I focus on.”
That choice has paid off. Sullivan has built a life he cherishes with his wife and their three kids. And the real estate research career he kicked off in 1982. Like Van Halen’s epic 1982 world concert tour, it shows no signs of slowing down.
New Tech, Great Teams
Sullivan has witnessed decades of change in real estate and home building. Today, he marvels at Zonda’s use of satellite data, 3D technology, and virtual reality to serve its clients in the home building, mortgage, and building product sectors. He believes Zonda’s willingness to harness technology makes it unique.
Another of Zonda’s standout features, he adds, is the dedicated, dynamic team of people there. Many of them have worked with Sullivan for years during various parts of his career, and he takes every opportunity to direct credit and praise their way. Here’s how he introduced Zonda’s Mollie Carmichael during a recent webinar:
“She’s been a developer, she’s been a home builder. But perhaps most importantly, she’s a mom. She’s used what she has learned outside the home to create a great place to raise her family, and she brings that to every [research] study she works on,” he enthused to the online attendees.
He also mentioned Adam McAbee, Ryan Early, JT Schwartz, Bryan Glasshagel, Lisa Wells, Shaun McCutcheon, and Alexis Wilmot as teammates that have stayed together through various incarnations of the company over decades.
After so many years in the business, Sullivan still loves the industry events that connect him with new people, ideas, and technology. In addition to custom research for clients, he contributes to three of Zonda’s major research publications: National Outlook, Rental Housing Outlook, and Master Plan Community Outlook.
“Our research is about finding the right place, the right time, and the right product for people to build, whether it's residential, commercial, or mixed-use. So we're trying to help those development companies and investment companies make great decisions,” he says.
Looking Forward
What does Sullivan see ahead for the home building sector? Though he believes insurance costs in Florida will be a major pain point after devastating hurricanes there, he predicts markets like the Carolinas; Minneapolis; Columbus, Ohio; Cincinnati; and Indianapolis “are going to have a bright future.”
While Sullivan says “the underlying fundamentals for housing are absolutely excellent,” he laments the widespread affordability situation as “an undersupply of homes priced to median incomes in each state.” Other potential headwinds he cites include NIMBYism (single-family homeowners opposing new rental development in some areas) and government regulations that make it tough for builders and financiers to meet the demand for more housing. Sullivan also encourages more home builders to invest in new technologies.
For four decades, Sullivan has helped home builders adapt to changes in the economy and in their industry. He hasn’t spent one second of it regretting his decision to drop out of medical school.
“I have a love of life,” he says. “I’m so lucky to have the friends and family I do. I love the people I work with. I just feel lucky.”
