Sam Zell Says Certain Markets Softening, But Real Estate Market Overall Heath Good
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Sam Zell is one of the top names in real estate over the last few years. Here are some observations he gave to Reuters this past week.
The risk of a housing bubble in the U.S. market is highly localized as supply is still catching up with demand in most of the country, U.S. real estate magnate Sam Zell said on Thursday.
“There will be a softer real estate market in some areas as a result, but I keep telling people there is no bubble,” Zell told Reuters after an economic conference in Chicago where his headquarters is located.
“The fact remains that even with the gains of the past five years, American residential real estate prices in relative terms are among the cheapest in the world,” he said.
Zell said a few areas in the U.S. market are suffering from oversupply, but he did not specify which ones.
House prices on average have surged more than 55 percent over the past five years, according to federal government data. Reuters Business Channel
Sam Zell Biography in Wikipedia
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Pingback by Zell Sells Equity Office Properties To The Blackstone Group for 20 Billion » The Real Estate Bloggers on 20 November 2006:
[...] Sam Zell is selling his Equity Office Properties to the Blackstone Group for an estimated 20 billion dollars in cash and assumption of another 16 billion in debt. Zell, the world famous real estate tycoon from Chicago has been one of the leading faces for commercial real estate in the past few decades. [...]
Comment by Richard on 3 April 2007:
Go Cubs!
Pingback by Sam Zell Thinks Real Estate Market Remains Strong till 2009 — The Real Estate Bloggers on 24 June 2007:
[...] Sam Zell, real estate magnate who sold his Office Equity Partners Trust companyfor 39 Billion dollars this year is expecting real estate to continue strong till 2009. His outlook is global as he is seeing a strong outlook outside of the United States. His bets on real estate continue as he built 50,000 homes in Mexico last year. [...]