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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Go Cubs!
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