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Sam Zell: US Real Estate 'Not a Particularly Attractive Market'

Sam Zell: US Real Estate 'Not a Particularly Attractive Market'
(Dollar Photo Club)

By    |   Wednesday, 03 May 2017 08:43 AM

Sam Zell, chairman of Equity Group Investments, reportedly claims the real estate cycle is coming to an end.

There is more supply than demand, Zell said during a real estate panel at the Milken Institute Global Conference in Beverly Hills, Calif., on Monday.

“The U.S. is not a particularly attractive market,” Pensions and Investment Online quoted the billionaire chairman of Equity Group Investments as recently saying. 

“The odds are performance will be less than rather than more than.” And the capital available to invest in real estate is “able to turn on a dime” more than most people would expect, Zell said.

To be sure, a recent report finds that many homes are worth less now than just before the last Great Recession.

Nationally, just 1 in 3 homes are worth more now than they were at their peak. While tech hubs in the Bay Area and Denver and job centers like Dallas or Nashville have seen home values explode past earlier highs, there are more losers than winners when you look across the country, Trulia’s analysis shows, Bloomberg reported.

 And it’s really bad news if you live in Las Vegas, Tucson—or Fresno.

Many of the losers aren’t just losing—they’re getting trounced. There were 28 metros where fewer than 10 percent of homes have recovered their value since the bubble burst. Las Vegas has seen less than 1 percent of its homes returning to or surpassing what they were worth before the recession. The median sales price there is down a full $91,000 from its peak.

(Newsmax wire services contributed to this report).

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Sam Zell, chairman of Equity Group Investments, reportedly claims the real estate cycle is coming to an end.
Sam, Zell, Real, Estate
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2017-43-03
Wednesday, 03 May 2017 08:43 AM
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