Residential real estate to recover within year, Zell says
January 14, 2010 02:30PM
The residential sector has bottomed out and the sector will recover within the year, Sam Zell, founder and chairman of Equity Group Investments told CNBC. He also said the impending commercial market fallout will follow the pattern of the broader economy. "You have to look at the big picture," he said. "If the overall economy recovers, there will be a demand for more high-class office space and high quality retail space," Zell said. In comparing the residential and commercial markets, he said the problems in the residential sector were greater because they were caused by fraud. "People were creating mortgages, brokers were twisting arms, and we are beginning to see proof of that," he said.
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Comments
Anonymous
Zell sold the overpriced Equity Portfolio and caused a lot of havoc for all who overpaid for those buildings.
Comment #1 Posted By: Anonymous 01/14/10
Anonymous
He sounds as though he is comtinuing to smoke dope which he has done for many years. Zell has bankrupted businesses and caused the havoc in the real estate industry. Why listen to him?
Comment #2 Posted By: Anonymous 01/14/10
Anonymous
And he suddenly thinks fraud has disappeared, and that will cause the housing bubble to re-inflate? First of all, that's ridiculous- if anything, fraud caused the bubble. Secondly, as long as realtors are involved in real estate, there will ALWAYS be fraud.
Comment #3 Posted By: Anonymous 01/14/10
Reality Check
WHAT?? I cant comment because I just pee'd my pants from laughing so hard....Go Sammy Go!
Comment #4 Posted By: Reality Check 01/14/10