The Real Deal Miami

Zell says not many properties trading

April 30, 2009 01:40PM

Sam Zell, chairman of Equity International,
said that very few people who
bought commercial properties between 2003 and 2007 are above water, and nationwide prices are
down 25 to 30 percent. “We won’t see new equity players until the banks foreclose. It’s going to be a couple to three years before the
ownership structure changes … The reality is there ain’t much
trading,” Zell said at
the annual Milken Institute Global Conference in Los Angeles.