Search

Sam Zell: 'We’re all going to be permanently scarred'

Sam Zell, billionaire real estate investor, had this to say on Bloomberg:


  • “Part of the problem is lack of deals.” Zell has not been able to find anything to buy since the onset of the pandemic. “Those sellers that wanted to sell still remember the prices that were available seven or eight weeks ago. The buyers are looking at a very different world and expecting to see significant discounts,” he said. “When you’ve got that big a spread, nothing happens.”

  • His current real estate portfolio is experiencing rent collection at normal levels.

  • One of his investments, a bridge that connects southern California into the Tijuana airport, has seen a 90% decrease in business.

  • The “number one victim” will be retail which he anticipates will take the biggest hit due to oversupply and less traffic.

  • His top picks for best performing assets are multifamily, manufactured housing, and warehousing though he believes warehousing is likely oversupplied.




34 views

©2020 by CRELive