Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Real Estate Bigwig Zell Sees 2009 Recession

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Reuters
Wednesday, Sept 24, 2008

Real estate heavyweight Sam Zell said on Tuesday the U.S. economy is likely to slip into recession next year, while the single-family housing market is close to bottoming out.

But on the downside, Zell, who earned the moniker “The Grave Dancer” for buying up distressed commercial real estate properties in the early 1990s, said office buildings that are not top quality or located in downtown city markets will see a long, slow downward spiral.

“This is not a time to own commodity (office buildings) in the suburbs,” said Zell, speaking at the DLA Piper Global Real Estate Summit in Chicago.

(Article continues below)

“If there’s going to be a diminution of demand for office space, it’s going to be out there.” The credit crisis has dried up sources of debt for commercial real estate, which is heavily dependent on borrowing to fund construction and acquisitions.

This has stalled the construction of new office buildings.

“If there is no new supply, then high quality well-located prime real estate can only be terrific,” said Zell.

Full article here

This article was posted: Wednesday, September 24, 2008 at 4:04 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
Should Obama Be Impeached? See the rest on the Alex Jones YouTube channel.

Border Collapse: A Cold Blooded Political Takeover See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.