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SAM ZELL TELLS FOX BUSINESS NETWORK THAT THERE IS NO REASON FOR PANIC IN REAL ESTATE MARKET

May 25, 2010
guruek

guruek

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Billionaire entrepreneur Sam Zell spoke to FOX Business Network’s (FBN) Neil Cavuto about the current real estate market, economy, finance regulation, etc.

Excerpts below:

*Mandatory Credit: FOX Business Network*

On commercial real estate:

“There’s no question that commercial real estate values have fallen, but they aren’t losses until they are taken. The amount of property that is getting restructured or released is very, very small.”

“I don’t think there is any reason for panic.”

“Real estate is and always has been about supply and demand. I think we have some pockets of problems.”

“The apartment market is in very good shape. They are going to do really well. Sooner or later people have to figure out what’s good for the landlord is good for everybody.”

On the fact that certain real estate markets are still struggling:

“I am much more constructive on the single family market. I think the numbers are skewed because of those pockets.”

On finding appealing buys within a crisis:

“It’s really the confidence game all over again. You’ve seen Libor go from nothing to half a point or something. Obviously that’s a reflection of the degree of uncertainty and the edge everyone is sitting on.”

“I think within a shorter period of time such as now, everybody is looking at everybody else’s balance sheet particularly in Europe. When people get nervous, they want more for their risk.”

On the Obama administration:

“I think this Administration has attempted to do too many things in too many different directions without a consistent theme.”

On financial reform bill:

“I have the same concerns about this bill that I had for Sarbane-Oxley. I think regulation should be in response to conclusions. If we were enforcing the regulations that currently exist I don’t believe we’d be sitting where we are today.”

On whether there is a decline in print newspapers:

“One of the big problems that print newspaper as is the prohibitive cost of delivery.”

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