The State of Michigan Real Estate: Analysis by Sam Zell

With apologies to the defunct E.F. Hutton:  When Sam Zell speaks, people listen.

This week’s Ann Arbor Business Review has an interview with Samuel Zell the largest U.S. landlord and the chairman of Equity International.

Sam had this to say about Michigan’s current real estate market status:

Business Review: We’re getting a sense here that Michigan may be at rock bottom in the nation. True?

Sam Zell: That may be overstated. I do think that investors looking at assets in Michigan are looking at the investment as somewhat similar to catching a falling knife.

Business Review: How so?

Sam Zell: An example is one of the great real estate opportunities over the last 30-40 years in Michigan has been the mobile home park business. It’s suffering now. … in the end, the question is where is the net increase in users going to come from versus how many more people are going to move to Florida, Wyoming or wherever. You can take that example and apply it to all forms of real estate in Michigan.

And if you’re in a scenario where demand is going down, the question is: How far down is down?

Read the whole article.

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