Even though Sam Zell
continues to duck me and not let me help him into a lakefront estate on Geneva, he said something today that made me happy. In a story posted on Crain’s Chicago Business, he said that he expects the housing market to pick up this spring, and be in full fledged recovery by 2010. On this, I agree with him. The guy practically invented the REIT industry, so he’s got to know a little about real estate. I continue to believe that the market will improve throughout the winter, and we’re already seeing that to a degree with increased buyer activity in December. December is usually the month I prepare for my deep and interupted slumber. If you read me often, you know that I believe improvement in the markets means increased liquidity, not appreciation in valuations.
I hope we’re both right. Sam’s got to be right, don’t you think? After all, you don’t amass an estimated $5 billion dollar fortune by being wrong too often. Then again, he did buy the Tribune Co. and we all know how swimmingly that’s going. Mr. Zell, give me a call when you can so we can figure out to do with just a tiny portion of that $1B+ you’ll be getting for my beloved Cubs. Thanks for the housing prediction. I sure hope you’re right.