Should we pay attention? Of course! Sam Zell is the billionaire who sold Equity Office Properties Trust for 39 billion to Blackstone before the financial collapse. He is smart and he has good sense of market timing.
So what should we do? Well, if Zell is selling then it means real estate is at getting quite overvalued, meaning that we should probably not buy so much real estate and hold cash. Yup, when there is financial collapse or some sort of slowdown, we will be ready to buy good deals. Until then we should just look around what would be a good deal if the prices fall. Waiting can be boring but waiting for the opportunity and being prepared is hard work and rewarding.
Happy investing 😀