Barrack Says U.S. Real Estate Market Is Getting ‘Bubblicious’
By
Tom Barrack, chairman of Colony Capital Inc., speaks during the Republican National Convention in Cleveland, Ohio, on July 21.
-
‘Amateurs are playing’ in property: Colony Capital chairman
-
Billionaire investor advising Trump sees potential shakeout
Real estate investors could be in for a shock if interest rates rise or demand in some markets continues to fall because “amateurs” are plowing money in at high prices, betting on rent increases that may not continue, said Tom Barrack, the billionaire chairman of Colony Capital Inc.
Trends in demographics and technology are undermining traditional holdings such as hotels, office buildings and residential properties, Barrack said in an interview at Bloomberg’s Los Angeles office. Companies such as Airbnb Inc., which lets people rent out their homes like hotel rooms, and WeWork Cos., which leases space in communal work areas, are challenging the business models landlords depend on…
Barrack Says U.S. Real Estate Market Is Getting ‘Bubblicious’
