CNN is reporting on a Fortune article that highlights the latest news from the king of real estate, Tom Barrack.

The news? He’s selling all of his real estate holdings – everything he can.

“There’s too much money chasing too few good deals, with too much debt and too few brains.” The amateurs are going to get trampled, he explains, taking seasoned horsemen, who should get off the turf, down with them. Says Barrack: “That’s why I’m getting out.”
-from Fortune

Barrack sees signs that today’s real estate market looks a lot like the stock market bubble of the 90s. But he thinks the bubble might burst sooner rather than later – mostly due to increasing cost of construction.

In his words, “It’s the busted deals caused by construction costs that will cause a turn in the market.”

I’d like to think that Tom Barrack is smart enough that he has already sold every one of the assets he’s looking to sell.

He might even be getting positioned to buy.

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