Mack: Raw land took biggest hit in real estate downturn

11/12/2009 | CNBC

Prices for undeveloped land are down as much as 75% from their peak in 2007, said William Mack, chairman and founder of the real estate fund Area Property Partners. He described the state of commercial real estate today as somewhere between an orderly massacre and a disaster. After land, hotels have fallen the most in value, Mack said. Multifamily properties have suffered the least in the downturn, he said.

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