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Strategies & Market Trends : MDA - Market Direction Analysis

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Nov 14 4:00 PM EST

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To: portage who wrote (70411)	2/25/2001 4:51:04 PM
From: A.L. Reagan	Read Replies (1) of 99985

Thanks for the update on Bay area real estate trends, and your commentary which makes sense to me. While Zell no doubt got a good price (he almost always does), the Spieker portfolio was by no means sold at "recession" prices - maybe "cooling off" prices, yes. You can see the "cooling off" in the overall U.S. Real Estate equities index chart I posted yesterday. Appreciate all the different views from around the country.

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