Who is buying the other 99 out of 100

[Tyrone Jackson]

I am a new investor, yet to complete my first deal but I have a question that pops in my head every so often when I am reading an investing book or article or listening to a podcast....If everyone says smart investors are looking for that 1 great deal out of every 100 that are on the market, who is buying the other 99??  

I mean I get it for SFH as investors are competing with retail buyers, and I get it for lower price investment deals let's say under $500K where there may be a lot of inexperienced investors buying up properties but presumably the people picking up multimillion dollar properties are sophisticated investors. Why would they be buying those listings on loopnet at price levels that I would think are not great deals? Is the point you can have a successful deal on just about any listing, it's just a matter of how much return you require once you are dealing with that class of investment?