A few points to keep in mind. The employment rates for MBAs are lower than for JDs (that is for an average year, not talking about this year of doom for banks which makes it even worse for MBA grads). Starting salaries are lower for MBAs than JDs.
The one caveat MBA people have had, is the fairly insane pay increase scale that investment banks offered. Investment banks do not exist anymore, they 100% certainly will not in the next 8 years, and I would be very surprised to see this model of "banking" ever returning. The current downfall has simply shown too many of the faults and risks.
I was in commercial real-estate for about ten years, mostly large multifamily residential or commercial properties, sales, leases, and property management. I did it all with just a real estate license. I donít really see how the JD would help you much, even now as a law student in my final year I would not try to do the legal parts of any of these deals, I donít have the expertise or want the liability. The MBA may teach you more about how to run your own business, especially if they have a real-estatean focus. But to be good at commercial real estate you only need three things: contacts, salesmanship, and in-depth knowledge of the market, all of which can be done without any degree.
Just one thing I do wonder about here. By being in real estate, do you mean as a realtor/agent? If that is the case, I would agree, a JD will not offer anything substantial. I guess it adds some weight to your resume that might be worth it if you end up as a high end broker for some very fancy firm, but in general terms, I agree with Matthies, little value.
However, if you are looking more into the real estate entrepreneur, investor, developer, owner side I would absolutely feel like a JD would be very important. This is where I spent my pre-law career, and while a lot of the skills needed here are sort of the "innate business savvy", a strong command of the law and making contracts would be very valuable. That being said, this is a "career" that you either need to have some serious starting capital or a very long term perspective to.