Are you always this grouchy?
Are you always THIS dense and nasty?
Ladyjane, don't feel bad. You just can't argue with a fool...
Nopardons asks me,"You live in Washington state...what do you REALLY know about the real estate markets in Manhattan and Chicago?"
Answer: I only lived for 10 of the last 15 YEARS in the 312 area code. Let's see that would be in a part of Chicago called the Loop. Maybe you've heard of it.
I still have many friends, clients and relatives that live throughout the city and suburbs. I visit Chicago annually, usually around Thanksgiving.
I've also travelled to all 50 states in the last 16 years and I've been to NYC several times.
It's my strong opinion that there is excellent reason to believe that many parts of the US are indeed in a RE bubble. It is also my opinion that many cities are in the largest of bubbles.
In January, I saw a nice, simple home in Anaheim that had just sold for 750k. In December I saw a nicer home in Killeen,Texas that was for sale. Only $89,000.
At some point people in Boston, NY, Seattle, Chicago, LA and Frisco say 'wait a minute'. I could sell my shack for 450,000-1.5 mil. And move to Wilcox Arizona, Moab Utah, Killeen Texas, Dothan AL, heck even Medford Oregon.
They end up with a nicer home, less taxes, money in the bank, less crime and a lot less traffic.
Of course there will be some, like nopardons, who won't figure it out until after the bubble bursts around them and they'll be the ones crying the loudest.