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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 84.82

+3.0%

Feb 6 9:30 AM EST

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To: Lizzie Tudor who wrote (65396)	4/18/2004 4:02:26 PM
From: Kirk ©	of 77400

I wonder when folks talk about a real estate bubble if they have the data for a place like London or NY that shows price per sq ft or sq meter plotted vs 300 years? Cheap places to live have seen inflation because of commodity inflation where the materials to build a new home have gone way up. If you pay $30K for land and sewer in some place like Iowa or Mo and $250K for materials to build the house, then the 100% inflation in building materials from $125K to $250K effects the price significantly. Also, if you are in a place like Los Altos, Palo Alto or Menlo Park (pricy towns that surround Stanford and Venture Capital Alley for those not in the area) where 1/4 acre of land for sale is scarce, then $1M+ for a lot to build on is what you pay and I've started to see higher even with knockdowns... Land here has probably not appreciated as quickly as building materials so the percentage gains trails, but is impressive none the less. Anyway... I'm not sure we are in a real estate bubble as much as a very supply limited situation where nobody wants high density in their towns yet we continue to allow high levels of immigration hence land is more valuable.

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