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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Mike M2 who wrote (161377)4/22/2002 12:39:29 PM
From: Ahda  Read Replies (1) of 436258
 
Mike here too in the Santa Monica area due to rent control the cost of a building is outrageous and the return is negative cash flow. The debt incurred is far future hope of revisions in rulings and presently the cost of that future prime purpose is a deduction against other sources of income.

The real estate market to me has the potential to create a broader greater disaster effect than the stock market. AG would not agree with me as he sees this localized but if one thinks about where the greatest wealth is generated from in terms of populous it does tie into the prior areas of the greatest growth in the bubble. The tech bubble did affect the whole of the nation but that bubble's meager beginning was in the SI valley from there it spread.

The stock market has selective participants where as the real estate market and the present tax advantage creates more public enticement. Three years ago a friend bought a condo for 225 in a small complex, a like unit is now on the market for 405.

To me and perhaps there something wrong with my thought process wages must go up accordingly or property has to go down. In Ca somewhere around 17 percent of our growth can be directly contributed to portions of this industry. I dont believe that in other periods of property explosion the draw out of equity in housing was used as extensively as it is now. This year alone housing has gone up 25 percent in CA that to me means wages must go up 25 percent in order for people to live as well as they did last year.
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