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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: MulhollandDrive who wrote (21507)6/10/2004 5:55:05 PM
From: GraceZRead Replies (1) of 306849
 
I remember years ago when I was first married we lived in a beautiful spacious old house in the city. We rented it, but I'd have bought it if the landlord would sell it (he wouldn't). It had wonderful details and light, the location was perfect for us. A friend came down from Manhattan and the first thing she said when she walked in was, "Wow, if this house was in Manhattan it would sell for 5 million." I said, "Yeah, but it ain't in NY, it's in Baltimore." I think it might have had a sale price of 80k which we thought was pricey back then. Over the years I've had countless comments like that from friends who lived in places where RE was ridiculously expensive and you know how many have made the move? Zero. I've been listening to RE tales of woe from friends in CA and NYC for as long as I can remember but now there is the not so subtle boasting from those who took the plunge (after years of angst) and are now sitting on large amounts of equity (and sometimes equally large home equity loans). Meanwhile I just go about planning out next year's garden and what color to paint the bathroom. Two things which have more effect on my feeling of well being than the fact that my home would sell for more than what I paid for it.
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