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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Doughboy who wrote (37139)	8/6/2005 4:39:04 PM
From: John Vosilla	Respond to of 306849

"In the '60s-'90s, housing declines were set off by riots, collapsing educational systems and crime. Now I think there is such a premium on living closer to the center, we may a different pattern of a bubble burst. It'll be like March of the Penguins, if you saw that film, getting to center means survival; living on the outside, means death." Yes this time is going to be different. Perhaps places like Washington, Boston, Chicago, Seattle and San Francisco are going to be exceptions but many bubble markets really have no desireable urban core, vibrant downtown or good paying jobs. It just seems ghettos and other commercial uses are getting rezoned for high end urban condos as if that will solve the problem. Build it and they will come to downtown West Palm Beach or San Diego. Meanwhile the middle class that is the lifeblood of any true city is being squeezed out. Just read a report in a local South Florida paper today of working class professionals worrying about possibly becoming homeless from shortages of affordable rental apartments due to all the condo conversions and new high end condo construction going on.