The California Effect
I am not picking on Californians, but stories like this are becoming pretty common. "The advantage to the buyer is that the buyer gets a wonderful appreciation, this market is going only up."
"In this kind of market, a house has to be an investment. So where does all the money come from? 'I have a lot of people coming from California, because their market is capping off.'"
Not that a lack of common sense had to be imported. "That market is a newfangled thing in this town, a phenomenon, and it's not going to stop."
"The house three down from us closed on March 1 at $1.06 million and they're listing it now for $1.9 million, that's $870,000 more than they paid for it, figuring the sign will sit there until the end of the year. I think they'll get close to that."