[quote=deadzone]I have what I want too, just arguing out of principle. I wake up to an ocean view every morning and have no debt (good net worth actually, most most earned via real estate directly or indirectly).
Fact is, all of you guys’ arguments are old and stale. Again the argument seems to be that since you all seem to “know” families in nice neighborhoods that make 200K plus that there is somehow an endless supply of these types of earners.
First, I GUARANTEE that the majority of households in Carmel Valley for instance do NOT make 200K Plus. You guys forget that much of the real estate boom was due to the Ponzi nature of it and being able to move up to higher end due to their equity rising in existing homes.
Again, the bigger picture that none of you GET is that the wealth creation monster of the last 20 years has lost major steam. It was a giant ponzi scheme. Sure there will still be sucessfull new companies and entrepreneurs in the years ahead, that’s not the point. The point is there will be a lot less new wealth created, and a lot of wealth lost because most wealth is tied into real estate and stocks.[/quote]
This is a somewhat pointless debate because it will be five years (at least) before anyone can even begin to be proven correct (or incorrect). In the meantime, however, I’m surprised at how large the down payments are in Carmel Valley. And this is not a small sample size.
