DLJ,
I agree that paying a 160% premium should eliminate appreciation but you changed my point. If prices are back to a more reasonable premium level of somewhere between 120% to 140%, the potential for appreciation will come back at some point.
You are also looking at a very skewed sample (condos) which behave very differently than single family homes. The premium placed on the lifestyle afforded by living in a SFR is very different than the premium afforded to someone owning an appartment as you do. It sounds like you are a single guy and that comes with a very different value system than someone trying to raise a bunch of children in a positve, safe and noroushing environment.
FWIW, I have a very solid financial situation asset and income wise and could right a check today to pay off my mortgage. My accumulation of capital and assets didnt come from buying dear and selling cheap either. I do wonder whether your boast of buying my place for cash would be substantiated by a 7 figure liquid cash balance though or whether its a bit of puffery on your part.
