I have been having this fundamental question for some time, and would like to invite the readers to try to give some rational explanations:
Why is there the real estate axiom “location, location, location”?
Why are potential home buyers so keen on exactly where they want to live. I can understand some simple reasons like nearness to job, good schools etc., But what explains the reason that someone would pay millions of $ for a La Jolla house rather than live very well in a large fine estate in, say, Colorado, Idaho, Wyoming, Georgia, Carolinas etc., I won’t accept the argument that all those places are miserable armpits compared to SoCal. If sunny weather is desired, they can always visit Calif. or Florida for a vacation. I am sure a millionaire can get someone to clear the snow etc., Really well to do folks can practically work from anywhere with the modern conveniences. Why isn’t there a (much larger) “outsourcing” of home buyers and jobs to less expensive but good locales? Give me all your thoughts on this seemingly irrational behavior people make when it comes to choosing a place to live.
