[quote=sdrealtor]I’ll add one more log to the things are different around here now fire. 20 years ago and probably even 10 years, my friend moving here from NYC could have never lived here. He’s one of the millions of self-employed folks whose entire business focus, business model and ability to work from home have been enabled by technology. He was previously tied to the NY area but now he can live anywhere with high speed Internet, smartphones, video conferencing, acceptibility of teleconferencing, outsourcing etc. I run into many folks that could live anywhere and have chosen here. That wasnt part of the market here 20 yrs ago like it is today.[/quote]
sdr – I see a disconnect between this comment together and your comment on the substitution effect not being very strong.
If people can go anywhere, then the substitution effect is very strong due to the fact that this market is influenced by the pricing of similar neighborhoods all over the country.
I suspect “Recession II: The Sequel” will hit this area harder than “Recession 1: The Pop”.
