Loki wrote:"Very nice houses in nice places are worthless if there are no jobs (except as retirement homes)."Again, location matters. I doubt availablity of jobs is critical to Madison Avenue prices; it is not here in Montecito, CA or a number of other places where people with sufficient means choose to live. But in general, I think Loki's point is well made. Situations can change in ways that inflict themselves of local housing prices. Obviously, were parts of Manhatten to become nuclear hot spots, for example, that likely would drive down property values. Absent such a disaster, I suspect a residence on Fifth Avenue overlooking the park is a safe investment.db
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