No. of Recommendations: 2
Paul wrote:

"Similarly when those million dollar condos on Madison Avenue go for $25K again, I suspect there will be a few willing buyers."

I somewhat disagree with the premise behind this statement. Real estate markets are very location specific and to a great extent situational. While in many parts of the country they may be able to churn out spec houses that are subject to the usual market vagaries, there is fixed number of properties on Madison, Fifth, Park, just as there is only so much prime area along our coasts. In my experience demand for those properties always exceeds supply, making them expensive but also relatively safe investments. I'd rather own a million dollar condo on Madison (or there any?) than a million in GE stock, but I prefer living by the beach in Montecito, CA.

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