Wednesday, March 28, 2007

Newsweek writes about how despite what the general real estate market is doing, super-hot cities are doing well. It's interesting to see which cities make the grade. Why Seattle, for instance?

The formula is usually a large city with a large expatriate population flush with cash.

What's funny is that this is different from what some people thought - that people would flow from expensive places to cheap places as communications technologies improved. I expect this to happen to a certain extent. I mean today in Rio I made and received calls using a 520 number, instantly communicated with friends and business contacts, and chatted with my girlfriend in Argentina, who was doing the same thing. Not being with the girlfriend is genuinely sad, but incoming callers I get have no idea I'm in Brazil unless I tell them. Living this far away is an extreme example, and I would choose Buenos Aires if price is the goal, but what about more people in the US moving to Montana and Idaho, for instance?

I'm glad I'm moving to Dallas, where the average house is about $160k.

Meanwhile, the Wall Street Journal lets readers in on a secret that Wu and I discovered long ago - that owning student housing can be a great idea.


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