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follow ThreeBays 2012 Mar 19, 5:13pm
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So true story - some good friends of ours recently sold their lovely $1M home on the Peninsula, within a few days of listing, to an all cash buyer.
The buyer said it was for their kid to live there while attending school (Stanford).
I guess there would be a normal volume of this kind of sales around the Peninsula - if I'm rich and my kid is going to Stanford I'd get him a cheap little pad for $1 or 2 Mil. This has probably been happening since forever - but just now inventories are so low that these sales stand out.
If Mommy and Daddy can't buy little Snowflake a house, the trend is to mortgage theirs to pay for Snowflake's Ethnic Song degree from a sort-of good school no one's heard of.
Student debt, my ass. Not for precious Snowflake. The debt is in the aging parents' name against the parents' house that once was paid off. The debt isn't held by 25 year olds who still call up their parents for a ride and expect their folks to help them with their own school plays--still! The parents in turn tell Their Snowflakes that the most important thing is "learning." The end goals of being employable and not moving home are off the radar screen.
Parents like this, children like this, are now the ideal. What happened to kids WANTING to grow up? Is that just for poor people now?
What the hell?
Q: What's the easiest way to get a small fortune?
A: Start with a large one.