patrick.net

gbenson says

Reader, US cities are only overpriced if you can't afford the cost of living there. Some can, many can't. I think a more important question is to ask why the 'many' can't.

If the US continues to outsource for cheap labor and is unwilling to pay its own workers a living wage, then we in fact are in a race to the bottom. There is no way we can sustain the living style we have become accustom to. We will become a third world nation unless we change course on wages and free trade.

I understand what you are saying, but also understand people with real money, old money know value and as such (and I mean real wealth not horrible new money or pretend money - which most real estate transactions now fall into the catagory of pretend money, then new money only,) I digress, sophisticated real old money is NOT going to overspend on something of less value than asking. I don't care if it is Manhattan or London.

Why is so much more asking than value? Because mass-greed was unleashed and made possible where any fool could pretend they were rich. Pricing is just part of that fantasy. The best part of all of it? None of it is real.