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should not the topic title be, “Rich Horse Buyers are Disappearing†?
good point.
The point is, WHO are these mythical "rich" people that are going to buy up 10 years supply of million+ dollar homes? Who are these mythical "rich" people all over the Bay Area that will prop up the high end that still remains inflated well beyond the historical prices?
I thought there were still thousands of households out there still throwing money away?
"Who are these mythical “rich†people all over the Bay Area that will prop up the high end that still remains inflated well beyond the historical prices?"
Trude, there are none. There were once back in 1998-2003 from the rich IPO cash outs but moved out due to early retirement to Florida and Nevada. I know of a few myself. After 2000 many buyers of the $1M homes used ARMs hoping for another tech bubble so the stock holder buy their inflated homes. But that isnt happening due to several factors.
The REIC use this as propaganda today.
The Menlo Charity Horse Show http://www.menlohorseshow.com/ is the place to be for much of the rich and fabulous set of the "Fortress" Bay Area. For nearly a decade if one did not post their entries on the opening day, you did not have a chance in hell of getting in. It was a yearly ritual to run to the mailbox for that early morning postmark opening day to secure your place!
Entries opened June 8th this year. As of this week the show has not filled, sending shock waves through the rich Silicon Valley horsey set! What will be next!?