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I think the bay area RE market is kinda similar to the early 911 one... Crazy, hot, annoyingly expensive... Goes up and up, stabilizes, might occasionally dip but long term it will keep going up, for the same reasons... Nice place to live (nice car) and limited supply. Even in a recession, the nice stuff will sell well, or won't need to be sold at all... the average offerings might lose ground. But if you buy the nice stuff you won't lose... Not many new houses FS with water views of the city from, say, Tiburon. Not many superb new 911S either... ;-)
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