Best thing I ever did for my wallet was pick up and leave NYC... nice to visit a few times a year though. And now I can afford those outrageous hotels!
actually, i have lived in atlanta, nyc, chicago, LA, and miami....and no atlanta isnt nyc, but its a damn fine city and especially for the money...
I am building a home in Sacramento and I am here to stay (for the time being) My home is 330K and since we have influx from LA and the Bay Area I am sure I will be ok... People have sold down CA R/E before only to eat crow and wish they stayed. Lots of people with money come to Sacto from LA and Bay and move back once the dust settles and jobs kick in again. (yeah some leave CA and get suicidal when in Atlanta they can't find decent bread, vegetables all year around and decent coffee.....and a decent bath house and .....
I think SAC area is really the only alternative left in california that might make sense for both housing costs and quality of life. Its the last refuge for business location in the state taht makes sense and might allow employee relocation. The problem of course is that if you are buying now in SAC you are probably at the top of the market and SAC has in my opinion more percentage downside in a correction than near the coast.... but the dollar value of the correction is much less so its not as much as a problem. The BK's in a correction will be near the coast.
Atlanta isn't really part of the south. It's very different and doesn't have any of the typical characteristics you associate with the south..
This Andersen School of Business at UCLA Real Estate forecast that they put out every year has called the last 5 out of the last 0 real estate collaspes. They may well prove to be right this time....but their record as a forecasting tool is very very poor. Take this forecast with a mountain-sized grain of salt.
Kool. I rented one of my units to a family from taiwan. Too bad they aren't all moving to california .....