On Thu, 31 Mar 2005 06:21:55 -0800, dennis o'connor wrote:
>Boy am I glad I'm too poor to live in nice areas like
>silicon valley.
Dollars can be deceiving. Palo Alto, the heart of silicon valley is
nice, but not THAT nice. House prices have been nuts there for
decades, and are getting that way in Chicago. My wife's daughter's
home in Palo Alto, a modest 3-bedroom 2-story house on a lot about
40x130, cost them nearly $1M five years ago. Homes near them in
great condition are selling for >$1.5M and getting torn down to
build bigger ones. The sad thing is that this is the low end, not
the expensive homes where the rich folks live. In other words, if
you want to work in that area, you are forced to pay a very high
percentage of your income for a home, so you're "house poor." My
modest home on a 40x160 lot in an ordinary part of Chicago cost me
$96K in '86. Comparable homes near me are now selling for $850K.
Jim K9YC
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