Does anyone want to live 50 miles away from the city center (and jobs) when gas prices stay above $3 a gallon? How about $4? How about 6?
We'll see soon
My experience with the Denver bubble in 1990 was that houses far away from the city became nearly worthless - and the ones near the city center held their values better.
I think in Phoenix and elsewhere we'll see a similar trend in 2006 - 2007.
I sure do feel sorry for the folks who live so far away - not only will their home values plummet (especially with builders undercutting them), but what a piss-poor, boring and thanks to gas prices expensive quality of life. Well, they can drown their sorrows at their neighborhood 5-star restaurant (Taco Bell)
January 16, 2006
Posted by blogger at 1/16/2006