We celebrated my birthday yesterday in the best way possible. Well, I actually sneaked up ahead of the missus which is a big birthday comme-il-faut. You are supposed to stay in bed until your hear the happy birthday song and see the candles. But I'm too old for that.
I enjoyed my first - of many - birthday lattes at 5am pacific summer time. The missus joined around 7-ish with a second brew and a Quiche Lorraine. Yum. Then we just lounged around until 10am and had probably at least another latte. And I got my birthday present: a pair of fabulous Prada evening shoes. Life is good!
One thing leads to another and we started discussing housing. It's a popular subject in the USA these days due to the current real estate boom. We love our current place but would like to buy a place for the long-term. Historically that has been the best deal anyone could make. The challenge right now is that the cost of owning versus renting in the bay area is huge - close to 2x (net tax). Last time I bought it was 1:1 which made it much more of a nobrainer.
Anywho, we decided to stay in the Bay area but continue to rent until the current boom or bubble shows it's true colors. I doubt we'll see a decline in prices as long as the employment rate stays at current levels. But I do think we'll see the prices level out somewhat before the next run.
But it's all about perspective. We are looking for our dream place where we'll stay for the next 20 years so we got time to wait for a few years. We are not in the market to make a quick buck, just to find a great place in the right neighborhood. Until we find that place, we have a 50% discount on living in one of the most beautiful and fun cosmopolitan cities in the world. That ain't cat piss!
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