Anectodally, here is more evidence. In the late 90s the high-rollers of New York City nightlife were the dot-commers: not exceptionally bright people, yet who were "instant millionaires."

Now it's real estate AGENTS that I meet who are the highrollers. I have met many not-too-bright people who are raking in cash and have nothing but contempt for buyers except multimillionaires.

One ditzy real estate agent told me that she won't even take calls from prospective buyers like lawyers and investment bankers who "only make" $200,000. They can't even qualify for a studio (i.e., one-room apartment) in Manhattan! She said if one doesn't have a net-worth of a million dollars, no co-op board will approve an application.

(Meantime, the one-bedroom apartment I rented in 1999-2000 was offered to me for $330,000. It was $275,000 the year before, so I thought it was too expensive. Now it is worth around $900,000!)

--
Posted by Chip to Thrutch at 6/20/2005 05:57:22 AM