You could actually hear the collective nodding of heads when Christopher Mayer, an economics professor at Columbia University, referred to San Francisco as a “superstar” city and argued that “land shortages and rising populations would translate into ever-rising prices.” Well, now Mr. Mayer is changing his tune.
Yes, we’re still the a superstar city, but Mr. Mayer is conceding that “prices in the most expensive markets could drop 15 percent in the next year” (that’s us). He’s obviously never been in San Francisco on a day like today.
Can you still get rich in real estate? [CNNMoney]

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