Real estate yoga: Stay balanced

Mood of the Market

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

When I first started selling real estate, I would sell for $600,000 homes that the owners had purchased 25 years earlier for $15,000, sigh and think, "I was born too late for real estate." In fact, one such client once told me that, at the time he bought his home, he paid more for his "Cadillac car" than he had for his home.Of course, that failed to take into consideration that 30 years prior, women could barely even secure mortgage loans on their own without a permission letter from their husbands. Career women needed a "pill" letter from their doctors, confirming that they were on birth control (i.e., so they wouldn't be getting knocked up and have to stop working). And, in any event, 30 years prior it would have been much less statistically probable that I would have had the education and career that empower me to afford a home now. But I didn't think about all that while I was reminiscing about the affordable days of yore. Now, on the long, ...