During the boom, I wondered if the results we were seeing might have been fed by a reinterpretation of tax laws — deductibility of leveraged interest, the owner-occupant capital gains exclusion, the IRS Section 1031 tax-deferred exchange, accelerated depreciation of real estate related chattel assets, etc. In other words, were people stupidly reacting to a tulip frenzy, or were they wisely adopting different investment strategies based on changing circumstances — in this case, the spread of information about the tax advantages of owning real estate?<\/p>\n
At the same time, no one in real estate in Phoenix takes their eyes off the demand curve, the incredible annual growth in jobs and population in the Valley of the Sun. I’m a real estate bubble skeptic as a default state. I doubted the bubble talk through three years of huge growth, and now through 15 months of a slow loss in values. I freely concede that I might be wrong, but, as always, I think there are very good reasons to bank on the Phoenix residential real estate market<\/a>.<\/p>\n Whether or not I’m right about Phoenix, the world at large seems to be in for a long-term real estate boom. Here is a fascinating film<\/a> that I found at Cafe Hayek<\/a>. And here is much more from the gapminder.org folks<\/a>.<\/p>\n The software itself is jaw-droppingly cool, but what the subject matter portends for every aspect of human life on earth — including real estate — is beyond enormous. Technorati Tags: real estate<\/a>, real estate marketing<\/a><\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" During the boom, I wondered if the results we were seeing might have been fed by a reinterpretation of tax laws — deductibility of leveraged interest, the owner-occupant capital gains exclusion, the IRS Section 1031 tax-deferred exchange, accelerated depreciation of real estate related chattel assets, etc. In other words, were people stupidly reacting to a […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,6,5,19],"tags":[],"class_list":{"0":"post-1162","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-investment","7":"category-marketing","8":"category-real-estate","9":"category-technology","11":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":13708,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/13708\/californias-long-term-real-estate-outlook\/","url_meta":{"origin":1162,"position":0},"title":"California’s Long Term Real Estate Outlook","author":"Jeff Brown","date":"November 23, 2010","format":false,"excerpt":"Even though we can't be sure of what our income tax rate will be for 2011, we do have a kinda sorta idea of the high side, right? Lookin' for more to be thankful for this Thursday? If you don't live in California, trust me, be thankful as you anticipate\u2026","rel":"","context":"In "General"","block_context":{"text":"General","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/general\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10203,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/10203\/the-net-effect-of-government-intrusions-in-the-real-estate-market-is-to-create-a-standing-wave-of-foreclosures-amid-steadily-declining-home-values\/","url_meta":{"origin":1162,"position":1},"title":"“The net effect of government intrusions in the real estate market is to create a standing wave of foreclosures amid steadily-declining home values”","author":"Greg Swann","date":"November 1, 2009","format":false,"excerpt":"This from my Arizona Republic real estate column: As I write this, the entire real estate industry is on tenterhooks, waiting to see if the $8,000 first-time home-buyers tax credit is going to be extended. It's not really a tax credit, it's a taxpayer-funded subsidy, a \"gift\" extracted by force\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16290,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/16290\/we-are-all-greater-fools-now-how-can-you-sell-your-house-to-a-big-family-when-big-families-dont-exist-any-longer\/","url_meta":{"origin":1162,"position":2},"title":"We are all ‘greater fools’ now: How can you sell your house to a big family when big families don’t exist any longer?","author":"Greg Swann","date":"March 25, 2013","format":false,"excerpt":"Markets go up. Markets go down. But the whole house of cards is built on the idea that population will grow. What happens when it doesn't? From Business Insider:It's what I like to call \"the most depressing slide I've ever created.\" In almost every country you look at, the peak\u2026","rel":"","context":"In "Big Mother"","block_context":{"text":"Big Mother","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/big-mother\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4559,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/4559\/this-endless-election-season-may-give-the-real-estate-market-time-to-self-correct-before-new-legislation-can-make-things-worse\/","url_meta":{"origin":1162,"position":3},"title":"This endless election season may give the real estate market time to self-correct before new legislation can make things worse","author":"Greg Swann","date":"September 21, 2008","format":false,"excerpt":"This is my column for this week from the Arizona Republic (permanent link). \u00a0This endless election season may give the real estate market time to self-correct before new legislation can make things worse Looking for a silver lining amidst the black clouds of financial news? Here's one: The fact that\u2026","rel":"","context":"In "Group Therapy"","block_context":{"text":"Group Therapy","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/group-therapy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1788,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/1788\/thomas-sowell-housing-woes-caused-by-land-use-restrictions-and-federal-micro-management-of-lenders\/","url_meta":{"origin":1162,"position":4},"title":"Thomas Sowell: Housing woes caused by land-use restrictions and federal micro-management of lenders","author":"Greg Swann","date":"August 11, 2007","format":false,"excerpt":"Hoover Institute Economist Thomas Sowell:Amid all the hand-wringing and finger-pointing as housing markets collapse, mortgage foreclosures skyrocket, and financial markets panic, there is very little attention being paid to the fundamental economic and political decisions that led to this mess. The growth in risky \"sub-prime\" mortgage loans by people buying\u2026","rel":"","context":"In "Investment"","block_context":{"text":"Investment","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/investment\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":701,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/701\/one-more-hound-on-the-trail\/","url_meta":{"origin":1162,"position":5},"title":"One more hound on the trail . . .","author":"Greg Swann","date":"November 28, 2006","format":false,"excerpt":"We're adding one more contributor to our roster today: Ronan Doyle lives in Boston and works as an advertising agency creative executive. He loves distinctive homes and is building his wealth house by house: Search, buy, improve, enjoy, sell -- then repeat the process. Ronan know more about houses --\u2026","rel":"","context":"In "Blogging"","block_context":{"text":"Blogging","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blogging\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1162","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=1162"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/1162\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=1162"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=1162"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=1162"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\n<\/p>\n