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Brulen, I tend to agree that the investment in high priced real estate in any of the major cities will prove to be a bad investment come an economic meltdown, or any of a number of terrorist events. Just living in urban/suburban areas, whether you are rich or not, is not going to work out so well in the long run either.

In my opinion the only good real estate investment long term is land with adequate water resources in whatever form that takes.