俺也说点吧。
In the micro economic context,大地主总是从小地开始的。而小地主总是从白领家庭开始的,小地主顾物业管理人就更没有正现金流了。白领家庭又要工作,又要照料出租物业,还没有物业投资的减税好处。没有多少人能玩下去。
In the macro economic context, realty appreciation depends highly on population growth or immigrants inflow like California, Metro New York. Properties in these area are over-valued. It is very hard to find a investment opportunity with positive cash flow that is competitive to other investment vehicles. In the forseeable future, the realty market in US will continue bursting the bubbles, then return to normal growth that is about 5% annual rate. Realty is still and always a good investment vehicle, but is not superior than any others.
I guess this is the realistic picture to most people who missed the realty high growth years.