“The rich aren’t as rich as they used to be.”

-Alex Rodriguez, a real estate agent with JM Group USA

Real Estate agents are masters of the obvious, aren’t they? “This is the kitchen” they proclaim, as if a buyer couldn’t deduce that from the refrigerator, stove and dining table.

And so, too, is that obvious quote up top. Yes, the rich have less money. But so does nearly everyone else. With the rich, the amounts in question are simply much greater, individually and collectively, in terms of assets lost. As David Rosenberg of BusinessWeek has pointed out, “In 2009, household net worth contracted nearly 20% over the past year and a half. That’s an epic $12 trillion of lost net worth, a degree of trauma never seen before.”

The improvements in housing appear to be driven by lower-end subsidies. The most recent housing data makes clear the dominance of low-end sales. Nationwide, last month’s existing home sales saw a 60% increase in cheaper condos and coops.

Hat tip: BusinessWeek and Riholtz

Author Profile

John Ford
John Ford

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs

In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.


For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.


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John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.

John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114



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