Properties and neighborhoods change dramatically.

Condo fees have increased dramatically that feel like you are making a payment on a luxury car. 

Local governments haven't a clue as to the dramatic shift in the business they caused and ultimately higher rents and tighter standards they created. 

@Ivan FigueiredoYou double your investment in R$ over the last 11 years but you actually lost money when converted in USD due to the dramatic fall of the R$ against the USD.Let's assume I buy your condo today.

However things change dramatically when buying an investment property, as down payment requirements do not go lower than 20%-25%.

This explains why consumer sentiment has remained depressed despite unemployment being extremely low and inflation is down dramatically (9% to 3.2%).

I would rather have 4 Class A properties than 20 Class C properties (20 roofs to replace, HVAC, more tenant issues, property management fees, AC unit stolen, etc).Wealth from real estate is built on appreciation and equity - look at all the multi-millionaires in coastal California whose property values have gone up dramatically over the years and our property taxes increase 2% a year from the base value (Proposition 13) compared to other states whose taxes go up a lot.

We've certainly seen a dramatic slow down in real estate investor applications over the past 90-120 days.

Bond traders are taking a few nibbles of the 10 yr treasuries, but nothing dramatic.

Neither property will be cash flow by the time we are moving out (unless rates drop dramatically and we can re-finance).