I feel like someone wrote this before but deleted it but would the counterexample be Baltimore? Perhaps Montreal?
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Ok, interesting. I think it's still possible for Baltimore to have been a mediocre or bad investment. You had to be in the right area (whereas for most other cities like it you did not) and it's notable that wide swathes of the city are abandoned including parts with good bones.
So it sounds like old cities with good bones, once they reach a critical mass get real price appreciation unless: - Over-concentrated industry fails (Detroit) - Tax-payer flight to the suburbs (baby boom) - White flight (crime hits critical mass) - Volcano (Pompeii) - Others?
