The real estate market and the stock market are at historic high levels. The outlook still looks positive. A longer view holds an air of caution to manage investments with an eye of asset protection. Looking long term the apartment boom may peak around 2018. It will not be followed by a collapse but by gradual shift over the next few years as baby boomers go into their old age. Los Angeles may hold values better than other cities because it has a chronic shortage of housing. Income properties should be managed for cash flow, appreciation is a bonus. A new growth wave in apartments may pick up again around 2025. Now is a good time to sell a second home or vacation home, reduce debt and build cash.