The modern day equivalent is now available. Due to the extreme home prices in Santa Monica, its now cheaper to buy a jet and fly in daily than it is to purchase a nice home in Santa Monica. I speak of the Eclipse 500, with its $400/hour operating costs (less if you self pilot, more if you insist on twin pilots). I wouldn't spend $1.2M to buy one, rather it would be wiser to purchase a fractional ownership and pay per hour costs. Why not. You fly 8am to 8:30am in, and then someone else rents the thing to fly in/out and then another aircraft is ready for you at 5/6/7pm (whatever your normal work day is).
During the last bubble, quite a few of my coworkers started to commute via aircraft. They bought homes out in the IE around an airfield. But note: it was almost an excuse with their wives to be able to buy planes. ;) But they did it and have never regretted the decision. Ok, they carpool at today's oil prices, but otherwise this decision has been to maximize their stick time. Now home prices are so out of hand it is economical to commute via prop plane. For high end buyers, via jet!
This market has a long way to go until its sane.
Ps: I'm happy the FAA stepped in and kept jets at the Santa Monica airport. Killing off transportation kills off business.
Got Popcorn?
Neil
