That is a good point that has some merit, yet I am referring to relative prices in a specific neighborhood. Beacon Hill has been where the Boston elite have lived for hundreds of years. Perhaps in NYC is would be "what did a nice home cost in a nice part of the upper east side 35-40 years ago relative to today". Rather than what did home cost in a now gentrified former ghetto area. EDIT: I just realized I got jumbled up in both this reply and in the post sle is responding too. In that first post I said back bay, in the second I said beacon hill. Beacon hill is what I meant to say in both posts. And by the way, and this has huge irony relative to this topic... The guy who told me about his beacon hill purchase in the 70's was a PLUMBER!
My cycling partner and I have a running joke where he presents himself as a master plumber and I say that I am a book keeper... He is a urologist and i, well, i am running a book I just asked my buddy how much he paid for his Park Avenue apartment in 1976 - he said about 1.5 million dollars. I would reckon now it costs about 8-10 million. At the peak it was probably worth 12 bucks.
Interesting Luis. As an American citizen I understand but have not experienced what you are saying. In USA 4 million can buy a decent estate mansion in many areas. I do know hong kongers are huge collectors of very expensive watches and vertu telephones----From my experience selling a few on eBay several years ago.
Plumber just came by...$65 labor $20 materials...for 25 minutes tops... I should/could have done it myself and saved the labor cost.
To be fair we should probably compare real estate prices in London, HK and Paris with New york, rather than secondary US cities. But when I hear of high end house prices even in LA they sound like a bargain. Florida seems ridiculously low since the crisis. You can't expect any even mid size high end mansion for 4mil usd in areas where real estate will be 15000usd/sqm and over (starting at 10k EUROS/sqm in Paris downtown good locations and a little more in London, as well probably in HK although the real estate prices there are fluctuating widely) . Considering the higher real estate prices and the lower per capita in UK and France than in the US, it gives one an idea why life is not easy for average income families in the former countries - although social welfare in Europe might help balancing things with the US. As of HK consumers, they do have a serious taste for the fine and luxury products - watches, cars, cigars etc...HK a very good place for entrepreneurs, extremely pro business government and (very) low taxes , good mix of east and West, but downtown feels very cramped .
nice thread and interesting post. Makes some good points. Like a lot of things we take for granted - for a lot of people, they are extremely unnatural. People are different and probably its not best to look at everyone with one eye or using a narrow perspective. Whether an investment banker or a plumber, everyone has different skill-set and everyone should get respect for a good job they can do.
Funny how a Professor says be a plumber.....can't take that seriously, since he already went to school forever. I have graduate degree. whatever. school makes you feel privileged to spend time thinking about life; instead of doing some "poor" job. I have no time to waste my life doing worthless job, instead I will contemplate Plato. If I hang out with poor people, I will wonder if my odds of being "great" will weaken. So I must not talk with them, but talk at them. Be the great leader, the next king. So please send me a few hundred a week and I will continue to think about deep religious, philosophical, and economical problems in the universe. While you deal with your boss and worry over stuff like money. I am above such worthless things.