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Around the Internet => Antimustachian Wall of Shame and Comedy => Topic started by: mlipps on January 30, 2020, 09:33:52 AM

Title: NYTimes: The Hunt
Post by: mlipps on January 30, 2020, 09:33:52 AM
This is one of my favorite features on the NYTimes because I'm a total financial voyeur AND it gives me a lot of satisfaction about my $1400 studio with a 20 minute commute here in Chicago. The gist is that it's basically house hunters in article form, with a mix of renters and buyers. The prices always seem pretty high to me, but today's article is a new level of crazy.

https://www.nytimes.com/interactive/2020/01/29/realestate/30hunt-limongello.html?action=click&module=Editors%20Picks&pgtype=Homepage

The apartment they ended up picking is a 3 bedroom in Brooklyn that costs $10,000 a month. This is the part where my head exploded:

"They were impressed that the dryer was vented. “That’s pretty rare for a rental,” said Mrs. Limongello, who knew that apartment dryers don’t always work well. “My ears perked up when I heard that. My clothes will actually dry the same day I put them in the dryer, instead of tomorrow.”

The kitchen also has something uncommon: a recirculating range hood..."

If I'm paying $10k a month in rent and I still have to worry about my dryer working, something is wrong. Fascinating. Gonna happily pay my pittance (by comparison) in rent on Saturday and then do a load of free laundry in my basement with my dryer that works like a charm (like a dryer!!!).
Title: Re: NYTimes: The Hunt
Post by: Xlar on January 30, 2020, 10:06:18 AM
That is crazy, thank you for sharing! Their view on appliances blows my mind,lol. Plus I like how they start with a budget of $8k per month and end up way over that at $10k!
Title: Re: NYTimes: The Hunt
Post by: jinga nation on January 30, 2020, 12:23:20 PM
that's whacko. I pay a tad bit under $10k for annual mortgage payments. For a 4 bed, 2 bath, 2 car garage. But MCOL city in FL, skeeters, beaches, sun-drenched bodies... yeah it's boring compared to Brooklyn.
Title: Re: NYTimes: The Hunt
Post by: Cellista on January 30, 2020, 01:21:42 PM
I think the $8,000 limit was for the couple's share. The article says the parents will pay 1/3 of the rent.

Still, I don't know how people do it.  They're not building any equity.

Title: Re: NYTimes: The Hunt
Post by: zolotiyeruki on January 30, 2020, 01:41:29 PM
Wow, that is something else.  $10k per month?  Gee, no wonder people want to move out to the burbs.

No vent on the dryer?  Sounds like a heat pump dryer. Taking overnight shouldn't actually happen, unless the heat exchanger is horribly clogged from lack of maintenance.

It sounds like they're paying $3k/month for a slightly better layout vs one of the alternatives.  Wow.  They're paying more for a marginal usability improvement than I pay for my entire 5/3.5/3 house on a quarter acre.
Title: Re: NYTimes: The Hunt
Post by: CodingHare on January 30, 2020, 04:49:39 PM
$10,000 a month?. Now that puts my $2k rent for a 4 bedroom house in Seattle into perspective!
Title: Re: NYTimes: The Hunt
Post by: ohsnap on January 30, 2020, 04:54:33 PM
...Plus I like how they start with a budget of $8k per month and end up way over that at $10k!
I know someone who was recently looking for a rental with a max budget of $5k/month (which in itself blew my mind).  They moved into one for $5800/month. I don't think budget means what some people think it does...
Title: Re: NYTimes: The Hunt
Post by: dignam on January 31, 2020, 06:44:19 AM
Oh man I must be living in luxury with my vented dryer and *gasp* attached garage!  $1300/mo (includes property taxes, which are VERY high compared to other states).  Near a city that has everything I need, and pretty good night life/events year-round.  Just crummy weather for 4.5 months a year.

$10k PER MONTH!?
Title: Re: NYTimes: The Hunt
Post by: YttriumNitrate on January 31, 2020, 07:20:56 AM
Perhaps I'm alone on this, but the $4k a month for a 2-bedroom so that Ms. Cox could live alone seemed like the most outrageous part of the article. Of course, then I was curious as to how much a 30-year old who "manages construction for a real estate developer" makes so they could afford that. Payscale says $57-150k (https://www.payscale.com/research/US/Job=Real_Estate_Development_Manager/Salary), so there must be more to the story.

The story lists Ms. Cox's parents names and location, and there just so happens that there's a Malcolm Cox (https://www.linkedin.com/in/malcolm-cox-91720812/) in the Greater Philadelphia of the appropriate age who happens to be the former Dean of Harvard Medical School. And now the story makes sense to me, but I suspect the statement the "Mrs. Limongello’s parents.... contribute about a third of the rent" is an understatement.
Title: Re: NYTimes: The Hunt
Post by: jinga nation on January 31, 2020, 07:33:59 AM
Perhaps I'm alone on this, but the $4k a month for a 2-bedroom so that Ms. Cox could live alone seemed like the most outrageous part of the article. Of course, then I was curious as to how much a 30-year old who "manages construction for a real estate developer" makes so they could afford that. Payscale says $57-150k (https://www.payscale.com/research/US/Job=Real_Estate_Development_Manager/Salary), so there must be more to the story.

The story lists Ms. Cox's parents names and location, and there just so happens that there's a Malcolm Cox (https://www.linkedin.com/in/malcolm-cox-91720812/) in the Greater Philadelphia of the appropriate age who happens to be the former Dean of Harvard Medical School. And now the story makes sense to me, but I suspect the statement the "Mrs. Limongello’s parents.... contribute about a third of the rent" is an understatement.

It's crazy that a few websearches on public info could lead to home addresses... and nefarious things could be done by deranged individuals. One shouldn't give real names to reporters/writers, and publishers should use fake names in such articles.
Title: Re: NYTimes: The Hunt
Post by: AMandM on January 31, 2020, 08:28:14 AM
Their rent is equal to the gross income at the 90th percentile of US workers.
Title: Re: NYTimes: The Hunt
Post by: mlipps on January 31, 2020, 10:32:35 AM
Perhaps I'm alone on this, but the $4k a month for a 2-bedroom so that Ms. Cox could live alone seemed like the most outrageous part of the article. Of course, then I was curious as to how much a 30-year old who "manages construction for a real estate developer" makes so they could afford that. Payscale says $57-150k (https://www.payscale.com/research/US/Job=Real_Estate_Development_Manager/Salary), so there must be more to the story.


Perhaps I'm alone on this, but the $4k a month for a 2-bedroom so that Ms. Cox could live alone seemed like the most outrageous part of the article. Of course, then I was curious as to how much a 30-year old who "manages construction for a real estate developer" makes so they could afford that. Payscale says $57-150k (https://www.payscale.com/research/US/Job=Real_Estate_Development_Manager/Salary), so there must be more to the story.

The story lists Ms. Cox's parents names and location, and there just so happens that there's a Malcolm Cox (https://www.linkedin.com/in/malcolm-cox-91720812/) in the Greater Philadelphia of the appropriate age who happens to be the former Dean of Harvard Medical School. And now the story makes sense to me, but I suspect the statement the "Mrs. Limongello’s parents.... contribute about a third of the rent" is an understatement.

It's crazy that a few websearches on public info could lead to home addresses... and nefarious things could be done by deranged individuals. One shouldn't give real names to reporters/writers, and publishers should use fake names in such articles.

Ah yes, I also noticed both of these things... I went down a whole rabbit hole about these people because she also said he moved in "soon after they met"...found them in another article about online dating success stories that said they got engaged after 10 months. I assumed that mom & dad were paying for her lifestyle once I read that line at the end that her dad was a physician. Although it's also possible that the daughter of the dean of HMS just got a really sweet first job after college & is very well paid for what she does.

My general impression is that this woman wants to share her whole personal life to the internet so I don't feel too bad being judgy about it.
Title: Re: NYTimes: The Hunt
Post by: Just Joe on January 31, 2020, 10:37:40 AM
$10K a month would buy an estate here in flyover country!

https://www.zillow.com/homedetails/867-N-Fox-Hunter-Rd-Fayetteville-AR-72701/90977438_zpid/

That's an estimated $4500 a month...
Title: Re: NYTimes: The Hunt
Post by: jinga nation on January 31, 2020, 03:24:18 PM
$10K a month would buy an estate here in flyover country!

https://www.zillow.com/homedetails/867-N-Fox-Hunter-Rd-Fayetteville-AR-72701/90977438_zpid/

That's an estimated $4500 a month...

I'd rather rent a massive beach apartment. I'm sure that would attract a certain class of people who'd want to be my "friends". Of course, I'm talking about lonely single north-eartern snowbirds, divorced with loads of money.

https://www.realtor.com/realestateandhomes-detail/19820-Gulf-Blvd-Apt-501_Indian-Shores_FL_33785_M52946-60774#photo6
Title: Re: NYTimes: The Hunt
Post by: obstinate on February 02, 2020, 09:55:18 PM
I don't really think living in Dumbo or Bheights is efficient, but this rent is not crazy for that part of town. And even within that pricey part of town, they decided to pick a pricey way to live: newly remodeled or built highrise living.

But, there are a lot of people in NY who can afford it, especially with the 'rents paying a third. Hubby is a senior director of product management a small (<$1B market cap) tech company. Depending on what "senior" and "director" mean (different at every company) this could be a role that commands 300k-1M+ in total comp. And let's not forget that a lot of people live closer to the edge than us Mustachians. IMO, it would not be terribly unusual to see a New York couple that is netting $200k renting a place like this.

I will say that although I am from time to time jealous of the low housing prices some of y'all tout in flyover country or that weird thing sticking off our southeast corner, it is missing the point somewhat. Living in NYC or the Bay is, for some, an investment. In my experience, it is an investment that pays absurd returns, to those who are skilled and lucky. Of course, there are people pulling down $500k a year in Miami, but nothing close to as many as in NYC. The 85%ile HHI here is greater than the 95%ile in Miami. That's a big part of why it costs so much to live here. If you can figure out how to spend that money efficiently it's highly worth the added cost of housing.
Title: Re: NYTimes: The Hunt
Post by: Just Joe on February 03, 2020, 09:15:58 AM
I understand Obstinate what you are saying about NYC and I've visited NYC three times now in my life. Each time was interesting and do I look forward to visiting again in the future.

As for daily life - I'd rather live anywhere else than NYC - or similar very large cities. I never really relaxed in NYC or Chicago or similar.

Here in flyover country I can own a bigger patch of ground. Easy commute (10 mins). Easy shopping (10 mins). Easy fun (step out the door or 10 mins drive to town or 1.5 hrs drive to the big city and then home again afterwards).

Flyover country affords us the ability to watch the sun go down from our porch looking across a big patch of ground that we own while sipping tea or coffee or... We have space to enjoy and play in. Space to garden or do whatever we want to do. Living in the city with the ability to go a million places is nice but honestly - we don't go out that much.

There is the rub: make huge money in a big city and spend 20+ years there making the best of a place that I'm not really compatible with, or live where I want to making low six figures and enjoying every day more.
Title: Re: NYTimes: The Hunt
Post by: obstinate on February 04, 2020, 02:02:54 PM
Joe, good on you for knowing what you want in life. FWIW, I was not using the term "flyover country" pejoratively. I'm just referencing something someone else said above. I don't think living in the city makes me better than anyone else. It's just what I happen to prefer, and I am definitely not going to yuck your yum.
Title: Re: NYTimes: The Hunt
Post by: Just Joe on February 04, 2020, 04:21:10 PM
Flyover country is a good name for it. No offense taken. Love it here. Come visit! ;)
Title: Re: NYTimes: The Hunt
Post by: 2sk22 on February 14, 2020, 05:01:32 AM
I will say that although I am from time to time jealous of the low housing prices some of y'all tout in flyover country or that weird thing sticking off our southeast corner, it is missing the point somewhat. Living in NYC or the Bay is, for some, an investment. In my experience, it is an investment that pays absurd returns, to those who are skilled and lucky. Of course, there are people pulling down $500k a year in Miami, but nothing close to as many as in NYC. The 85%ile HHI here is greater than the 95%ile in Miami. That's a big part of why it costs so much to live here. If you can figure out how to spend that money efficiently it's highly worth the added cost of housing.

I have lived in or around NY City for the past 30 years. I currently live in New Jersey, close enough that I can see the tips of the new ultra-talls on 57th street. Despite living so close to the city, subjectively it does not quite feel the same as living in the city itself. That said, I am very happy where I am.
Title: Re: NYTimes: The Hunt
Post by: fattest_foot on February 14, 2020, 08:38:49 AM
I didn't realize I was living a life of luxury by drying our clothes on a clothesline 9 months out of the year. Can you believe the sun dries them for free? They're even dry the same day we hang them up!
Title: Re: NYTimes: The Hunt
Post by: jinga nation on February 14, 2020, 03:09:06 PM
I didn't realize I was living a life of luxury by drying our clothes on a clothesline 9 months out of the year. Can you believe the sun dries them for free? They're even dry the same day we hang them up!
no wonder we have global warming, your hang-dry clothes absorbing solar emissions.
now you'll have to purchase carbon credits to offset your luxury drying.
/s
Title: Re: NYTimes: The Hunt
Post by: Reynold on March 11, 2020, 03:41:06 PM
I will say that although I am from time to time jealous of the low housing prices some of y'all tout in flyover country or that weird thing sticking off our southeast corner, it is missing the point somewhat. Living in NYC or the Bay is, for some, an investment. In my experience, it is an investment that pays absurd returns, to those who are skilled and lucky. Of course, there are people pulling down $500k a year in Miami, but nothing close to as many as in NYC. The 85%ile HHI here is greater than the 95%ile in Miami. That's a big part of why it costs so much to live here. If you can figure out how to spend that money efficiently it's highly worth the added cost of housing.

True, had a friend's husband who worked in NYC, no college degree but he did some kind of web design/marketing thing (despite having a background as a chef), and made 2-3x what he could have made out where he lived in CT, assuming he could even get that kind of job.  A long commute, part car and train, but far better money, and he arranged to work from home a couple days a week so it wasn't terrible.