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Headset,
At least you got fresh vegetables and eggs. We had food rationing for the entire time I was in Shanghai. ;)
(to SP, ugh, sorry. Last time, I promise.)
I'm fairly agnostic on "McMansions" as a contemporary style/class of tract homes, however one chooses to define them. However, depending upon the specific builder/location, there is some valid criticism out there in terms of poor construction quality, needless use of sub-par materials and inefficient use of space, poor design issues, etc. That said, the main issue to me isn't the style of housing being built, it's the insane valuations and financing used in this part of the country.
There are some viable alternatives out there for non-rich hard-core D-I-Y types who want a truly custom-built house, without having to pay $millions to have a world-famous architect build the thing for you: straw-bale, adobe, rammed earth/cobb, etc. The possibilities are limitless, assuming you have the necessary skills, time and willpower to see it through (which few people have).
I like McMansions. I do not like the 40 year old floor plans in Cupertino at all. In every such house the first thing you notice after entry is kitchen ! There is nothing pretty, classy etc about these plans.
I need big kitchen, big bathroom and a big room for a big TV. Rest is too subtle for me.
Same here. I like a big master bathroom with tub, separate shower, and separate toilet stall. If I cannot spin around freely with my arms fully extended, the bathroom is too small.
SP,
Very few people in this world are truly indifferent to cost and most of the world does hold some value for perception of prestige. Thus, I do not discount such behavior outright but measure for durability of such perception under duress.
If we go solely by actual usefulness of goods, most luxury goods makers would go bankrupt very quickly.
SQT,
It just sounds like you found a home you're happy with, and that's really more important than anything else.
Peter P,
One of these days I will create a thread called "build the perfect house for Peter P." You just wait!
If we go solely by actual usefulness of goods, most luxury goods makers would go bankrupt very quickly.
True. I enjoy luxury food very much. But it gets turned into human waste just as quickly as normal food. :(
Perhaps I should condition myself into hating good food.
Peter P,
I think my analogy would be for you to trick your mind into believing that PB&J sandwich tastes like toro and $2/lb hamburger tastes like Kobe beef.
If I eat rich food like the kind people in California must have every day, I tend to have a profuse amount of gas and very frequent bowl movements. On the other hand, if I go home and eat all that southern food again, boy oh boy! It literally lubricates my innards.
OT
I can't believe there are so many idiots who want to buy into Bank of China's IPO. Have they learnt nothing from the last ten years?
I think my analogy would be for you to trick your mind into believing that PB&J sandwich tastes like toro and $2/lb hamburger tastes like Kobe beef.
I do enjoy plain pasta with olive oil, garlic, and chili flakes, with or without clams.
Joe,
Thanks for confirming my own belief about the behavioral patterns of the rich. I think when the upper middle class and the (gilt) gold collars start acting like the rich, the rich will mutate into some other sort of craziness.
Thus, Paris Hilton dresses like a skanky ho and the Olson twins dress like bag ladies. When the poor dresses like the rich, the rich will dress like the poor.
Or something. It's not a very well thought out theory.
My old coworkers' house was for sale last year (don't know whether he ever managed to find a buyer), and I was looking for it on realtor.com and debating whether to post a link to it so that everyone can see the inside. It seemed a little like an invasion of privacy, so I was unsure about whether I should do it.
The question was moot, because his house wasn't on the site, but one of his next-door neighbors has listed their house for sale:
http://www.realtor.com/Prop/1060284957
To picture my coworker's place, imagine the same basic house with approximately ten times as much bling.
Note that what you are looking at the is one of the very first McMansions, built in 1987. CA really set the trend here.
I believe if you really want something it is better to get the best example of it that there is within your reach… i.e. if I want a Mont-Blanc, and I can afford it, I get it. If I cannot afford it I don’t see the point of buying a cheap knock-off because I get no satisfaction from knowing that it is fake.
Is Mont Blanc any good? I heard that the resin body cracks easily. Is that true?
SP,
I think you're ignoring the market segment that places an extremely high value on the opinion of others, rich enough to afford the real thing, but unwilling to pay full price. I will argue that for this segment may find McMansions to be a good match for their needs. I think Randy's earlier comments about potential Toll Brothers purchasers go to the same demographic.
Note that what you are looking at the is one of the very first McMansions, built in 1987. CA really set the trend here.
But what about Tony Montana's place from Scarface? That pre-dates it by at least 4 years.
I'd go with an Omas. They're sooooo pretty. Monte Blancs are too heavy and stiff.
HARM,
When you think about it, high fashion has been going into the ghetto look for quite a while. John Galliano's entire line is pretty much crap in my eye and Prada has managed to market generic black stuff for a pretty outrageous price...and LV handbags? Ugly!
SP,
The true connisseur will realize the MontBlanc pens, from a practical standpoint, are like a low-end Jaguar (the one that's really just a dressed up Ford). High on prestige, low on quality. My own preference is to look for quality, and often that will guide me to a brand that's outside the normal "prestige-brand continuum".
For a pen, I might spend 100$ or more for a nice Namiki model (first brand I can think of right now, so not that obscure, sorry). It provides some satisfaction of eliteness both over those who wouldn't pay even that much (the price angle) and over those who buy the MontBlanc (the "actually knowing what you're buying angle").
Oh, and to bring this back to housing, if I wanted crown molding, I'd go buy power tools and lumber (or visit a friend with power tools). The "rich" I have known seemed to generally take a healthy attitude of "who cares what the others think; I'll buy it if it works for me". So, they might drive an older Mercedes or higher end Volvo, but it was usually because it was a solid car, not for the prestige value.
Joe,
Talk about price compression. That house actually looks pretty reasonable for the price. If I remember correctly, Northridge is a reasonably good Westside neighborhood, right?
...and LV handbags? Ugly!
I'll second that. Don't know why they're so popular with so many women.
Astrid,
It's farther out, one of the northernmost communities in the San Fernando Valley. In some ways Northridge was the original "exurb," a second-generation suburb built up in the 80's and populated by people who grew up in older suburbs built in the 50's and 60's. It's not really a true exurb, becuase it's not that far from LA, but you get the idea.
It provides some satisfaction of eliteness both over those who wouldn’t pay even that much (the price angle) and over those who buy the MontBlanc (the “actually knowing what you’re buying angleâ€).
True. I just need a good quality pen. Prestige is not important. But it needs to be BIG.
So, they might drive an older Mercedes or higher end Volvo, but it was usually because it was a solid car, not for the prestige value.
Volvo sedans are too small though. They need something much bigger than the S80. Older Mercedes are solid, but they do need some TLC.
It's better to buy pens second hand. Especially the celloid pens. So pretty!
From a practical standpoint. I have Chinese made fountain pens that I've bought for $1 or $2, they're easy to use and don't clog up or bleed. The main problem is that the nibs are too stiff.
I was given a cute little restored Esterbrook. Really nice until it started leaking. It's not big though.
I am amused by Joe Shmoe's example of the couple born into well-to-do families. Rich people can do whatever they like. These days, tastefulness is not necessarily a mark of upperclassness. As a matter of fact, uppers tend to have a coarse taste. Only the upper middles strive to be cultured and tasteful. Somewhere I read that the current ruling house in UK had a reputation for philistine taste. The old Duke of Kent, who died in an air crash in 1942 (or 1943), was the only exception: He was the only tasteful, cultured person in that clan. PoW may be another reasonable person. I don't know.
But that couple might not have come from the upper families. Yes, their respective father/mother was rich or struck it rich. But you know les nouveau riches tend to marry poorly, for they didn't have a choice. Sadly, the poor genes from the spouse side have a 50-50 chance to leave discernible marks on the children.
As I said over and over again, conspicuous consumption (or a pretentious imitation thereof) is no longer the mark of an upper class; it probably never was a mark of a hereditary upper class.
It’s better to buy pens second hand. Especially the celloid pens. So pretty!
Have you tried Pelikan?
I use only rollerballs because I am too lazy to maintain fountain pens.
Requiem,
I prefer your approach to the ones espoused by others. Do what you like and what suits you. Leave it to the others to ape you. Trust me, they will.
Peter P,
I'd say go with a low end Schaffer or Mont Blanc. Odds are, you'll only use it occasionally for signatures, so you just need enough bling to impress the other person. Actually, you probably don't want Schaffers because they're too pretty for conservative business uses.
Pelikans are nice, but I like Omas better.
(please note that I can't afford any of these, this is all gawking value)
Also Requiem,
I was in the market for a fountain pen, to (re-)practise and enjoy handwriting. What do you think would be a good pen for around $100? Does Waterman makes a good pen? I don't care about the brand image. The pen will stay at home. One does not travel with a fountain pen. I've had my share of inked shirts back in my school days. Besides, when in need, you can always borrow a MonBlanc from a rich man.
Peter P,
My normal pens are Pilot G-2s. They're definitely worth the 75 cents or so I pay for them. I don't like anything cheaper since they tend to bleed, clot, and cramp my hands.
Odds are, you’ll only use it occasionally for signatures, so you just need enough bling to impress the other person.
I just need a pen to write down my intuitions at home. I will not carry a pen with me... or it will be lost in a week. If I want to impress someone at the restaurant, I would just order 4 dishes. :)
I was in the market for a fountain pen, to (re-)practise and enjoy handwriting. What do you think would be a good pen for around $100?
See if Retro 51 works for you. Also, try LAMY.
My normal pens are Pilot G-2s. They’re definitely worth the 75 cents or so I pay for them. I don’t like anything cheaper since they tend to bleed, clot, and cramp my hands.
Are those gel-ink pens?
Well, they are classy people in the only way that really matters -- they are very nice.
But before meeting them, I always bought into the strereotype that people whose families have been rich for a long time are quiet about it. They don't feel the need to engage in ostentatious displays of wealth because they don't have to impress anyone, etc. Obviously, that's not true.
Are there any problems I should be aware of?
Drop some water on the writing and see if the ink dissolve. This may not be a big issue though.
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Readers of the FT will be familiar with the (newly expanded) Lex Column. Today's featured an interesting little bit on US housebuilders, and its relation to the US housing market.
The column goes on to mention:
Toll is considered a bellwether indicator. Why? Because it markets upscale homes to a sophisticated clientele. Sentiment has grown so negative on Toll that their recent guidance further cutting earnings forecasts actually triggered a relief rally. The market capitalization of Toll is less than the value of all its land and inventory.
Or is it? The problem is that the only potential buyers for construction projects in-progress are other builders, who are similarly depressed for the same reasons. This kind of "vicious circle" is hard to break and usually causes an overshooting of reasonable valuation.
But before you jump in to buy undervalued REITs or homebuilder stocks, keep in mind that this may just be the beginning. The entire sector is trading at about 5.5 times ever shrinking earnings estimates. But (and this is a big but), direct costs are skyrocketing, general inflation is increasing, rates are rising, and industry consolidation is probably nowhere near done. Lex's conclusion: it will be increasingly difficult for these builders to defend returns as capital costs soar. Result, more downside probably left.
Why on earth do we even care? We're sure to hear from at least one Troll that "New Home Starts" don't matter, or that homebuilders aren't relevant, or that "sales of existing homes" is the only game in town. My answer: perhaps, this time, everything is different and we've entered a great new economic paradigm where leading indicators no longer lead. Or, the correction is well underway.
--Randy H
#housing