Fear (of Condos) and Self-Loathing in Williamsburg
What happens when you mix the snide aspects of hipster culture with the gleaming new developments that have popped up in Williamsburg, Greenpoint, and Fort Greene? Condo shame, says the Observer. The hipsters who once scoffed at new developments like The Edge or nV are now—ironically, perhaps—experiencing a desire to buy units in these buildings…
What happens when you mix the snide aspects of hipster culture with the gleaming new developments that have popped up in Williamsburg, Greenpoint, and Fort Greene? Condo shame, says the Observer. The hipsters who once scoffed at new developments like The Edge or nV are now—ironically, perhaps—experiencing a desire to buy units in these buildings (gasp!). In the current market, it’s the modern units that are suddenly in the price range of 20- and 30-something new buyers, while the common brownstone fantasy still costs over $1 million. The article chronicles several 20-somethings such as Kendall Turner, 23, who bought a $449,000 one-bedroom in the Ikon building on McCarren Park in Greenpoint, or Nicole Ferejohn, 27, who refused to give in to her condo urges and continues to rent. Those profiled in the article make excuses and apologies; they feel guilt for their un-Brooklyn-y purchases; but in the end, perhaps the point is that if you price it low enough, they will (begrudgingly) come.
Condo Shame [NY Observer]
this is anecdotal evidence that supports a view that there is a huge intergenerational wealth transfer in america. 50+ years of post-war economic growth has created a generation with enough money to support their children’s first homes. there is no way that i know of to measure this, unfortunately, so it will remain a thesis.
this might be one of various non-traditional pillars supporting urban, specifically nyc, real estate prices.
3x income or 10x annual rent roll? ha! not in nyc. or at least not until we relive the great depression.
“You’d always be like, ‘No, dudes, I’m far more interesting than this apartment, I promise!’†said Ms. Ferejohn. “I just thought, that could never be me because I’m too … I’m too full of character to live in a place like that!â€
and
“They’re so large and impersonal, and I just imagine someone sitting on their five infinity pools,†she said. “But maybe it’s just this artificial construct I’ve build up in my mind about the difference between my building and other buildings.â€
and
“I naïvely had this idea that gentrification was inconsiderate and ruining old Brooklyn, but it wasn’t a well-thought-out position,†Ms Turner told The Observer.
ROFLMAO. But you gotta love the Observer for finding people who are so full of themselves!
gemini, don’t feel bad. When I was 30 (10 yrs ago) I was earning $32k.
Another field where you can earn $150K by 25 is “Biglaw” – the fancy prestigious law firms in NYC. At least you can till they go roll over and go tits up.
Does anyone have 50k I could borrow?
Btw – I live directly behind the Ikon building and have been inside for open houses. The layouts suck, all the apts are like long railroads.
She could have gotten a better 1 bedroom for 440k.
This whole thing reminds me of the television news crews who somehow always seem to find the resident slack-jawed yokel to interview after something has happened. These pieces gather up the most disgust-inducing specimens and put them on display so that everyone can point and laugh or simply shake their heads in dismay. I too doubt these folks are representative of what’s happening in the real estate market. I think the need to sell papers/stories regardless of why you read the piece has become king in the news industry.
Condo Shame? So much so that they agreed to spill their guts to a newspaper? The premise of the article is utter nonsense. Are people in this town so superficial that even housing choices have to be rationalized? Live where ever the hell you want. You have the option of not basing your identity on your address.
gem, you are wrong.
I know a couple of people that bought condos in willyburg and they are under 30 and professionals. Both make over six figures. One runs a boutique interactive marketing company that has 12 employees, another is a chiropractor with 2 offices (one in Harlem and another on Upper West side).
Prize pig…so *that’s* the secret to buying a half-million-dollar condo when you’re 24!
‘Scuse me, gotta go feed the pigs…
Yeah dave – i get what he was trying to say – but you’re being interviewed by a newspaper. Please try to do a little bit better when trying to explain why you like older houses.