Sunday, August 11, 2013

Where's the Money, Lebowski?

I enjoy spending a quiet Sunday afternoon reading the New York Times from cover to cover (the actual paper--not the online version).  I particularly enjoy reading "The Hunt" in the real estate section where folks search for housing in and around New York.  But a lot of the stories focus on people who have levels of wealth that I find hard to wrap my mind around.  Case in point:  this week's story focused on a 32-year-old guy currently renting in the West Village (all points lead to gay...not that there's anything wrong with that) looking to buy a place in the range of $700-$900K.  How does a 32-year-old have the money for a place at these prices?  The article said he was using his life savings, but at age 32, how much life have you really lived?  Yes, he had a job (working for some company I'd never heard of), but even if he was a frugal saver (and, honestly, how frugal can you be living in New York?  His rent in the Village was near $4K a month), how did he manage to amass the kind of loot needed for a down payment?  The article didn't say that he was living with anyone, so I assumed he was paying the bills by himself which begs the question, "Where's the money, Lebowski?"  Where did the money come from?  Did some family member provide him with a hefty inheritance?  Did Mom and Dad hook him up?  Did he have a really great money market account or something?  Is he a recent Mega Millions or Powerball winner?  I'm always amazed at how relatively young people can afford such expensive housing especially when they're not selling one property to buy another.  Clearly, I'm doing something wrong with my life because it would take lottery winnings for me to amass the kind of money needed for a near $1 million piece of property.  And, yes, I am a hater.

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