I’ve generally thought that real estate was a thing that everyone in the world discussed and it was surprising to hear today that outside of New York, nobody really talked about it. Nobody really talked about, for example, property values or had strong opinions about which material was best for building: Brick or shingles (Bricks are obviously the better choice, they’re (1) more aesthetically pleasing and (2) far more durable). To be clear, people outside of New York City probably do talk about their properties but not over Sunday brunch as the way we do here. New Yorkers seem obsessed over their real estate and for good reason.
I think New Yorker’s obsession with real estate comes in part from the meaning that many of the streets seem to impart. To buy a home or more realistically, nowadays, a small apartment in New York is to buy a part of history. Some streets are just dripping with history. I was walking home the other day and I walked down Third ave. At a certain point, Third ave, after Delancy, changes into the Bowery. On either side of the street, I noticed in the windowstills of shops and buildings on the street was posters by the Friends of the Bowery that highlighted the buildings, theatres, homes, which once stood there. I clearly remember that in what was now a group of art galleries on an affluent block, flanked by condominiums and high rises, was a poster talking about the first theatre that showed Vaudeville acts that stood once right on that very ground! Much further down the block, near where the Five Points used to be, once stood another theatre that was designed with beautiful, huge greek columns, and wide balconies, designed to entice wealthy patrons but ironically the theatre was ignored like the plague by the rich who preferred prettier theatres uptown and was rather beloved by the poor immigrant groups that lived nearby, First the theatre, at the corner of Canal and Bowery, was patronized by large crowds of German immigrants, who in turn gave way to Italians, then Jews, then finally closed when the last Chinese finally left the theatre. What stands there now is a Chinese Dim Sum place and an ugly parking garage. The streets of New York are just dripping with historic meaning.
When New Yorkers discuss real estate, they’re discussing the lives, the days, the laughter, the smiles, the tears, the blood of those people that have lived on the same land. New York is a place where so many people have walked, so many people have lived and the history, unlike many other places, is so well-known and so well-loved.
Hello Will!
Your post about the unique obsession with real estate in New York City, discusses a topic from Monday’s class discussion that also interested me greatly. Speaking from personal experience, I have never really been fascinated by real estate. I don’t care to know how large a person’s apartment is or how much it costs. I find questions like these to be intrusive and rather rude. However, most of my immediate family does not agree with this belief of mine. They frequently discuss real estate prices at family events, especially since many of my cousins are looking into dorming in New York City for college.
I do agree that this obsession with real estate is not present in many other countries. However, I do not think that this is because New York City is historical. As a nation, the United States is far younger that most other countries. Places like the United Kingdom and Israel are rich with historical significance. They possess infinite famous historical landmarks, such as Stonehenge and the Temple Mount. However, their residents do not freely discuss real estate information at all times like most New Yorkers due. Thus, I believe that people in New York consistently bring up real estate because where one lives expresses information about one’s socioeconomic status. Due to extremely high rent prices, only the most affluent people can afford spacious apartments in New York City. Apartments in particular locations are status symbols. For instance, if one lives in the Upper East Side near Central Park, it is obvious to others that he or she is well-off. Thus, today’s New Yorkers, who are obsessed with arrogantly displaying status through the acquisition of expensive objects, stress the importance of real estate in order to prove their economic worth.
Will is right that New York ‘s streets drip with history and cultural importance. It’s amazing how certain New York street names are recognized around the world. I once showed a South African woman a map of my neighborhood and she become extremely excited to see that nearby Waverly Place is a real location because she knew of it from the Wizards show. Bowery, Delancey, Fifth Avenue, Bleecker, Madison, Lexington all appear in various songs, movies, TV shows. The only other city like this for me is London: Fleet Street, Drury Lane, Notting Hill, Abbey Road etc.
Hi Will,
I found your post really interesting, especially because I was also surprised after Monday’s class to learn that New Yorkers are among very few Americans who discuss property value. For me, it was a constant conversation point in daily life because my mom is a real estate agent. I grew up driving around suburban Westchester County pointing out interesting houses through the window, to which my mom usually responded something about its value. Whenever we drove South of my home town, near a lake, or in the neighborhood of a particularly good school district, she would explain that the prices of any of the homes there could be sky high despite looking exactly the same as the houses in my own neighborhood. Why? “Location, location, location.” So unlike most kids, I grew up understanding that as you get closer to New York City, the homes become more expensive, and this is parallelled in the city itself. As you mentioned, people do sometimes pay for not even the perks of the actual apartment they are buying, but the street they’ll be living on. Clearly, location is everything.
While I do agree with your idea on why New Yorker’s like to talk about the value of homes more often than any other people in the country, I don’t think it comes solely from the history of the streets they live on. My own neighborhood back home will have maybe 2-3 houses for sale at any given time, while a single apartment building in New York might have a minimum of 10. Being that real estate is something that is so often advertised in the city, I think it further encourages people to discuss value and look for new investments for themselves. Coupled with the history of the streets we live on, I think New Yorker’s are being given a constant reminder of the high valuation of apartments around them and therefore are encouraged to be more inquisitive about the apartments they visit on a daily basis.