Darling little story in yesterday’s Times about people buying multi-million dollar homes and then having to tear them apart in order to make them “livable”.

[The] newly wealthy are crowding into the market not just to buy the city’s most expensive homes, but to hire its most coveted decorators, surround themselves with dozens of remodeling specialists, and ultimately invite friends and colleagues to see their urban palaces.

“Getting the very best of New York real estate is an extension of who they think they are; it goes with the rest of their … and portfolio,” said Denise Lefrak Calicchio, a former broker with Sotheby’s International Realty and part of a prominent New York real estate family.

“This trend is not going to go away because there are so many people who want these apartments,” she explained. “There’s the new rich and there’s the old rich. There’s the poor rich and the rich rich.”

Honestly, I have no problem with this. I found it kind of interesting and amazing, actually, and I’m not easily amazed.

The wealth these people have accumulated is just incredible, you know?

The people interviewed didn’t seem obnoxious or terribly arrogant (but really, you couldn’t tell very well what they were like). They seemed a bit insecure actually. At least three of them made a point of mentioning how much money they’ve donated to charity. (Whether or not they offered up this information freely or were asked by the reporter, is another question and, of course, their contributions were never verified …)

Just a funny little story about funny little people with idle millions, doing what I guess people like that do, every day. Meaning, spend more money.

Source: $6 Million for the Co-op, Then Start to Renovate – By Christine Haughney, The New York Times

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Updated: 1st Q 2018

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