Paul Goldberger’s article in the September Vanity Fair about the runaway success of 15 Central Park West, the new building designed by Robert A. M. Stern, made me wonder if Robber Barons (domestic or otherwise) are the only ones buying anything here these days.
Reports from my circle of designers/architects and store owners are a little surprising – sure there are slow and even flat sales, and some busts, but more than a few are up from last year even without the big windfalls that the uber-wealthy generate – this from people selling carpet, lighting, furniture, toys, etc.
Calm before the storm? Maybe, but let’s be somewhat hopeful. Stacations may belie that new sofa purchase, but who’s complaining?
August 15th, 2008 at 1:01 pm
I’m getting ready to sell my soul to re-carpet and re-floor a few thousand square feet of our new home — if you need it, you buy it! Either that or live in the filth left behind by the previous owners…
August 15th, 2008 at 1:01 pm
Nisi – Nice post. This doesn’t strike me as odd. My hunch it’s not just the uber-riche. Americans are truly in denial about the issues facing the economy. They keep on consuming even when they’re strapped and the economy is going south. I’m amazed in the suburbs outside Detroit for example, where house after house is up for sale, and foreclosures are rampant, how middle class people continue to consume and consume as if there is no tomorrow, continuing to use the credit cards and run-up debt. It’s quite amazing actually and speaks volumes about the state of society.
August 15th, 2008 at 6:22 pm
There are an amazing number of houses in my older neighborhood being gutted and rebuilt by new owners — six within a couple of blocks of us. I’m assuming they will all have new carpet, floors, kitchens, etc. and in many cases furniture. The old-timers are shaking our heads, where is this money coming from if things are really in the pits?
Admittedly, Northwest Portland isn’t experiencing rampant foreclosures but it’s not robber baron territory either. Many of the newcomers are managers at NIKE, Intel and so forth. They’re fitting in nicely with the academics, professionals and artists who are many of the longer term residents.
Another factor is they’re bringing in lots of young kids, which is rejuvenating the neighborhood’s energy (and noise levels). The Northwest toy stores aren’t going to be going broke.
Finally, the neighborhood of White liberals is diversifying — our neighbors on one side is a Hispanic husband, the other side is a Korean wife — both with kids. A few houses down is another Asian woman and across the street is a new Black family. There have always been lots of Jews, I don’t think they count as diversity any more.