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I think this issue is illustrated in a different way - the asset/wage ratio of the 70's/80's vs today... To take a yuppie example: If you went to work for a w

by cascom 8y ago

I think this issue is illustrated in a different way - the asset/wage ratio of the 70's/80's vs today... To take a yuppie example: If you went to work for a white shoe law firm or top investment bank right out of graduate school in the 1970's in new york maybe you made ~$30K a year but a really really nice apartment or townhouse cost $150k-$300K so it was a 5x-10x ratio between starting salary and really nice house Now the houses that sold for $150k-$300K in the 70's sell for like $7.5m - $30m, but those same first year banking/law jobs at top firms pay like $250k so a ratio of 30x - 120x!!!!

bradlys 8y ago
Townhouses or apartments for $7.5m to $30m? Is this in NYC? (Even then, that seems outlandish) The only thing in SF Bay that's $7m+ are the mini-mansions in Atherton and Woodside.
- cascom 8y ago
  New York city... not saying there are not cheaper, but what what would have cost a few hundred thousand dollars in the mid 70's would cost that now
kevindong 8y ago
> Now the houses that sold for $150k-$300K in the 70's sell for like $7.5m - $30m I think you're off by an order of magnitude. 432 Park Ave, which is by any account one of the most expensive buildings in NYC, has a 2 bedroom / 2.5 bath apartment listed for just shy of $12 million [0]. In fact, there's only 13, 2-bedroom apartments more expensive than that for sale in Manhattan [5]. In Manhattan, there's currently 134 listings for 2 bedroom apartments with a listing price of under $750k [1], 1596 listings for under $3 million [2], 1998 listings for under $7.5 million, and a total of 2034 listings for all 2 bedrooms currently listed [4]. [0]: https://streeteasy.com/building/432-park-avenue-new_york/53a https://streeteasy.com/building/432-park-avenue-new_york/53a [1]: https://streeteasy.com/for-sale/manhattan/status:open%7Cprice:-750000%7Cbeds:2 https://streeteasy.com/for-sale/manhattan/status:open%7Cpric... [2]: https://streeteasy.com/for-sale/manhattan/status:open%7Cprice:-3000000%7Cbeds:2 https://streeteasy.com/for-sale/manhattan/status:open%7Cpric... [3]: https://streeteasy.com/for-sale/manhattan/status:open%7Cprice:-7500000%7Cbeds:2 https://streeteasy.com/for-sale/manhattan/status:open%7Cpric... [4]: https://streeteasy.com/for-sale/manhattan/status:open%7Cbeds:2 https://streeteasy.com/for-sale/manhattan/status:open%7Cbeds... [5]: https://streeteasy.com/for-sale/manhattan/status:open%7Cprice:12000000-%7Cbeds:2 https://streeteasy.com/for-sale/manhattan/status:open%7Cpric...
- cascom 8y ago
  Nope - if I log into the New York Times and look at the real estate section for Sunday, March 2, 1975 (pg.294 if you have a subscription) you'll see an ad for a 5 bedroom (10 rooms total) on 5th avenue in the 80's for $150K that would be more like $12M today or a whole townhouse in the east 60's (pg.273) for $164k...

by cascom 8y ago

bradlys 8y ago

Townhouses or apartments for $7.5m to $30m? Is this in NYC? (Even then, that seems outlandish) The only thing in SF Bay that's $7m+ are the mini-mansions in Atherton and Woodside.

cascom 8y ago
New York city... not saying there are not cheaper, but what what would have cost a few hundred thousand dollars in the mid 70's would cost that now

kevindong 8y ago

> Now the houses that sold for $150k-$300K in the 70's sell for like $7.5m - $30m I think you're off by an order of magnitude. 432 Park Ave, which is by any account one of the most expensive buildings in NYC, has a 2 bedroom / 2.5 bath apartment listed for just shy of $12 million [0]. In fact, there's only 13, 2-bedroom apartments more expensive than that for sale in Manhattan [5]. In Manhattan, there's currently 134 listings for 2 bedroom apartments with a listing price of under $750k [1], 1596 listings for under $3 million [2], 1998 listings for under $7.5 million, and a total of 2034 listings for all 2 bedrooms currently listed [4]. [0]: https://streeteasy.com/building/432-park-avenue-new_york/53a https://streeteasy.com/building/432-park-avenue-new_york/53a [1]: https://streeteasy.com/for-sale/manhattan/status:open%7Cprice:-750000%7Cbeds:2 https://streeteasy.com/for-sale/manhattan/status:open%7Cpric... [2]: https://streeteasy.com/for-sale/manhattan/status:open%7Cprice:-3000000%7Cbeds:2 https://streeteasy.com/for-sale/manhattan/status:open%7Cpric... [3]: https://streeteasy.com/for-sale/manhattan/status:open%7Cprice:-7500000%7Cbeds:2 https://streeteasy.com/for-sale/manhattan/status:open%7Cpric... [4]: https://streeteasy.com/for-sale/manhattan/status:open%7Cbeds:2 https://streeteasy.com/for-sale/manhattan/status:open%7Cbeds... [5]: https://streeteasy.com/for-sale/manhattan/status:open%7Cprice:12000000-%7Cbeds:2 https://streeteasy.com/for-sale/manhattan/status:open%7Cpric...

cascom 8y ago
Nope - if I log into the New York Times and look at the real estate section for Sunday, March 2, 1975 (pg.294 if you have a subscription) you'll see an ad for a 5 bedroom (10 rooms total) on 5th avenue in the 80's for $150K that would be more like $12M today or a whole townhouse in the east 60's (pg.273) for $164k...