Why is New York full of so many fools?

Question

I mean why spend 1 million+ on this http://www.realtor.com/search/listingdetail.aspx?ctid=4&mnp=30&mxp=29&bd=6&bth=8&typ=1&sid=c80d97d87a91480083ee717ea4ab31a9&lid=1095705597&lsn=9&srcnt=18#Detail

I mean if they like NY so much and they like that style of house, why not just live a little bit north of NY and buy an almost identical house like this http://www.realtor.com/search/listingdetail.aspx?ctid=436&mnp=7&mxp=7&bd=4&bth=4&typ=1&sid=0f1d6b3f4b6340d0b5cd1c0a2a31ab46&lid=1096518687&lsn=4&srcnt=7#Detail for under 15k and save over a million dollars. This is why new yorkers are such fools and can never leave or stop working because they are trying to make rediculous house payments on crappy houses.

Answer 1

. . . .it's a microcosm of the world. . . . .

with real estate it's Location, location, location . . . . . . . . . . .

Answer 2

Dear Peil,

              If they can earn $500,000 a year in New York versus $10 an hour in Texas who is the fool?  There certainly are beautiful lake front homes  and golf course homes throughout Texas. New York is for work...Texas for retirement. Depending upon ones values, it may be worth the trade-off.

              Meanwhile, here in California home prices are in free fall. We have our share of homes selling for outrageous amounts. A condo in Century City near West Los Angeles just sold for $56 million amounting to about $3,500 per sq. ft. Bought by the widow of Aaron Spelling, television producer-owner of Beverly Hills 91020 and a hundred other T.V. shows. She could have bought one half of Oklahoma or the entire State of Arkansas. Her money her right to spend....

      

    

Answer 3

Instead of living in a garbage town in the middle of nowhere, I rather live in brooklyn, NY, which is where i live.

Answer 4

So many issues with your question...  

Buffalo isn't 'a little north' of Brooklyn.  It's 400 miles away.  

The house in the Brooklyn isn't worth $1,050,000 (to me) by any means.  It is probably zoned commercial and has more value as a commercial property.  Even if that isn't the case, Brooklyn is pretty desirable for many people.  Commuting is a big part of life in NYC and if this house is close to Manhattan then someone might be willing to pay that for a short commute.  

I used to live in Buffalo, NY (actually a suburb) and the listing you pointed out in buffalo is practically in a war zone.  No sane person would choose to live there.  In addition to the crappy area, the housing stock is old and that house has probably been stripped.  

So your premise is probably still true, you just used crappy data to support it.  

good luck!

Answer 5

it is all location  if your willing to spend 1 m  for a house u can live in Manhattan ; or highland park or plano tx for that matter but if u want to save try the burbs  the bronx; new Jersey or in texas  hutchins lancaster  allen  or Mck