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Here’s a new trend a colleague just told me about — in certain New York suburbs, buyers are putting so much of their savings and monthly income into the purchase of big beautiful homes that they don’t have enough money left to furnish it.
He tells of families in his Orange County, N.Y., neighborhood that have toddlers running around vacant rooms while the parents try to gather enough savings for a trip to Ethan Allen. Basically, they’ve taken the conventional wisdom of buying as much house as they possibly can to a new extreme.
Has anyone else witnessed the same phenomenon in your town? (It’s not an issue in New York City, where I live!).
In a way it makes perfect sense to me. Why clutter up a big new house with cheap or old furniture? Why not enjoy the expanse until you have the cash to afford some quality pieces that will last?
If I ever sell my New York City apartment, I don't plan on paying movers to relocate most of my battered and worn furniture. Come to think of it, having an empty room for my two-year old to clatter around in, sounds like a dream come true.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.