Wednesday, November 22, 2017
Painting or
Let's return to more familiar territory for another comparison. I've been sort of uncomfortable using St Joe for these equations because I don't know the place. I visited there several times, found it deeply fascinating, but never lived there.
This comparison is based on personal experience, and works out BEAUTIFULLY as an equation.
= = = = =
Some rich fuckhead spent $450 million for a painting.
How much of Ponca could you buy for $450 million?
All.
Or pretty damn near all. I've shown the part west of 14th St, which is the older part built before 1955. After '55, the newer suburbs clustered around the Marland Mansion east of 14th.
Census data shows 12k households in Ponca. The older part would be just about 10k households, and their median value looks like $45k. Values east of 14th are sharply higher.
45k value * 10k houses = 450 million total. Neat.
Bonus: The painting comparison is especially poignant. EW Marland, who sacrificed part of his own wealth to cultivate the city, had a huge collection of paintings in his mansion. After JP Morgan bought him out, he lost gumption and frittered away his investments. He died nearly broke. His younger wife Lydie was loyal to the manor and the name. For a while after EW died, she wandered the country living on the kindness of strangers, frequently pawning and redeeming the one painting she had kept. Late in life she returned home, and the Roman convent that owned the mansion allowed her to live out her last years in the gatehouse.
In Poncan myth, Lydie's pawned painting was the distilled soul of the noble lord.
Now a rich idiot casually buys one random painting for the same price as Ponca.
All.
Or pretty damn near all. I've shown the part west of 14th St, which is the older part built before 1955. After '55, the newer suburbs clustered around the Marland Mansion east of 14th.
Census data shows 12k households in Ponca. The older part would be just about 10k households, and their median value looks like $45k. Values east of 14th are sharply higher.
45k value * 10k houses = 450 million total. Neat.
Bonus: The painting comparison is especially poignant. EW Marland, who sacrificed part of his own wealth to cultivate the city, had a huge collection of paintings in his mansion. After JP Morgan bought him out, he lost gumption and frittered away his investments. He died nearly broke. His younger wife Lydie was loyal to the manor and the name. For a while after EW died, she wandered the country living on the kindness of strangers, frequently pawning and redeeming the one painting she had kept. Late in life she returned home, and the Roman convent that owned the mansion allowed her to live out her last years in the gatehouse.
In Poncan myth, Lydie's pawned painting was the distilled soul of the noble lord.
Now a rich idiot casually buys one random painting for the same price as Ponca.
Labels: Fucking asked and fucking answered, the broken circle
¶ 5:07 PM
