Hard times for the rich: 'If you can, you pay $5 million for a mansion instead of $6 million'

[Newsjock]

Source: San Jose Mercury News

The rich, they really are different.

While the rest of us are reaching for coupons, conspicuous consumption was boldly on display Saturday in downtown San Jose at the Lux5 Future Luxury event - a bazaar for those who may not flinch if gas hits $10 a gallon.

"It's kind of like the Disneyland for the affluent set," said Lux5 co-founder Michael Munar.

The two-day confab, which began Friday, drew plenty of those who can drop a few hundred grand without fumbling their credit card. But even looky lous - dubbed "the aspirational" by Munar - were willing to fork over $30 for admission to another world.

...Still, the wealthy aren't immune to the diving stock market and overall economic malaise that has gripped the nation, said Jor Lam, acquisitions manager with National Realty. The Pleasanton-based real estate company set up a booth at Lux5 for shoppers interested in snatching up discounted mansions and islands. The rich, after all, like a bargain, too.

"If you can, you pay $5 million for a mansion instead of $6 million," he said.

... "They definitely have cool stuff," marveled San Jose software engineer Greg Zavertnik, who showed up to stroll the floor with his wife. "We are the aspirational - we want to be the ones who come next time with the super-duper credit card."

Read more: http://www.mercurynews.com/ci_10012854

[Initech]

1. So they have an outdoor pool instead of an indoor one.

Big fucking deal. :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: :nopity: