Mansion, The Wall Street Journal’s real-estate supplement, arrives each Friday slipped into the middle of my newsprint edition, the way pornography (so I’m told!) used to come in unmarked envelopes back before the internet placed it at everyone’s fingertips. I’m satisfied with my weekly print version, but you may prefer reading Mansion on the web, where the photographs are more numerous, detailed, lurid, and explicit…
The comparison to porn is apt. It’s also unoriginal and incomplete. A little more than a decade ago, when the century was young and right before their real-estate holdings drove millions of people into bankruptcy, New York magazine ran a regular feature about how fabulous it was to own real estate. And not just to own it, but to fantasize about it, drool over it, caress the photos and the sales price as though they were objects of sensual desire. The feature was called “Real Estate Porn,” in keeping with the salacious content.
Mansion invokes the same feelings of naughtiness: You’re watching people do something that, in a fairer and more just world, you’d be doing yourself. I think of Vivian Dixon and John Chapple, a married couple that Mansion introduced us to not long ago, as the exemplars of the Mansion character. They are voluptuaries of real estate. They grab houses the way the rest of us scoop mints from the little bowl as we leave a restaurant. At the time of the article’s publication, in May, they owned six residences, though by the time the piece ends you suspect their trigger finger is getting itchy again…
This willingness to take the wealthy on their own terms is a rarity in American business journalism. Reporters are usually more leery in their treatment of such subjects, when not nakedly hostile. Few people in the world despise the winners of the capitalist lotto more than the sorry drudges who are called to write about them. You’ll find a higher percentage of committed socialists in the newsroom of the Financial Times than at a lakefront party at Bernie Sanders’s dacha.
- The presence of really wealthy people in the midst of an egalitarian/middle-class public discourse.
- The importance of real estate in American life. Sure, citizens can vote and a few people can move from the bottom to the top in unique ways but the real answer to getting ahead is real estate (from moving the frontier for 150+ years to gobbling up expensive properties in global cities).
- The work that goes into homeownership in both maintaining and improving properties.
- The interest in seeing what the rich are up to and uncertainty about whether to critique their excess or celebrate their success.
It would be interesting to know how many Americans exist at this elite level of real estate. This is not the typical homeowner hoping to make money on their single-family home or the small market house flipper or the “dream hoarders” in the top quintile of earners; these are people buying and selling with large amounts of capital (perhaps some even thinking like the current president).