The Gnostic Truth of Real Estate

A favorite quote of mine about real estate popped up in a Tom Vanderbilt essay revisiting Thorsten Veblen’s classic Theory of the Leisure Class. The quote comes Richard’s Ford’s Independence Day:

…the one gnostic truth of real estate: that people never fund or buy the house they say they want. A market economy, so I’ve learned, is not even remotely premised on anybody getting what he wants. The premise that you’re presented with what you’ve might’ve thought you didn’t want, but what’s available, whereupon you give in and start finding ways to feel about it and yourself.

As Vanderbilt writes, for the first time in real estate history that truth broke down in the last decade, with requisite calamities ensuring.