A downtown loft is selling for $1.2M in my hometown and people don’t like it

I live in Kalamazoo, MI which has a population of ~75,000 and a constantly improving downtown. When I saw this story today about a downtown loft being listed for $1.2 million, it was another encouraging sign that downtown Kalamazoo is on the rise.

Unfortunately, some of my fellow residents don’t feel the same way. Here’s some comments from our local news site and subreddit (/r/Kzoo).

Sounds like a coded way of saying, “I don’t really care about the city I live in, I just want to make a lot of money”. (Referring to the seller’s intention to get full market value)

I am not sure there is really an instance existing in the world where a 1.2 million dollar loft would ever qualify as a need. (Responding to another comment claiming the listing fills a need in the market)

Give me a break. If someone pays anywhere near that much for it, they need to be taken away by the nice men with the butterfly nets.

These opinions appear to be rooted in practicality, but they are really about a twisted sense of moralism. Mainly the idea that one person can know what is best for others and an assumption that everyone wants the same thing.

I don’t want to buy a $1.2M loft in downtown Kalamazoo and it is possible that nobody else does either. The market will provide an answer to the $1.2M question. We can speculate on what that answer will be, but to accuse the owners of moral wrongdoing for trying to obtain full market value is absurd.

Another part of this that really bugs me is the idea that somehow this property and the money spent on it is a waste. This sentiment comes up every time some outlandish price tag is mentioned on the news (e.g. “Rich celebrity X ran up a $25,000 tab at a restaurant last night”).

When someone spends $25,000 at a restaurant, they are not “wasting money”. They are putting the money back into circulation. We should all celebrate their massive tab.

It is simply not possible to “waste money”. Even if $1M were burned for no reason, it wouldn’t be a waste. Theoretically, it would slightly increase the value of every other dollar in existence.

If the narrow-minded and money illiterate have a problem with a $1.2M loft, they are going to freak when developers start to build up the areas surrounding downtown.

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