Friday, May 09, 2008
qui en savait?
When I first arrived in this fine burg 20 years ago, I thought that houses were a good deal. I wanted to buy an old Victorian fixer-upper, but I just could not qualify for financing. So I peregrinated, and thought, and dreamed, and had many wild and wonderful experiences. I have not peed away too much in rent, because often I was paying a dollar a night or less for a bunk in a cattle shed in Guatemala, or such. Sometimes it was $500 a night at Raffles in Singapore, and over-priced Singapore Slings (but just one night, and just one Singapore Sling).
10 years or so ago a friend expressed envy of my life style. I pointed out to him that he had a beautiful house, and a beautiful wife, and three beautiful children, while I had a ruck sack and a passport, and a girl friend who shared my need for freedom.
My friend has since divorced, has signed over all equity in said beautiful house, and continues to pay child support.
I know lots of people like him, but I also know people who bought places when prices were still reasonable, and cashed out with a couple of hundred Gs in tax free profit, and they have no alimony, and now they are traveling in style - Raffles every night...
Over all, none saw what was coming. I thought that the top was in circa 2003 (and thought that it was an insane top), and refused to pay the price. Would I have if I had known that I could make a few hundred? Probably.
But who knew?
Now we seem to be seeing the beginning of the end. I'm too weary to call it yet again, but new listings are soaring, and the for sale signs that I see are hosting moss.
Is anyone even interested in RE any more?