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Abode Hunt!

Naturally, the first condo I saw a listing for was perfect, unsurpassable, ideal for my needs, and already sold.

Now all other listings that pop up seem less-than. It's a weird state of mind. I know I'm getting in my own way, and that I projected perfection onto that first one because it would have meant accomplishing a major project with minimal effort.

The project, it turns out, is to eliminate my mortgage. The only reason this is conceivable is that my crappy little house has been transported, through the magic of gentrification and urban growth, from an iffy neighborhood with gunfire to a hipster neighborhood with bike boulevards, and is worth a surprising amount of money. Meanwhile, condo prices have been pretty depressed.

Suddenly I seem to be in the enviable position of being able to sell my house, pay off my existing mortgage, and buy an apartment with the leftover cash. If I can do that, I can live off my retirement income and still pay for health insurance. Who would have thought, when I moved into the hovel on Failing Street (yes, really), that it would turn out to be an accidentally brilliant play?

So now the trick, according to my sister the realtor, is to be ready to jump the minute the next perfect condo comes on the market. Moving! Gah! Business. Money. Finance. Change. It's all a bit terrifying.

Gotta go call my sister's mortgage broker. Eep.

Crossposted from Dreamwidth, where there are comment count unavailable comments.

Comments

( 6 comments — Leave a comment )
executrix
Aug. 5th, 2013 07:21 pm (UTC)
Rug Theory
I subscribe to the Rug Theory (i.e., mess up the pattern a little bit here and there) because only God is perfect. So, I'm not saying it wasn't an absolutely superlative condo, just that I can guarantee it's not perfect.

And, hey, much of the US economy (including not-so-hot things like most people having less real income now than in 1960) is premised on *everybody* having housing appreciation to fund their retirement.

BTW in case of power outage water only gets up to the sixth floor, and in case of emergency the !@##$% elevator won't work so I would recommend condos on the second through fifth floor. Mind you, if all the condos are in two-story townhouses, that's not a problem.
emeraldsedai
Aug. 5th, 2013 07:55 pm (UTC)
Re: Rug Theory
Here in the western hinterlands, almost nothing is taller than six stories--certainly nothing I can afford. I eyeballed a couple of places near one or other of the rivers because once upon a pre-climate-change time that sort of location would have seemed pretty groovy. But no more. And the prices reflect that. I'm looking uphill.

Something will turn up. I'm just glad that I'm actually part of the so-called "everybody" with housing appreciation. So many people aren't, and so many who once were had to cash out in order to live. I feel like a squeaked in under some wire, somehow. Pure luck.
silk_knickers
Aug. 5th, 2013 11:10 pm (UTC)
I don't know if this also applies to condos or only to freestanding homes, but I've read that a lot of the "things are selling the day they are put on the market" sort of thing is due to speculative investors (again). I'm investing in tulip futures, myself.
emeraldsedai
Aug. 5th, 2013 11:42 pm (UTC)
In just the last couple of years, Portland has cut the size of buildable lots in the inner city by half. Suddenly neighborhoods like mine are doubling their density as homeowners subdivide and sell their side yard to a developer who immediately builds a large house on it. The new construction is speculative, but it's a super good bet right now--a brand-new house within three miles of downtown is apparently a pretty hot commodity.

My house will sell in a week because the lot is buildable. The house itself is almost worthless. Sad but true. I'm too risk averse for tulips. :D
lyrstzha
Aug. 8th, 2013 12:16 pm (UTC)
What lovely luck! I'm glad your real estate situation has turned out so favorably. Good luck finding another perfect condo!
emeraldsedai
Aug. 9th, 2013 05:09 am (UTC)
The situation, as Badger says, is fluid. Not quite sure what's going to happen next, but I certainly feel interested in my life again!
( 6 comments — Leave a comment )

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