T-60 Days

It all started out innocently enough. The landlord came over to replace a battery in the living room smoke detector that had started beeping on us yesterday. We don’t have a ladder high enough to reach the top of the vaulted ceiling, otherwise we wouldn’t have asked him to swing by.

Shortly after that mission was accomplished, he gave us 60 days notice to move out… interspersed with many apologies.

It wasn’t that we were being a thorn in his side or anything, it’s just that he needs to move back in so he can try to refinance through a means that requires that he actually be living here. In fact, we are well thought of by him, but he’s in a tough spot because he bought in at the apex of the bubble.

We like the place, but like so many others out there, he still seems to be under the delusion that had him buying in at an outrageous cost/rate in the first place, so even a generous offer for today’s market would be ignored. Some people just can’t bring themselves to cut bait and I can tell from my few brief encounters with him, he is one of those people.

It always seemed odd to me that people thought that Real Estate was a sure thing, get rich easy, money maker. Sure, it’s a decent way to save up equity to allow you to trade up with. And it’s certainly a hell of a lot better than just tossing your money down the Renter’s Well because even if the market slumps you can at least get  a few pennies back on your dollars unlike when you rent. However the people who sold that get rich easy horse pucky from the beginning are the only one’s who got rich off of the whole thing and now a lot of hard working (and slightly gullible) people are left holding the bag.

Like a Pyramid Scheme, only with windows and doors instead of bus sized blocks of stone.

It was bound to bite someone on the arse eventually anyway. As the Baby Boomers exit the market (through natural causes or because they are now touring around in a Winnebago), there’s going to be a large surplus of homes that will be worth more for the scrap material they contain than anything else… mark my words.

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~ by ghendar on April 14, 2010.