What a Lucky Man, He Was

 by G. Sax, @gsax

Hiya. I was gone but now I’m back. Madison was great. Chicago was great. San Francisco was great (both times). My lawn is still green, but there’s landscaping to be done, some shelves and floors to finish, and a basement to try harder to seal moisture out of so I don’t kill my third dehumidifier in three years.

I could use a tree trimming, about 24 feet of new fencing, a complete gutter cleanse, some new cabinets, some new doors and all new windows throughout the house. And sometimes I wish I had central air.

Yes, I’m a homeowner. In deep now, too. I don’t feel like a veteran yet, but I’m seasoned enough to move up in the batting order. I know some things, and what I don’t know, I learn quicker than before.

But I learned the other day that someone on the Interweb doesn’t think I’m a real homeowner. In a story called “I Wonder If This Homebuyer Is Feeling Lucky Now,” which was posted at something called housingdoom.com, there was a commentary on a story in which I was quoted in the Wall Street Journal as a fresh-faced buyer with no money down.

I know. Zero down? Unheard of today. I took advantage of what was available to me at the time, okay, and I actually kinda sorta knew what I was doing and what was about to happen to the market and lending when I bought in 2007. I also knew the neighborhood I bought in very well and felt I was getting a good deal even if prices fell further. I didn’t predict that rates would stay so low for so long, but that’s a different story.

I wanted to comment directly to the blog post, but as of this writing, the entire housingdoom.com website is down. Luckily, the story was picked up by several other blogs, including this one, so you can read what was written about me.

Basically, the writer thinks me a fool because: “According to Zillow, the median home price for St. Paul in March 2007 was $199K. In May 2010 the median price was $144K — a 28% drop in value.” He claims that I’m still basically a renter because a bank owns more of my home than I do. By that definition, aren’t many homeowners really just renters who also have to play property caretaker?

I love the follow-up: “If he had stuck to his old rental…he’d own 0% of his home instead of -28% like he does now. I wonder if he’s still feeling ‘lucky’ these days?”

I’ll answer that question right here and hope the Google seed catches it and puts it somewhere near the original story.

Q: Do I feel lucky?
 A: You better believe it.

I think Zillow is a decent enough real estate product, but you can’t make sweeping generalizations about median price in a city as large as Saint Paul. In October 2007, I bought a house that was well below the median quoted in the article. I should specify: well below the May 2010, $144K median specified. And I bought a decent 5-bedroom, 2-bath, 2-car garage charmer with that price.

I’ll admit that I’ve likely lost some “value” right along with a lot of other people in the nation, but the value of my quality of life these past three years has been through the (in great condition) roof.

I feel lucky because I’ve enjoyed doing whatever I want to my home for the first time in my life. We could never afford to own when I was a kid, so I learned to get used to white walls and decorating with posters. I am evidently a corny representation of The American Dream, because it was huge for me to take this leap.

I feel lucky because I live in the heart of the city I love. Well, maybe in the smelly belly button, but it’s my smelly belly button, dammit! I live in a neighborhood with “character.” And, wouldn’t you know it, I fit right in.

I am a visible pillar in a neighborhood that needs more pillars and fewer uninvolved, uninterested renters. I’m no idealist, but I’m an alright guy and I care about my community and getting to know my neighbors. I rented long enough in my life.