Monday, February 26, 2007

Cycle of Rebirth


My Old House
Originally uploaded by Shugetsu.
Buy dilapidated rental property in 1994 for $600K. Allow crumbling to continue. Sell in 2003 for $1mill. Remodel beautifully. Sell in 2007 for $1.75mill.

I really loved this place, and when we were evicted to make way for the new owner and his family, I almost didn't mind. Four of us lived in the two-level owner's unit at the top of the building. In spite of the leaks, the peeling wallpaper, the fallling plaster, the mold, the funny wiring, and the lack of proper heat, none of our friends could be convinced to pity us, because our rent for that huge rambling space was only about $2000 altogether.

After many battles over repairs and habitability, we called the building inspector, and our landlord was cited for 19 violations of the housing code. At that point, it was easier to sell.

Every potential buyer but one planned to subdivide our unit into studios. But a young contractor with two kids fell in love with the building. We moved out so they could move in. The transformation he wrought is incredible.

My Old Room
This is my old room.

My life, too, has changed at least as much.

As we were being evicted, it struck me: the house was built in 1907. How do you "own" something that old? Generations of tenants had lived there, and now us, and now someone else.

And now, a very wealthy someone else.


You can see more photos of the house on the Zephyr Real Estate site.

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