SUBTITLE: When We Had More Money Than Brains
The SF real estate market is now, and probably always has been, a weird
place to invest and make or lose money. Because the city is so small and
dense, property values are way too high, plus there are a lot of foreigners
who invest here because they love the city and compared to London, Paris
or NYC, we are still a bargain.
There are probably no homes underwater here in the city. Perhaps if you
go across a bridge or two, that isn't the case. On the other hand, why would
one want to cross a bridge or two when you live right here?
Back in the 80's we got caught up in the real estate thing. We bought rental
properties in the neighborhood. If we could have "stomached" the landlord
life, we'd probably be wealthy by now. I took a photo this morning of one of
our properties a few blocks east of Casa Verde. It's a duplex with a fabulous
view of the city. Views make up for a lot of basic problems and this property
had a lot, including a structural challenge because the whole thing rested
on one two by four in the basement. ("It's true," Husbando just commented.)
The best thing about this duplex on Mullen Avenue was that our daughter
Nancy lived here for a few months. It was wonderful having her right up
the street and we'd pop in and out of each others lives like some fun urban
sit com. After she left, we rented one of the spaces to a woman who
forgot to pay rent and when we finally evicted her I remember sitting on
the curb while they changed the locks. The immediate neighbors jeered
me as the tearful woman abandoned (!) her adorable cat and shuffled away.
(I had to call Animal Control and by then I was in tears too.)
Because we are animal lovers we allowed pets. One tenant had a
Great Dane, but he didn't seem to be as much of a problem as the
friends of friends of someone who stole all my mother's furniture that
we had stored in the basement there. How stupid was I at the time?
Husbando reminded me just now of the tenant who paid cash and
only cash. We always suspected that he was selling something other
than used clothing or books from his rental unit.
I couldn't wait to unload the properties that we owned. Even though I do
believe in rent control and fair treatment for renters, I know that it takes
a steel heart and lots of emergency money to be landlords. We
didn't have either. I think we made some money when we sold our
properties, but I'll have to check with Husbando to make sure I haven't
put a happy ending on this story. ("We made some money," he assures me.)