Hold on to your hats, kiddies, because I have a big announcement to make.
WE ARE IN ESCROW.
Wait, you say, wait! How can this be? Isn't home ownership well out of the range of most first-time, middle-class home-buyers in Los Angeles? In fact, doesn't the current issue of Money state, "In Los Angeles... just 5% of homes sell at prices affordable to a median-income local family"?
Well, yes. We are in escrow on a residence in Arizona, which we plan to rent out. And then sell in a few years. And hopefully make a profit. And eventually, buy our own damn house to live in here in beautiful freak-show Los Angeles.
I still can't believe it. Sweet Willie and the Diva (his sis) and Big Mike (Diva's husbin) and I are indulging in real estate speculation.* Who'd a thunk it?
* "A tongue in cheek definition of speculation is: when I invest in real estate in a rising market, it’s to safeguard my financial well-being and provide for my retirement and my family. When someone else does it, it’s speculation." (Source: "The Role of Speculation in Real Estate Cycles," Stephen Malpezzi and Susan M. Wachter, paper prepared for the July 2002 joint meeting of the American Real Estate and Urban Economics Association and the Asian Real Estate Society.)
Okay, so I'm all cool with the quotes and citations, so I bet you think I'm gonna be all articulate and have something else to say about all this. Well, I don't. What are you, new?
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