Tuesday, March 22, 2011

My First Home (with a little help from my friends)


In the early 1980s I ventured to purchase my first home. It was a two-bedroom condo under construction. Set up into a hillside, it had a lovely view of the Conejo Valley and the builders promised it would be completed by June. But by the Fourth of July it was still nothing more than 2x4’s. I would go by every couple of weeks and supervise, but that didn’t seem to speed the process at all. After Thanksgiving I learned that construction had stopped because of a lawsuit. Evidently my two-story unit had emerged into the view shed of the homes on the hill behind me. It seemed that my lovely view of the Conejo Valley used to be theirs. In any event I left the builders and the homeowners to sort out this issue without me.

Come spring, the construction started again. And about 11 months after I opened escrow my lovely condo was almost ready for me. The sales office informed me that they would need $5000 in closing costs before I could move in. I said to them “And you are telling me about the closing costs now, after 11 months?” I had never purchased a home before; I was a real estate virgin. So these closing costs came as something of a surprise. I was as likely to come up with $5000, as I was to produce a Polaroid picture of the baby Jesus in the manger. I was very upset to think that a year of hoping and waiting would produce nothing but disappointment.

When I shared my distress with some of my friends at work, they said, “let us help”. So I borrowed $1000 each from five of my colleagues. They were so good about it, I told them I could pay them back with $35 a month. They smiled and said, “Take your time”.

Two years later I sold the condo for a nifty profit. (Oh the beauty of Southern California real estate in the good times.) I was able to pay off my colleagues, and put a down payment with Tom on our new home in Ventura. These friends and colleagues have a special place of honor in my memory. I hope you each have known such friendship in your life too.

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