I am not sure why, but there is one topic that I have almost never discussed on this blog and that is my housing situation. The Wife, The Boy, My Dog and I live in a two bedroom, one-half bath townhouse which is organized as a Condominium on Long island’s north shore area. Despite only owning about 1,400 livable square feet I pay over $4,500 in just property taxes (all you mid-westerners can pick up your jaw) and over $350 a month in common charges. Those two painful facts have nothing to do with the post.
I “won” this house; actually I “won” the opportunity to purchase this house. There was a town sponsored lottery with over 300 applicants for 28 homes and I was given the opportunity to purchase the residency for $250,000, which sounds like a lot for some readers but I assure is not when compared to my neighbors.
Well my home was dramatically undervalued as it was a joint venture between a local nonprofit/my town/builders. If I had to guess what really happened was that the builder went to the town and said we want to build about 100 55+ town homes, and the town said, “we’ll push your permit application through if you build 28 homes for first time home buyers.”
On the way in it is an amazing deal for me and my 27 other purchases, but I am finding as people are trying to leave the way out is a huge pain in the butt (since you can only sell to first time home buyers who make less than $XX,XXX amount). As mentioned the purchase price was dramatically undervalued (if I had to guess probably about $150K undervalued) but on the way out my maximum price is capped too so don’t think I am making away like a bandit. I am hoping for about a 20% gain within 4-5 years during the worst real estate crash in American History.
So what’s the point?
Am I a Complete Hypocrite for Taking Advantage of This Housing Program?
Whether it is when I am complaining about liberals or Congressional ineptness it isn’t hard to find my libertarian political views on this website. So, when I was complaining to a buddy the other day about how ridiculous the Occupy Wall Street people are…he responded that I was a Hypocrite.
My response is that I am an opportunist looking out for myself. I have paid a lot into the system so if there is a program I qualify for, why wouldn’t I apply? I would like to believe that I would have forgone this opportunity if it meant that other wasteful government projects were also removed from the system.
So I ask you am I a complete Hypocrite or just an individual that is okay with taking advantages of opportunities that come around?