How I Accidentally Found My First Home

My first real estate acquisition was a total surprise. I wasn’t looking to buy a condo, I didn’t visit a single other property, and I didn’t even live in the city where it was located. It was a nutty ride.

Stumbling Upon My Dream Home

The ill-fated streetcar ride happened in September of 2007. I was a year and a half out of college, and had a little over a year of “grown up work” under my belt. My job involved a lot of travel, so even though I was based in New York City, I worked most weeks in San Francisco. Rather than fly cross-country all the way home, I’d taken to popping up the coast to Portland, OR.

Portland's gorgeous! How could anyone resist?

Portland had long been one of my favorite cities–the small-town vibe combined with a world-class restaurant, literary, and music scene had stolen my heart–so I didn’t mind crashing on my friend’s couch in order to take in its splendor. In truth, I was a bit restless in my life. My job was no longer very challenging, my lovelife was in shambles, and I’d furiously been saving money for…what? I didn’t know.

(Full disclosure: I tend to be an extreme-stimulation person to the point where if I’m not on an airplane for a 2-week stretch I start jonesing. Also, I’d totally do something like buy a condo because I’m bored. I swear that despite this I’m incredibly responsible.  I also realize that most people think I’m crazy.)

Then this fateful ride aboard the Portland streetcar happened. I rode through Northwest Portland, admiring the beautiful homes and apartment buildings when I saw a stunning brick building. “Oh, if only I could live somewhere so gorgeous,” I idly thought. Then the large “Condos for Sale” sign came into view. WHAT?? I immediately whipped out my phone and called the number on the sign.

The next day I was touring the historic building, which had been there since 1915. And I have to admit, it looked it. Or rather, it looked like a 1915 building converted in the 1970s into a low-rent tenement ever since–because that’s what it was. Smoke-drenched old carpeting, dingy sliding doors, popcorn ceiling, fluorescent lighting…the works. But holy crap, the condos were so cheap! For a neighborhood where you’d be hard pressed to find a 1-bedroom condo for under $500k, these puppies were going for $200 – 250k.

The Big Decision

So….I decided I needed to buy a condo. One the top floor…yes, that one there…the most expensive one. What can I say? I apparently have expensive taste.

To avoid coming across as completely frivolous, I’ll disclose a few things: during my year at work, I’d saved what amounted to a 10% down payment; I also waited a few weeks before making an offer on the condo; during my wait period I check out real estate in New York and San Francisco, just to be sure Portland was the place where I wanted to invest.

This condo had simply stolen my heart. It felt like a “Rebecca-sized investment,” since it was about half of what most people would say I should spend. I liked the idea of owning real estate, and this seemed like a good introduction.

I made my offer in November, but with this building they weren’t closing until after each unit had been renovated. In other words, as part of the purchase price, the contractors would remove the carpet, ugly doors, and popcorn ceiling, replacing them with updated, sleek finishes–and I’d have the chance to inspect their handiwork before closing on the property.

Moving In

The next several months were spent diligently cutting pictures out of design magazines and perusing the IKEA catalog. Also, I had to scheme my way into moving to Portland so I could, y’know, LIVE in my new condo. Turns out it wasn’t very hard to move my “home base” from NYC to the West Coast–since I spent 4-5 days a week on the client site, my company didn’t really care where I lived. I sublet my little East Village apartment, and packed my bags.

After a whirlwind shopping/decorating/painting spree with my mom (she flew out to offer much-needed help), I was well on my way to having a fully functioning condo.

Things got uglier before they got prettier. And yes, I painted my kitchen black.

After 5 weekends of hardcore decorating, my home was finally done. I loved it! (Nevermind the fact that I immediately had to move back to New York and start renting out my condo as a corporate rental….that’s another story altogether.)

Here it is, all finished. The windows look out onto a courtyard, not a brick wall.

Lessons

I can’t say I’d advise that anyone do what I did. On paper, it really doesn’t make much sense. But I knew–I just knew–in my heart that buying this condo was the right choice. I had always moved around a lot as a kid, and my job took me all over the country. This condo provided me with a real home, and with a deep sense of comfort. Once I ran the numbers and saw that I could afford the condo, the decision was clear. I have certainly had my share of panic attacks and freak-outs, as do most new homeowners, but I also feel a great sense of pride for what I accomplished.

Read more about the finances behind this purchase, my mad-dash move back to NYC 5 weeks after closing, and the reason this whole experience motivated me to start this website.