Wednesday, August 24, 2011
Unfortunately my father was not great at handling his fortunes and lots of money went through his hands - he left very little behind. He was like a gambler who continued to let everything ride and at the end of the day it didn't do well by him. But one of the things he used to say which I believe to still be true is this: you can't go wrong by investing in real estate in East Hampton. My own house, which we bought in 1979, is worth over twenty times what we paid for it. Had we been able to buy other real estate we would be rich now. We could, of course, cash in - but then we wouldn't be able to live here so we're essentially living in our bank, like so many other people here.
All this brings me to my present frustration. Right now is a great time to invest in real estate here. Prices are lower than they've been in a long time, there are foreclosures to be found, and people are settling for less than asking prices to get out from under debt. This was unheard of ten years ago. And that's my frustration. I still can't invest. Because I'm still living in my bank. Oh the dilemmas of living on the East End!