05/01/2025
The Circle of Life.
Most people think of soil as being the source of the circle of life, but homes, in many ways, are similar. This duplex on North Avenue is a case in point. Built sometime around 1880, it has provided shelter to countless families over generations. From the hand-laid stone foundation to the unique arts and craft detailing, it harkens back to an earlier time when manual labor and hand craftsmanship carried the day and paved the way.
First time home buyers, Kosi and Brian, pictured here, are the latest stewards of this unique property. They are so excited to embark on this journey, and I am proud to be a part of their home buying process.
They remind me in many ways of my own parents, who bought a duplex as their first home. That house kept us safe for almost 30 years and provided my mother with enough extra income to keep the home even after my dad passed. Ultimately, my sister and I sold the house some 30 years later for 10x the original purchase price.
While some may look at duplexes as undesirable, I believe they are a smart choice for young people trying to build wealth. While nothing is certain in life, the government learned during the great depression that deflation quickly destroys wealth. Since then, policy makers have always worked hard to assure at least some amount of inflation. Even the Federal Reserve shoots for 2% inflation in the general economy, which often creates much higher inflation in real estate prices. Although short term dips in prices can occur, it is almost assured that we will continue to see inflation in real estate prices over the long term.
Plan accordingly my friends.