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A great piece of art is often the result of a “happy accident”. To recognize it as positive instead of as a mistake is the moment you give in and see that glass half full and go with it. I used to say, I start a painting but then it just paints itself to completion. If the painting didn’t have a “life of its own”, I wonder if I could ever finish.
Last week I wrote about perfection as the notion of facial symmetry and that there was no such thing. Perfection is an ideal that is elusive but we still believe it is possible – at least we strive to be close. I wanted to move to Manhattan but purchasing was financially out of the question and I knew renting was temporary. Most artists move into areas that are in need of repair, they fix them and inject panache, the rents increase and artists move to find reasonably priced rentals. It happened in Soho and was already beginning with my loft in downtown Los Angeles.
I looked for a place to move to around New York City to live and do painting, I realized more artists were needed in a partnership to purchase. Manhattan was out of reach financially; I was introduced to Jersey City. We found a place that was not perfect but was doable. I knew nothing about Real Estate at that time, but looking back, everything that happened was a “happy accident” though you would not think so from these statistics: the interest rate was 15%, we had no veritable income, or hefty bank accounts. Strangely, the agent taking us around to look at buildings brought us to a one the Real Estate Company owned. He took us there and shot off a down payment and monthly fee to us – Done!
The closing happened January 1, 1981. It was a building in Jersey City, across to Manhattan on the Path train in 5 minutes. Right before closing one partner opted out but brought in another, a stranger and the seller did not care. One thing led to another and that last minute partner paid off the principal when the interests rate dropped to 7% and held a simple interest mortgage at that rate with me. What a happy accident that was that he became our partner. The realtor said that we stole the building from them. Knowing what I know now they assumed we’d default on the payments and the building would be returned. Today the property is 50 times the value! This happy accident has opened the door for me to renovate and sell properties, and to enjoy a comfortable retirement. I am grateful and Giving Thanks for all the Happy Accidents in my life.
Real Estate is now at a standstill. Buyers and investors are waiting for prices to go down. Increased interest rates have pushed some buyers out of the market. Sellers are beginning to reduce prices as their homes are staying on the market longer. To me this is a “Happy Accident” for any buyer as the red-hot market meant you had to fight against multiple offers, now you have your picking and you can pay down your interest rate and refinance if they go down. Remember there is no such thing as perfection! All we can do is hope for that “Happy Accident” and Give Thanks.
Have a Beautiful Thanksgiving!
Vivian
