Real estate, space, and shoes

The Chinese love buying real estate - this is considered to be a key path to wealth.

My grandfather, who is Japanese and who weathered the Great Depression, also considered Real Estate to be the most reliable source of income (rent).  He did well, buying properties at depression-era prices in Hawaii, which ballooned in value from a few thousand dollars, to what probably would be millions today, if they hadn't been sold years ago.

However, at age 58, owning 3 properties, I'm re-thinking whether we want to own anything.

This is probably a good time for a YOUNG person to buy real estate.  Although we aren't in a Great Depression, I think this may be a good buy-and-hold time, if you are willing to hold for 20 years.

But for me?  I'm not so sure.

We own two houses (one of which we rent out) and a condo. Potential liabilities for the rental properties always hang over our heads.  Our residence is 50 years old and thus there are always potential large repair costs.

Worst of all, property taxes for the two houses are very high.  Higher, in fact, than the assessments on our Chicago condo, which includes gas heat, water, basic cable, maintenance of common elements, and even some nice door people who buzz us in when our hands are full of packages.  Higher than the RENT that our neighbor's son pays for a studio apartment with a terrific location.

I don't think it is worth it.

Yes, we love the space.  My husband went through a phase of collecting petrified trees, and somehow, he is comforted by the fact we possess these 300-pound rocks (because yes, they are rocks, even though they were once trees).  He doesn't look at them, touch them, or even think about them unless I ask him how he intends to get rid of them (sell them on EBay?  But how do you ship a 300 pound petrified tree that takes 2 burly men to lift?).  Then he tells me that he loves them and to shut up and leave his stuff alone.

As for me, I recently parted, most reluctantly, with a pair of never-worn Italian leather shoes.  It was the perfect color to go with so many work clothes, so simple, so elegant, so classy, purchased at half price from Nordstrom Rack (but still expensive).  Never mind that I am no longer working and that my feet have swollen with age so it is painful to stuff them into those shoes.

And perhaps one of our daughters, who wears a similar size, or our niece, ditto, might like them for their career wear?

Fat chance.

So, I recently and reluctantly donated those beautiful shoes to charity.  However, that was only one pair out of 40+ sets of assorted footwear.

I don't have very many pairs of nice shoes, but it is amazing how the footwear adds up. Sandals, water socks, spare water socks, assorted "flip flops" (as they call them here), hiking shoes (4 pairs, purchased for amazing prices thanks to my tiny foot size, and I am an avid hiker!)...  Did I say 40+?  Could be more.

While working, I needed black shoes, brown shoes, grey shoes, white shoes, taupe shoes, white sandals, pink sandals, blue sandals, black sandals to wear with different color outfits for different seasons.  For dressy occasions I needed a different kind of shoe, just as I needed water socks for the beach and hiking boots for the mountains and cross-trainers for exercise class, and running shoes for jogging. You get the idea.  I am not fashion- or clothes-conscious, but even I am aware that black shoes with low square heels, which look fine and practical with black pants in the winter, would look odd with light-colored summer dresses.  And you cannot wear shoes with Hawaiian muumuus (which I wore frequently in the summer), just as you cannot wear sandals during Chicago's winter.

You may sneer at my 4 pairs of hiking shoes, but with my unusual foot size (very short and very wide), I very rarely find shoes that fit me properly.  All 4 pairs were found as flukes at different times.  I was happy with 3 pairs, but a couple of years ago, I stumbled onto another amazing pair that not only fit me perfectly, but was exceptionally easy to take on and off (no laces to tie!).   I recently found 2 more lace-less pairs, but I returned them, figuring that I already have enough hiking shoes to last me for my rapidly diminishing lifetime.

SOOOO...  Space is a nice thing to have, yes.  But I think that all we need is 2 BR's (one BR can double as a study/guest room), 2 baths (extra bath would be for guests)...

...and a very large storage room with lots of shelves!