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Pipe Dreams

The old adage of something being "a pipe dream" has always held fascination for me long before I first picked up the hobby of pipes and pipe tobacco as a kid. The most consistently described explination for the phrase I have found refers back to the old opium dens primairly from the 1800s where individuals would go to a home with others to smoke hookah pipes filled with opium. These fellows would smoke the opium to such a degree of intoxication that they would experience delusions and hallucinations that were labeled "pipe dreams".

A more modern (though perhaps archaic in today's time) approach to the adage describes the typical pipe (tobacco) smoker as a slightly befuddled, "head-in-the-clouds" fellow who is thinking esoteric thoughts well outside those of the mundane, day-to-day. This is a somewhat stereotypical description of a professor (although not so much today with the anti-smoking fervor). I was always comforted by this "professorial befuddled image" as it has been in keeping with my demeanor (I had been smoking a pipe for many, many years prior to my becoming or even imagening being a professor, and I have always easily drifted towards the esoteric in my thoughts.

Yet, now I am contemplating whether an idea I am considering is more suggestive of the pipe dream of the 1800's opium fiend, or more in keeping with the professorial image? I shall ask you to weigh in after I explain the situation below:

As you all know, there has been a SIGNIFICANT deprecation in home values and prices during the last 2-3 years. In many cases, homes are being sold for significantly less than 50% what they were purchased for 4-5 years ago. I have been talking with my wife about purchasing a home in our region and slowly working on remodeling the home and keeping it (perhaps even trying to rent it to U students) for 4-5 years. I am feeling pretty confident that in the next 4-5 years our economy will revert back to what it has been and that home prices will rise back to their 2000-2005 levels.

Yet, I am typically not so adventurous with my money. I keep debating if this is a wise move that I *should* embark upon, or if it is just going to make my life even more complex and challenging. It would be nice to use the house/garage for storage or play (my wife and I have contemplated having it be an "art" house where we can spread out with our hobbies in ways we cannot currently (due to the mess of many of our hobbies). Also, the home could provide some additional storage. There could also be fun in practicing new home repair and remodeling techniques. Yet, there would also be utility bills to pay, and another lawn to keep tidy.

One part of me says... damn... do it. It is a financially sound idea as I can sit on the property for 5-10 years without worry. Yet part of me feels I may be too busy and foolish to do such a risky thing. What are your opinions, friends?

PipeTobacco