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middleofnowhere · 10-07-2009, 10:59 AM

I think I am going to buy a house in Phoenix.

I am canadian, but my house was bought for $66,000 in 2005, but my neighbour just sold his almost identical house for $185,000, so our Values are creeping up big time. Next year I should be able to get $200,000 for my house.

springer · 10-07-2009, 01:42 PM

I bought in 1991 . Paid 110k and the house is worth about 275k now, three years ago it appraised at 350k . Even with taking some equity out in 06 I still have equity and the homes around me are starting to sell again. Last one went for 200k same home as mine but needed a total renovation. Home built in 1953 and everything was original right down to the pink and black tile in the bathroom. Had the original furnace in it too a GM Delco

david_42 · 10-07-2009, 01:51 PM

Then there's my business partner. Paid $345K for her place in 1996. Went up to almost a million and now is worth 'only' $750K. This upsets her, even though she has no intention of selling and owns the place free and clear. Plus, Prop. 13 prevented her taxes from being raised much. Mine have doubled in five years.

**Seabee John** · 10-07-2009, 02:32 PM

Purchased a home in MN in 1999... 98K, refi'd when the value hit $249,000.00 they said I could borrow 125% of the value.... I took what I needed to build a new garage and pay some debt... I now owe 149K... list value this year? 150K... feeling ok

wildwest450 · 10-07-2009, 03:21 PM

Quote:

Originally Posted by Picobrew

40k for a townhouse wow! Cheapest condos here are still 150k and thats for 400sqft. Market has definitely "Dropped" but home prices in portland have gone up for 3 months in a row tho. Luckily I bought in 2003, so I still have some decent equity (crossing fingers).

Um 400 square feet is 20'x20', that's 250 sq feet smaller than my garage.

**the_bird** · 10-07-2009, 03:45 PM

My smallest apartment was 480sq feet, and that was impossibly small for two people to live in for more than a year. I couldn't imagine buying a property that small unless I was confined to an iron lung or something.

Not that there were any shortage of clues, but I remember getting an advert from a crappy, crappy little dive motel we stayed at once on the Cape. They were converting their terrible, dirty little motel rooms (less than 400 sq ft) into condos, so that we could OWN our own terrible, terrible little motel room right off a main road and not particularly close to the beach for only 100 large. Bit of a clue that the market was getting excessive.

jgln · 10-07-2009, 03:50 PM

...and to top everything off, not only are they way reduced you get great rates and tax credits to buy them. I think those cheap prices are enough help for people wanting to buy a house, if anything we should be helping those who brought homes and lost all of their investment if we do anything to help.

**humann_brewing** · 10-07-2009, 03:51 PM

Sucks to be me too, I am upside down in my house but just found out that I have a Freddie Mac loan and they will refinance up to 125% loan to value so something is looking bright.

jgln · 10-07-2009, 03:54 PM

I have an investment condo I rent that I am told is worth about the same as I paid for it 5+ years ago. All those $1,650 payments a month I think I am in the hole big. Rent does not cover costs completely but obviously help. My goal was in time it would.

**Bobby_M** · 10-07-2009, 05:22 PM

Rental properties without positive cash flow are generally a bad investment. However, if it's worth what you paid, I'd assume you have 5 years of equity saved up.