yaaay my Condo is 1/3rd less valuable today. - Page 3 - Home Brew Forums

Register Now!
Home Brew Forums > Home Brewing Community > Drunken Ramblings and Mindless Mumbling > yaaay my Condo is 1/3rd less valuable today.

Thread Tools
Old 10-07-2009, 10:59 AM   #21
middleofnowhere's Avatar
Apr 2008
Labrador City, NL, Canada
Posts: 610
Liked 5 Times on 5 Posts

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.
I know nothing!

Reply With Quote
Old 10-07-2009, 01:42 PM   #22
springer's Avatar
Feb 2008
Wappingers falls NY
Posts: 4,743
Liked 24 Times on 22 Posts

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
'The taxpayer: That's someone who works for the federal government but doesn't have to take the civil service examination.'- Ronald Reagan

Reply With Quote
Old 10-07-2009, 01:51 PM   #23
david_42's Avatar
Oct 2005
Oak Grove, Oregon, USA
Posts: 25,595
Liked 153 Times on 144 Posts

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.
Remember one unassailable statistic, as explained by the late, great George Carlin: "Just think of how stupid the average person is, and then realize half of them are even stupider!"

"I would like to die on Mars, just not on impact." Elon Musk

Reply With Quote
Old 10-07-2009, 02:32 PM   #24
Seabee John
Swing the BIG hammer
Seabee John's Avatar
Oct 2007
Posts: 2,301
Liked 61 Times on 54 Posts

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
North Saint Paul Brewshack
Originally Posted by jmendez29 View Post
Mom was right. Never argue with an idiot. They just drag you down to their level and beat you with experience.

Where's my beer. I know I left it around here somewhere.....
Kegged/Drinking:Nihilistic Integrity - Black IPA, #1 BIAB pale ale, Bells Two Hearted - yes a keg of the real stuff
Kegged/Conditioning:Wally N Seans Braggot, Emerald Eyes - Irish Red, Atomic Tsunami - brown

Reply With Quote
Old 10-07-2009, 03:21 PM   #25
Registered User
Dec 2007
Posts: 9,043
Liked 173 Times on 158 Posts

Originally Posted by Picobrew View Post
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.

Reply With Quote
Old 10-07-2009, 03:45 PM   #26
10th-Level Beer Nerd
the_bird's Avatar
May 2006
Adams, MA
Posts: 20,909
Liked 529 Times on 425 Posts

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.
Come join Yankee Ingenuity!

"I'm kind of toasted. But I looked at my watch and it's only 6:30 so I can't stop drinking yet." - Yooper's Bob
"Brown eye finally recovered after the abuse it endured in Ptown last weekend, but it took almost a full week." - Paulie
"no, he just doesn't speak 'stupid'. i, however, am fluent...." - motobrewer
"... I'll go both ways." - Melana

Reply With Quote
Old 10-07-2009, 03:50 PM   #27
May 2008
Southern, NJ
Posts: 3,486
Liked 54 Times on 42 Posts

...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.

Reply With Quote
Old 10-07-2009, 03:51 PM   #28
More Humann than human
humann_brewing's Avatar
Oct 2008
the sun
Posts: 15,535
Liked 328 Times on 324 Posts

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.

Reply With Quote
Old 10-07-2009, 03:54 PM   #29
May 2008
Southern, NJ
Posts: 3,486
Liked 54 Times on 42 Posts

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.

Reply With Quote
Old 10-07-2009, 05:22 PM   #30
Vendor and Brewer
Bobby_M's Avatar
Aug 2006
Whitehouse Station, NJ
Posts: 23,294
Liked 1738 Times on 1103 Posts

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.
Welcome to BrewHardware.com. I love you.
Corny Keg Dry Hop Canisters $26.50 for limited time
Chugger Pumps, Pump Kits, Camlocks, Sightglasses, Clear USA made Silicone Tubing, RIMS, Electric Install Parts, etc.

Reply With Quote
Thread Tools

Similar Threads
Thread Thread Starter Forum Replies Last Post
Yaaay Getting a new Dehydrator for my Bday thataintchicken Cooking & Pairing 10 07-30-2013 12:17 PM
Condo Smoking 101 Brewtopia Cooking & Pairing 15 05-19-2012 02:26 AM
I learned a valuable lesson today..... Nooby Beginners Beer Brewing Forum 16 01-25-2009 03:42 PM
All Grain Condo Brewing 101 Brewtopia Home Brewing Photo Forum 23 01-10-2008 05:16 PM
I learned a valuable lesson yesterday mcsewnab General Beer Discussion 5 12-18-2006 10:59 PM

Forum Jump