Notes on homes
The house next door to my parents’ house — priced *at least* 50% more than it is worth (and about 2.5 times what they paid for it, a few years ago — they didn’t do major renovations, but they did fix up a lot of it — and most people figure it’s priced more like 70% over what it should be) — has given in and brought the price down. By 5%. We’re still betting no sale, though.
One of the apartments in my building has just been rented, and if the number I heard is correct, then I could, theoretically, rent it out for 50% more than my mortgage+condo payments.
The person who bought the building behind me is, by all accounts, still trying to illegally force current tenants out. (First rule of changing to a condo: you cannot do it for 5 or 10 years after you’ve illegally forced a tenant out. *If* you’re caught.) And most of the tenants are, I think, too tired to fight it. Now the new owner is trying to get the building condemned.
June 27th, 2006 at 5:29 pm
I’m planning on buying a condo next year, so I’ve been reading with much interest your posts on househunting. It’s a scary thing to contemplate - getting a mortgage, being tied down - but when I think of how much money I waste on rent it sort of makes sense to take the leap. It seems to have worked out really well for you.