95 Cognewaugh RoadThe owners of this house paid $1.150 million for it in August 2003 and, after renovating it, tried to sell it 5 years later for $1.550. It sold yesterday for $1.245 which, while technically not a loss, sure isn't a home run. Moral is, buy your house as a place to live and possibly raise a family - any appreciation is a nice bonus. I used to say that five years ago, so I feel almost smug in these trying times.
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2 comments:
Chris,
Between renovations, realtor commission, she took a lost.
Did she overpay for the house, and without the renovations, what would that same house be worth today?
Claudette Rothman
Well, we know exactly what it's worth today: $1,245,000, because that's what someone just paid for it - the perfect comp!
Did she over-pay 5 years ago? In retrospect, I suppose she did, but in 2003 that wasn't really a bad price - we're just seeing zero growth or, more accurately, a claw-back of the past 5 year's appreciation.
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