Question:
>> >Maybe it’s just me, but a 7% profit in 5 years, not including closing > >and selling costs, doesn’t sound so great. If you had taken your down > >payment and invested it in the stock market you could have done much > >better. > …Unless you needed the cash on Monday this week. >…and realized a "paltry" annual return of 20%. How quickly we >forget…
Depends on what stock you owned. Stock in individual companies is not directly tied to the DJI. — "Think positively, act positively, and never leave fingerprints." – Robert Sneddon
Response:
I come to this discussion from the standpoint of a person who has built townhouses and who has financed them. My recommendation to anyone considering a condominium townhome is to buy it for the location, quality of construction, concept and covenants. I would put "profit" or "stability of investment" toward the end of my list. If the units are professionally designed and well-constructed, maintenance should be low during the early years. Rather than set up the HOA on a financially sound basis, however, most developers either subsidize the dues or underestimate the replacement reserve to enhance sales. After about ten years, the residents suddenly realize that components are beginning to fail or that the time has come to adjust the dues to a sound level. THAT is when the resale price of the units becomes stressed. When we were selling the townhouses, we had billboards stating, "We rake the leaves," "We mow the grass," We trim the hedges," "We paint the shutters," etc. After "we" sold out and the HOA was off in full swing, the folks discovered just who the WE really were. Also, during the time of development, the NEW units will usually bleed off the after-market units, since the after-market units are used and show some wear and tear. In a large project in a smaller city, development might take years, limiting resale values. The Plus side of a condo is the ability to lock the door and fly off on a vacation with little worry about security or maintenance. For the very busy or the elderly, this is wonderful. When you compare the costs associated with an apartment townhome project and a condominium townhome project, remember that exterior maintenance will usually cost a bit more for the condos and interior maintenance will cost a LOT more for the rental units. This is because YOU maintain your interior of a condo. Rental units will usually have more people on staff for exterior maintenance, while condos traditionally hire independent contractors, which adds in another layer of "profit." — ftp://ftp.mindspring.com/pub/users/scoundrl/home.htm Here’s to the land of the Longleaf Pine, The Summerland, where the sun doth shine. Where the weak grow strong, and the strong grow great, Here’s to Downhome, the Old North State.
Response:
> > > What about the possibility of living in the townhome for 5 years and > > then renting it out? This area may not seem so hot for perviously > > owned townhome sales, but it sure is hopping for townhome rentals. > I would advise against it. First, the tax advantages are no longer > there. > Why do you say this? What tax advantages disappear?
In past you could depreciate the heck out of your rental property (something like 50% in the first 5 years). Now it’s 30 years, straight line. > Your mortgage > interest is still deductible as an expense of the rental property (so > now you put it on Schedule E instead of Schedule A, but it’s still > deductible!), and you also get to deduct depreciation, which is not > deductible for owner-occupied housing. As long as you are not a passive > owner (as defined by the IRS), the tax advantages are MORE for an > investment property because of the additional deductibility of > depreciation.
This is offset by the rent (income). You must also pay capital gains on the difference beteen the depreciated worth and the sales price when the home is sold. I don’t disput that you can’t make money on rental property. It’s just that it’s not that attractive anymore considering the hassles involved and the relatively low return. Mark Atanowicz
Response:
– Hide quoted text — Show quoted text ->Maybe it’s just me, but a 7% profit in 5 years, not including closing >and selling costs, doesn’t sound so great. If you had taken your down >payment and invested it in the stock market you could have done much >better. >Mark Atanowicz > Emphasis on the "could". > Yes, performace has indicated (hindsight and all) that you would have > gotten better results, but this 7% was a two fold gain, not only did > the "investor" have a place to live in the meantime, but housing is a > much more stable investment than the market.
Don’t know about you, but I’ll trade higher long term average return over stability anytime. Don’t get me wrong, I think home ownership is great, but "home investment" is an oxymoron. > Gains aside, I’m talking > security – you’ll never loose your fortune by paying your mortgage.
You’ll never lose your fortune in a diversified portfolio of stocks, either. Mark Atanowicz
Response:
> >Maybe it’s just me, but a 7% profit in 5 years, not including closing >and selling costs, doesn’t sound so great. If you had taken your down >payment and invested it in the stock market you could have done much >better. > …Unless you needed the cash on Monday this week.
…and realized a "paltry" annual return of 20%. How quickly we forget… Mark Atanowicz
Response:
Where is your profit? You ‘made’ $9000 is five years, or $1800 per year, or $150 per month. I’m pretty sure your mortgage payment was more than $150 per month, plus you probably had closing costs, and realtor fees. So you really didn’t ‘make’ any money. I don’t mean to be overly critical, or judgemental, but I don’t think this is a case of ‘making’ money on a piece of real estate. – Hide quoted text — Show quoted text – >I agree with Mark Atanowicz who said "the last reason you should buy a home is to >make money"… however… >For comparison’s sake, let me tell you my townhouse story. In 1993 I purchased a >10 year old townhome in Somerset, NJ. The townhouse was (is) one of the nicer >ones in the development (backs to woods, finished basement, etc.). The only ones >nicer were the end units (which I would have taken if one was available). I paid >$125,000 in 1993. >Five years later (just last week), I sold my townhouse for $134,000. The unit >sold in 8 days largely due to its good location. >So, there can be a profit in the short term with townhouses. Like anything else, >buy low and sell high and location does matter. Of course, I happened into good >market conditions for both the purchase and the sale. Your conditions might not >be the same though… >Jeremy
– Return address munged to prevent SPAM… http://www.geocities.com/researchtriangle/3300
Response:
– Hide quoted text — Show quoted text – > Due to credit problems I can only get approved for a $250k mortgage > at 20% down. This is unreasonable for me currently, but could save it > in about 18 months to 2 years. The problem is I/we are very anxious to move > because we feel out $900 a month is rent for a 2 bd/2 bath appt is just being > wasted. So we’ve found a nice site where they are putting up a new plot of > townhomes. Basically they are right around townhome price $99k for the base > model. > They are charging $8500 premium for an end unit that backups up to a wooded > area. With this and all the other options she wants it has run the price > tag up to $145k. > Is it unreasonable to think that when we want to sell the house in a few > (< 5 years) it will be dificult to break even or make a profit? I know > that most of the townhomes in the area have not been selling well. And > most who have sold them recently have lost about $5k per. BUT, those > were all on < $110k townhomes that were wedged in between others, not > end units. Does the combination of the end unit coupled with the nice > back yard make the location at selling time $145k appealing? Am I just > kidding myself here? Should I just take an end unit but not worry about > the back yard/wooded area? This will knock about $7000 off the price tag. > Thanks for any insight.
The last reason you should buy a home is to make money, period. Mark Atanowicz
Response:
I agree with Mark Atanowicz who said "the last reason you should buy a home is to make money"… however… For comparison’s sake, let me tell you my townhouse story. In 1993 I purchased a 10 year old townhome in Somerset, NJ. The townhouse was (is) one of the nicer ones in the development (backs to woods, finished basement, etc.). The only ones nicer were the end units (which I would have taken if one was available). I paid $125,000 in 1993. Five years later (just last week), I sold my townhouse for $134,000. The unit sold in 8 days largely due to its good location. So, there can be a profit in the short term with townhouses. Like anything else, buy low and sell high and location does matter. Of course, I happened into good market conditions for both the purchase and the sale. Your conditions might not be the same though… Jeremy – Hide quoted text — Show quoted text – > <snip> > Is it unreasonable to think that when we want to sell the house in a few > (< 5 years) it will be dificult to break even or make a profit? I know > that most of the townhomes in the area have not been selling well. And > most who have sold them recently have lost about $5k per. BUT, those > were all on < $110k townhomes that were wedged in between others, not > end units. Does the combination of the end unit coupled with the nice > back yard make the location at selling time $145k appealing? Am I just > kidding myself here? Should I just take an end unit but not worry about > the back yard/wooded area? This will knock about $7000 off the price tag. > Thanks for any insight. > Scott > — > Good judgement is the result of experience……. > which is the result of bad judgement.
Response:
- Hide quoted text — Show quoted text -> I agree with Mark Atanowicz who said "the last reason you should buy a home is to > make money"… however… > For comparison’s sake, let me tell you my townhouse story. In 1993 I purchased a > 10 year old townhome in Somerset, NJ. The townhouse was (is) one of the nicer > ones in the development (backs to woods, finished basement, etc.). The only ones > nicer were the end units (which I would have taken if one was available). I paid > $125,000 in 1993. > Five years later (just last week), I sold my townhouse for $134,000. The unit > sold in 8 days largely due to its good location. > So, there can be a profit in the short term with townhouses. Like anything else, > buy low and sell high and location does matter. Of course, I happened into good > market conditions for both the purchase and the sale. Your conditions might not > be the same though… > Jeremy >Maybe it’s just me, but a 7% profit in 5 years, not including closing >and selling costs, doesn’t sound so great. If you had taken your down >payment and invested it in the stock market you could have done much >better. >Mark Atanowicz
Emphasis on the "could". Yes, performace has indicated (hindsight and all) that you would have gotten better results, but this 7% was a two fold gain, not only did the "investor" have a place to live in the meantime, but housing is a much more stable investment than the market. Gains aside, I’m talking security – you’ll never loose your fortune by paying your mortgage. Matt -Why are there interstate highways in Hawaii?
Response:
>> I’ve been lurking a while in the group and I’ve noticed there is always > one doom sayer! :-) >Truth speaker???
If it’s something you don’t want to hear it is generally doom….. >Given that you say you have a recent bankruptcy, I would suspect that no >bank would lend you the money for the second house until the sale of the >first one closed. If I were in your shoes, I’d wait to buy the $250K >house. In the mean time, you a) might want to move into a slightly less >expensive apartment (save more money that way) and next time you renew >your lease, ask for a "home purchase" escape clause (if you don’t >already have it). It used to be the law in DE (may have changed but I >doubt it) that if you asked for it, they had to put it in, but of course >they’d never tell you that.
That home purchase escape clause is a piece of excellent information! I didn’t even know such a thing existed, and of course, our current appt complex company never volunteered such valuable stuff. This would be a great option because we were already looking to have our lease extended by 3 or 4 months. Generally though, if you don’t sign a year lease, they tend to up the monthly by a bunch. Thanks! Scott — Good judgement is the result of experience……. which is the result of bad judgement.
Response:
> > What about the possibility of living in the townhome for 5 years and > then renting it out? This area may not seem so hot for perviously > owned townhome sales, but it sure is hopping for townhome rentals. > I would advise against it. First, the tax advantages are no longer > there.
Why do you say this? What tax advantages disappear? Your mortgage interest is still deductible as an expense of the rental property (so now you put it on Schedule E instead of Schedule A, but it’s still deductible!), and you also get to deduct depreciation, which is not deductible for owner-occupied housing. As long as you are not a passive owner (as defined by the IRS), the tax advantages are MORE for an investment property because of the additional deductibility of depreciation. Mike
Response:
>Maybe it’s just me, but a 7% profit in 5 years, not including closing >and selling costs, doesn’t sound so great. If you had taken your down >payment and invested it in the stock market you could have done much >better.
…Unless you needed the cash on Monday this week. — "Life is too important to take seriously." — Corky Siegel
Response:
> Where is your profit? You ‘made’ $9000 is five years, or $1800 per > year, or $150 per month. > I’m pretty sure your mortgage payment was more than $150 per month, > plus you probably had closing costs, and realtor fees. So you really > didn’t ‘make’ any money.
We don’t know enough about his situation to know if he made money. What is the difference between what he paid in mortgage payments (including the tax break!) plus homeowner’s dues compared to what he would have paid in rent if he didn’t buy the townhouse? And as you pointed out, what were the buying and selling costs of the townhome? Mike
Response:
Brian, You’re correct in you statement… I didn’t really make a profit per se. But the original poster was actually asking "How much is a townhome worth later?"… I incorrectly added the word "profit" to my response. But, I do feel that I made out pretty well. The difference between the rent I previously was paying for 3 rooms vs. the mortgage, insurance, taxes and HOA dues was small, and a lot of what I paid month-to-month on my townhouse was retrieved at the closing (I reduced my balance by $7,000 over the 5 years). The way I look at it, I was paying $750/month for five years in my rental. At the end, I walked away with nothing but a memory. In the townhouse, I was paying $900/month and at the end of five years I walked away with $9,000. And I enjoyed a significantly better quality of life in the meantime. The bean counters wouldn’t call this a profit, but to my way of thinking I came out ahead. 
BTW, my employer covered closing costs for the purchase and the sale… so this helps my "profit" frame of mind even though it really distorts the true numbers too. Jeremy – Hide quoted text — Show quoted text – > Where is your profit? You ‘made’ $9000 is five years, or $1800 per > year, or $150 per month. > I’m pretty sure your mortgage payment was more than $150 per month, > plus you probably had closing costs, and realtor fees. So you really > didn’t ‘make’ any money. > I don’t mean to be overly critical, or judgemental, but I don’t think > this is a case of ‘making’ money on a piece of real estate. > — > Return address munged to prevent SPAM… > http://www.geocities.com/researchtriangle/3300
Response:
– Hide quoted text — Show quoted text -> I agree with Mark Atanowicz who said "the last reason you should buy a home is to > make money"… however… > For comparison’s sake, let me tell you my townhouse story. In 1993 I purchased a > 10 year old townhome in Somerset, NJ. The townhouse was (is) one of the nicer > ones in the development (backs to woods, finished basement, etc.). The only ones > nicer were the end units (which I would have taken if one was available). I paid > $125,000 in 1993. > Five years later (just last week), I sold my townhouse for $134,000. The unit > sold in 8 days largely due to its good location. > So, there can be a profit in the short term with townhouses. Like anything else, > buy low and sell high and location does matter. Of course, I happened into good > market conditions for both the purchase and the sale. Your conditions might not > be the same though… > Jeremy
Maybe it’s just me, but a 7% profit in 5 years, not including closing and selling costs, doesn’t sound so great. If you had taken your down payment and invested it in the stock market you could have done much better. Mark Atanowicz
Response:
> >The last reason you should buy a home is to make money, period. >Mark Atanowicz > I agree with you 100%. And I’m not trying to get out with some > huge profit. I’m just wondering about the likelihood of purchasing > less of a house now, and then trying to sell it later to get more > of a house. If I take a 10k loss, then that is the price I would > pay for the life I chose to lead correct?
Yup > Granted if you factor > that in over a 2 or 3 year period as part of your total outlay of > cash, say 10k / 24 months + mortgage for each month, it would appear > your per month payments we much much higher, and you spent much much > more than you would have renting.
Yup > What about the possibility of living in the townhome for 5 years and > then renting it out? This area may not seem so hot for perviously > owned townhome sales, but it sure is hopping for townhome rentals.
I would advise against it. First, the tax advantages are no longer there. Second, townhomes and condos tend to have lots of turnover and problem tenants. Third, being a landlord is a royal pain. I would advise renting and saving money for the property that you envision being in for 10 years or more. I’m not sure what your market is like, but it looks like it has peaked here in AZ. > How diffcult is it to get another mortgage when you already have a first?
Provided you are renting it out and have a net positive cash flow on the first property, no problem. Mark Atanowicz
Response:
>I agree with Mark Atanowicz who said "the last reason you should buy a >home is to >make money"… however…
Ahhh, finally, a good story! – Hide quoted text — Show quoted text ->For comparison’s sake, let me tell you my townhouse story. In 1993 I >purchased a >10 year old townhome in Somerset, NJ. The townhouse was (is) one of the nicer >ones in the development (backs to woods, finished basement, etc.). The >only ones >nicer were the end units (which I would have taken if one was >available). I paid >$125,000 in 1993. >Five years later (just last week), I sold my townhouse for $134,000. The unit >sold in 8 days largely due to its good location. >So, there can be a profit in the short term with townhouses. Like >anything else, >buy low and sell high and location does matter. Of course, I happened into good >market conditions for both the purchase and the sale. Your conditions might not >be the same though… >Jeremy
Unfortunately it is impossible to predict the furture. Who knows, the bottom may drop out and interest rates to 2%? :-) — Good judgement is the result of experience……. which is the result of bad judgement.
Response:
> What about the possibility of living in the townhome for 5 years and > then renting it out?
That is the best way to get into investment property, IMO. You buy it with an owner-occupied mortgage, which requires a lot less money down than an investment property (an investment property mortgage will require 20-30% down AND be a higher interest rate). Most owner-occupied mortgages do not require permanent owner occupancy, just for a period ranging from 90 days to a year (depending on the mortgage) after closing. (Check this requirement carefully when shopping for mortgages if this is what you’re planning to do.) After market rents increase enough to cover your mtg payment, you move out and rent the place — this rental conversion is very cheap because you don’t have to acquire the property again (though you DO need to come up with the cash to buy your next home). > This area may not seem so hot for perviously > owned townhome sales, but it sure is hopping for townhome rentals. > How diffcult is it to get another mortgage when you already have a first
If you are going to convert your residence into a rental then buy a new one, the only way for the mortgage payment of the rental house not to count against your qualifying for the new mortgage is to have a "fully executed lease of at least one year in duration" in place when you close on the new mortgage. This means the tenant has signed the lease and paid the security deposit (and tenants won’t do that until they day they can move in, so you’re probably looking at a double move). Even then, when qualifying you for the new mortgage, income from rental properties is reduced by a 25% "vacancy factor." So if your rental house has a mtg payment of $800/month and you’re leasing it for $1000/month, a lender qualifying you for a new mortgage would call that a $50/month loss IF you have the fully executed lease already in place at closing (if you don’t have it appplication time, they will make it condition of closing and you’ll have to bring the proof of lease to the closing table), otherwise it will count $800/month against you. Been there, done that, own the rental property! Mike
Response:
>Trying to predict what the housing market will be in 5 years is like >trying to predict what the stock market will be like in 5 years. If >it was easy then there would be a lot more wealthy people around! >Anyway, you need to look at the market in your area. Around here the >townhouse/condo market goes through phases where it is hot and then >many years of stagnation.
Unfortunately my crystal ball is broken right now. I agree with you about the phases. I’ve noticed over the past 6 years the same thing. — Good judgement is the result of experience……. which is the result of bad judgement.
Response:
> >IF I were you, I’d set my sights a little lower. > I’ve been lurking a while in the group and I’ve noticed there is always > one doom sayer! :-)
Truth speaker??? – Hide quoted text — Show quoted text ->Just one bit of editorializing… We should all have such problems… > Sorry, don’t misunderstand me. After reading my original post it came > of as a little pretentious. I’ve certainly spent my time in the trenches > making between 9 and 15k a year over a 6 year period (self employed fool > that I was). > Now that I have a decent income, even with a recent bankruptcy, I find > that the mortgage companies are more than willing to give me a mortgage. > BUT, and this is a big but, because of the bankruptcy they seem to want > some showing of my "good faith" to repay the loan, ie 20% down. With > closing costs and tax and insurance escrows on 250k we are looking at > 60k down. Ouch. > This is where the whole timing issue comes in and whether I should buy > what I can, and then get something better later. Or just wait a few > years longer, renting, and get what I want in the end. This raises > the question for me, as a first time buyer, will it be more trouble > to get that new 250k home while trying to unload an overvalued townhome? > Or will it be easier to start from scratch 2 years down the road and > shoot for the big one?
Given that you say you have a recent bankruptcy, I would suspect that no bank would lend you the money for the second house until the sale of the first one closed. If I were in your shoes, I’d wait to buy the $250K house. In the mean time, you a) might want to move into a slightly less expensive apartment (save more money that way) and next time you renew your lease, ask for a "home purchase" escape clause (if you don’t already have it). It used to be the law in DE (may have changed but I doubt it) that if you asked for it, they had to put it in, but of course they’d never tell you that. Bruce
Response:
>IF I were you, I’d set my sights a little lower.
I’ve been lurking a while in the group and I’ve noticed there is always one doom sayer! :-) >Where abouts in Delaware are you? My wife and I moved out of a nice >house in a nice neighborhood just north of Wilmington where houses were >going for $125K. They weren’t palacial mansions but they were private >houses on a quiet street with between 1/2 and 3/4 acres.
Actually the area we are looking at is a new townhome development classified as located in Newark, but it is more in the Christiana area. (for those who really care, off Walther road on Old Baltimore Pike) >IANA R.E. but I’ve always been under the impression that townhomes and >condos don’t have very high resale values.
As have I actually. >Just one bit of editorializing… We should all have such problems…
Sorry, don’t misunderstand me. After reading my original post it came of as a little pretentious. I’ve certainly spent my time in the trenches making between 9 and 15k a year over a 6 year period (self employed fool that I was). Now that I have a decent income, even with a recent bankruptcy, I find that the mortgage companies are more than willing to give me a mortgage. BUT, and this is a big but, because of the bankruptcy they seem to want some showing of my "good faith" to repay the loan, ie 20% down. With closing costs and tax and insurance escrows on 250k we are looking at 60k down. Ouch. This is where the whole timing issue comes in and whether I should buy what I can, and then get something better later. Or just wait a few years longer, renting, and get what I want in the end. This raises the question for me, as a first time buyer, will it be more trouble to get that new 250k home while trying to unload an overvalued townhome? Or will it be easier to start from scratch 2 years down the road and shoot for the big one? Thanks for your (and everyones) replies, they ARE appreciated! Scott — Good judgement is the result of experience……. which is the result of bad judgement.
Response:
>The last reason you should buy a home is to make money, period. >Mark Atanowicz
I agree with you 100%. And I’m not trying to get out with some huge profit. I’m just wondering about the likelihood of purchasing less of a house now, and then trying to sell it later to get more of a house. If I take a 10k loss, then that is the price I would pay for the life I chose to lead correct? Granted if you factor that in over a 2 or 3 year period as part of your total outlay of cash, say 10k / 24 months + mortgage for each month, it would appear your per month payments we much much higher, and you spent much much more than you would have renting. What about the possibility of living in the townhome for 5 years and then renting it out? This area may not seem so hot for perviously owned townhome sales, but it sure is hopping for townhome rentals. How diffcult is it to get another mortgage when you already have a first? Thanks for your input. Scott — Good judgement is the result of experience……. which is the result of bad judgement.
Response:
Due to credit problems I can only get approved for a $250k mortgage at 20% down. This is unreasonable for me currently, but could save it in about 18 months to 2 years. The problem is I/we are very anxious to move because we feel out $900 a month is rent for a 2 bd/2 bath appt is just being wasted. So we’ve found a nice site where they are putting up a new plot of townhomes. Basically they are right around townhome price $99k for the base model. They are charging $8500 premium for an end unit that backups up to a wooded area. With this and all the other options she wants it has run the price tag up to $145k. Is it unreasonable to think that when we want to sell the house in a few (< 5 years) it will be dificult to break even or make a profit? I know that most of the townhomes in the area have not been selling well. And most who have sold them recently have lost about $5k per. BUT, those were all on < $110k townhomes that were wedged in between others, not end units. Does the combination of the end unit coupled with the nice back yard make the location at selling time $145k appealing? Am I just kidding myself here? Should I just take an end unit but not worry about the back yard/wooded area? This will knock about $7000 off the price tag. Thanks for any insight. Scott — Good judgement is the result of experience……. which is the result of bad judgement.
Response:
IF I were you, I’d set my sights a little lower. Where abouts in Delaware are you? My wife and I moved out of a nice house in a nice neighborhood just north of Wilmington where houses were going for $125K. They weren’t palacial mansions but they were private houses on a quiet street with between 1/2 and 3/4 acres. IANA R.E. but I’ve always been under the impression that townhomes and condos don’t have very high resale values. Just one bit of editorializing… We should all have such problems… > Due to credit problems I can only get approved for a $250k mortgage > at 20% down.
Bruce
Response:
- Hide quoted text — Show quoted text – >Due to credit problems I can only get approved for a $250k mortgage >at 20% down. This is unreasonable for me currently, but could save it >in about 18 months to 2 years. The problem is I/we are very anxious to move >because we feel out $900 a month is rent for a 2 bd/2 bath appt is just being >wasted. So we’ve found a nice site where they are putting up a new plot of >townhomes. Basically they are right around townhome price $99k for the base >model. >They are charging $8500 premium for an end unit that backups up to a wooded >area. With this and all the other options she wants it has run the price >tag up to $145k. >Is it unreasonable to think that when we want to sell the house in a few >(< 5 years) it will be dificult to break even or make a profit?
Less than 5 years is hard to revover moneys spent, regardless of market. I understand, in part from what I’ve seen here, that you need to be in a home for at least 6 to 7 years before you start to realize a profit. If you pay points and other expenses at closing, it could take longer. >I know >that most of the townhomes in the area have not been selling well. And >most who have sold them recently have lost about $5k per. BUT, those >were all on < $110k townhomes that were wedged in between others, not >end units.
Yes,but you mentioned the end unit was up to $145K End or no end, I wouldn’t pay half again as much for a unit in any location, it just doen’t seem like a wise investment **to me**. I could be wrong, but when you have the most expensive (anything) in group of others that are similar, it’s usually hard to sell your most expensive version as few people can tell or appreciate the difference. >Does the combination of the end unit coupled with the nice >back yard make the location at selling time $145k appealing?
To me, as a potential buyer, I’d consider a $100K condo, but at $145, your talking house price and far more than I’d pay for a condo, especilly in an area you report to be slow moving, in terms of condo sales. >Am I just >kidding myself here? Should I just take an end unit but not worry about >the back yard/wooded area? This will knock about $7000 off the price tag. >Thanks for any insight. >Scott
Matt -Why are there interstate highways in Hawaii?
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