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Old 05-22-2018, 12:35 PM
Gene Yuss Gene Yuss is offline
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Join Date: Feb 2003
Location: Too hot in the summer, too cold in the winter
Posts: 1,201
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Quote:
Originally Posted by Klaymen View Post

Your apartment is now worth 14x what you paid for it? Dang.
Yes, for a few reasons:

1. Because this city has seen near constant year over year real estate price increases over that time period. Even the 2008-2010 bust was not much of a correction if at all.

2. Because my neighborhood is highly sought after due to its location and due to the draw of a relatively new waterfront park

3. Because the combination of our 2BR and 1BR apartments created a 3-4 BR, 2 bathroom apt which is worth more than the sum of its parts

4. Because we got very lucky with the timing back in 1996. It was a buyers market then and on top of that, the place needed a lot of work which might have scared away other potential buyers. In fact, we paid about 3.5 times more for our 1BR in 2005 than what we paid for the 2BR in 1996. And 1BR's are going for more than twice the price now than what we paid in 2005.
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