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TechGromit
@
2011 Mar 1, 12:47am
I had a solid offer on my house for 375k that I turned down. I purchased at 395k, so I guess I'm off by 20k, not including the Realtor commission. Assuming a 5% commission at 375k, that's $18,750 + 1% Real estate transfer tax ($3,750), $20k less in price, that's a loss of $42,500. That's a total of 11% loss overall. I said it before and I'll say it again, desirable properties lost less in this housing market downturn and will recover first.
I did put about 30k into the property, so I guess technically you have to count that as well, that brings my total up to $72,500 or down 18%.
It's the cookie cutter houses in developments and McMansions on undersized lots lost the most dollars percentage wise.
1. My primary residence I bought in 2000 for 436k could probably sell for 650k.
2. My 2004 rental bought for 176k could probably sell for 165k.
3. My 2005 rental bought for 204k could probably sell for 170k.
4. My 2011 rental bought for 194k could probably sell for 194l.
I had a solid offer on my house for 375k that I turned down. I purchased at 395k, so I guess I’m off by 20k, not including the Realtor commission. Assuming a 5% commission at 375k, that’s $18,750 + 1% Real estate transfer tax ($3,750), $20k less in price, that’s a loss of $42,500. That’s a total of 11% loss overall. I said it before and I’ll say it again, desirable properties lost less in this housing market downturn and will recover first.
I did put about 30k into the property, so I guess technically you have to count that as well, that brings my total up to $72,500 or down 18%.
It’s the cookie cutter houses in developments and McMansions on undersized lots lost the most dollars percentage wise.
interest payments+property taxes(minus deductions) and home insurance would also be sunk costs.
I’ve lost $97,080 renting over the past 5 years.
i've paid $120k-$140k over the last ten years renting.
but i probably would have paid in that range for mortgage interest and property taxes (even after deductions) had i bought.
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+$50K SF condo (2005)
-$65K or more Cola low income SFR (tax sold 2010)
~0 Cary townhouse (2007)
~0 incuding upgrades costs Cary townhouse (2008)
-6K* Charlotte house (according to tax assessment)
+-* unknown Charlotte land
* Unrealized loss or gain.
I worked with another person who was down $100K* on each of his Tampa condos. Looking back at mine I was right to sell as the SF will not go up near term as much as other investments could, the Cola low income neighborhood will continue to fall (think Detroit), and Cary will appreciate slowly. I actually suspect Charlotte will appreciate more rapidly than the rest of the USA.