Quote:
Originally Posted by Amputate Your Head
Indeed the massive bubble was key. I bought a Maui property close to the beach in mid '03 for $660k and sold it in very early '05 for $1.1 mil. All I did was live in it. Only improvements were re-doing the master bath and some tile work out front. $440k instant profit, minus expenses, I walked with approx $390k.
And then the whole fucking program collapsed.  |
A few years ago, right at the top of the bubble, a friend of mine bought a new house in a new construction development. He paid 305K for it. All he did for improvements was put up a fence and put grass in the backyard. Total cost about 2K. He had only lived in the place 2 months when he was offered 355K by a co-worker. 3 months after that the builders broke ground on the next phase of the development and the new price for the house he had purchased was 410K. He was then offered 435K by someone and passed.
Now the house is worth about 270K an falling, about 70% of the new phase from the development sits empty and never has sold.